RECORD ACTIVITY.

Auckland Star, Volume LXIX, Issue 225, 23 September 1938, Page 9

RECORD ACTIVITY.

FARMERS' FREEZING.

REDUCTION IN PROFITS.

building new cold stoke. Record activity in the killing of fat stock was reported bv the chairmar, Mr. H. E. V. orsp. at the annual meeting of the Auckland Farmers' Freezing Company, Ltd.. lielil to-day. The total of 1.100,209 head of stock killed was 52,715 above last year's figure. "ihese figure*," said the chairman, can be taken as an Indication of increasing realisation on the part of farmers of the value of their own freezing companv and the large part it plays in their success. "Weather conditions influenced the quantity of dairy -produce received at the company's works last year. Or. account of tlie dry 6|iell experienced over a considerable portion of the summer, production was affected to a considerable extent. Rutter received amounted to 4,118,010 boxes, which w'as 208,956 less

than the previous year. Cheese figures increased from 219.430 to 228,719 crates —an excess of 9289. Taking butter and cheese together on a butterfat basis, the reduction was 4.3 per cent as compared with the previous year. Fruit received totalled 250.281 cases—an increase of 17,732.

"The erection of a new cold store on the eastern reclamation lias been proceeding satisfactorily,"stated Mr. Worsp. "It is estimated that it will be approximately another IS months before the building will be ready for nee. When completed, it will be a very valuable [addition to the company's assets, and materially increase its ability to carry out its policy of service to primary producers. Little Labour Trouble. ,r V ery little labour trouble was experienced by the company during the past year, and, assuming that the good feeling now existing between the company and its employees will Continue, we expect no serious trouble during the coming year," continued the chairman. "The profit of £23.284 10/r>, although not as high as that of the previous year, is, with the amount brought forward, sufficient to pay the usual dividend of 0 per cent and allow the transfer to reserve of £10,000," he stated. "The reserve account will now amount to £127,000. It is invested within the company and materially assists the successful conduct of the business.

"In comparing balance-sheet figures with those of the previous year, paid-up capital is higher by £336.'). This amount represents shares which have been sold in comparatively small parcels to farmers v.ho were desirous of taking a financial interest in the company. The Auckland works replacement fund s higher by £24.")"). bank overdraft is up £22.287. and sundry creditors are lower by £13,03,'). On the asset side we find that land, buildings and plant are higher by £0360, additions having exceeded depreciation by this amount. Investments are higher bv £2.")00, stocks and stores by i?.) 934, and sundry debtors bv £.->791."'

The retiring directors, Messrs. H. E. W orsp and Alex. Orr, were re-elected unopposed.

Mr. Worsp emphasised that the staff had again proved its worth during a strenuous year, each one showing his keen interest in the company.