N.Z. REFRIGERATING CO.

Auckland Star, 2 January 1931, Page 4

N.Z. REFRIGERATING CO.

LOSS OF £104,472,

FALL IN ANNUAL PRODUCTS

(By Telegraph.—Press Association.)

CHRISTCHURCH, Thursday

The forty-third annual report and balance-sheet of the New Zealand Refrigerating Company for the year ended on October 31, states that the directors regret that owing to the abnormal fall in values of all animal products, and particularly of by-products, the accounts show a loss on the year's'operations.

"In accordance with our very satisfactory working arrangements with the Waitaki Farmers' Freezing Co., Ltd.," states the report, "it has been necessary to reconsider the price at which the Pukeuri works were sold to them, and their debentures have been reduced to £100,000. After providing for the above and adding the amount brought forward from last year, the amount available for appropriation is £12,168, which the directors recommend should be carried forward to the credit of the profit and Joes, account.''

The balance-sheet shows a loss on the year's operations of £104,472. Another item on the debit side of the profit and loss account is the cancellation of debentures on the Pukeuri freezing works, £32,500. The loss is being balanced by the transference of £110,000 from the reserve account. The retiring director, Mr. H. A. dvnight, offers himself for reelection.