FARMERS' FREEZING CO.

Auckland Star, Volume LXIII, Issue 226, 23 September 1932, Page 5

FARMERS' FREEZING CO.

SATISFACTORY SEASON.

REVIEW B-X- CHAIRMAN. DIVIDEND OF 0 PER CENT. The fact that the season had proved a very satisfactory one and had given proof of the wisdom of the policy followed since July of last year in reducing freezing rates on dairy produce was mentioned by Mr. J. E. Makgill, chairman of directors, at the annual meeting of the Auckland Farmers' Freezing Company, Ltd., this afternoon. While the meat rates for the coming eeason had not yet been fully reviewed it wae the hope of the board of directors that it would be able to refrain from increasing the existing rates. The company was now handling about one-fifth of the whole export trade of the Dominion, without having become dealers in the products handled. The balance-sheet showed a net profit for the year of £1423 less than the previous year and the sum of £17,538 was available for allocation. The payment of a dividend of 6 per cent, absorbing, £13,950, was recommended, the balance, £3838, to be carried forwardThe three meat works handled 20,983 cattle during the eeason, an increase of 53 per cent. The details of cattle in the Dominion as at January 31, 1931, showed the two Auckland stock districts had a total of cattle, other than dairy cows, heifers and dairy bulls, of 456,060 head, or just over 26 per cent of the Dominion' total. The total export cattle killed in Auckland this past season seemingly was about 41,863, which gave an increase of 81.5 per cent over the previous year. Position Of Sheep Farmers. The , interim sheep returns ending April, 1932, showed , a Dominion reduction of 1,186,297, or 3 per cent, and an Auckland reduction of 266,671, just over 8 per cent. This was not surprising considering the absolutely. unpayable state of the market for sheep products under present-day conditions. "It is not' surprising, therefore, that sheep farmers are simply carrying on hoping for an improvement to eave them before extinction," continued Mr. Makgill. "It is pleasing-to eee some recovery in the recent wool sales, but the lamb and mutton prices at present are very low and as yet there does not eeem much prospect of improvement for the opening of the new season- The Ottawa arrangements' may assist the position in time, but until the spending power of the general public in Great Britain improves, we cannot expect much improvement in our produce prices." Dairy Produce Record. Mr. Makgill, in dealing further with dairy produce, said the output for butter had again been a record, the increase over the previous eeason being 294,186 boxes. There was. a reduction in the cheese output of 27,960 crates. "It is unfortunate that price levels of ■our dairy produce should have been on so low a basis this past season arid the upward movement of the past week or two is very encouraging. It must, however, be recognised that unless there is improvement industrially in Great Britain, we cannot look for much higher price levels if we are to have, our increasing output abeorbed. New markets may of course open, but as yet this has not shown much sign of important development." Benefits From Ottawa. Dealing with the Ottawa Conference the chairman's report stated: "It is impo.ssible yet to form any conclusion as to what material benefits may arise from the arrangements come to at Ottawa, though it is almost certain there will be some actual tangible results in our produce prices. I think that it is by the demonstration to the world of the determination of our Empire to consolidate its interests and stand side by side for mutual support and strength—commercially —in the same spirit as was so fully demonstrated in another way in 1914, that we can look for probably the most important though less direct effects of this great step in the history of our Empire."