PROFIT OF £16,083

Bay of Plenty Times, Volume LXXII, Issue 13265, 1 October 1943, Page 6

PROFIT OF £16,083

AUCKLAND FARMERS' FREEZING CO. REPORT OF CHAIRMAN. In his address to the annual meeting of shareholders of the Auckland Farmers' Freezing Co., Ltd., the chairman of directors (Mr W. E. Hale) stated that an examination of the year's accounts showed that the profit at £16,083, was £579 higher than last year. In proportion to the very large quantities of produce handled, the profit appears very small but was sufficient to enable the same rate of dividend —5 1 per cent. —to be paid again this year. The balance in the profit and loss account at the beginning of the year v;as £4,866. After payment of this year's dividend which would require, £15,142, an amount of £ S,SOT would remain to be carried forward. Paid-up capital at £275.331, and general reserve at £167,000, showed no alteration as compared with last year. Bank overdraft at £114,£ll was less by £27,067. This has resulted from earlier clearances of meat and dairy produce bringing charges into account more promptly than in the previous year. Sundry creditors were higher by £9,327. On the asset side, additions during the year, less the amount written off for depreciation, accounted for the increase of. £G,838 shown against the items building and plant ard emergency buildings plant. Slocks of material and stores were shown at £151,405, which was £21,478 higher than a year ago. This increase was due partly tf> quantities being greater and partly to the higher prices paid. Sundry debtors were less by £1,915. Killings for the year at the company's Horitu, Southdown and Moerewa works were as follows: Cattle; 102,706; sheep, 127,541; lambs, 660,902; pigs, 110,024; voaler calves, 3543; bobby calves, £27,969. The increase in cattle killings' over last year of 13,644, gave no cause for pleasure as the increase was wholly in dairy cows —an undesirable factor which was now contributing to the lower production of dairy produce.