SOUTH CANTERBURY REFRIGERATING COMPANY.

Press, Volume XLV, Issue 7213, 26 November 1888, Page 5

SOUTH CANTERBURY REFRIGERATING COMPANY.

9 This Company hold its sixth annual meeting at Tiniaru on Saturday afternoon. The report stated that the net profit for the year, including £2142 3a 10d, balance brought forward from last year (after providing for last year's dividend and bonus), and allowing £958 las Od for depreciation, amounted to £3331 Os Id, which the Directors proposed to deal with as follows:—firstly, to the payment of shareholders of 10 per cent, upon their paid-up capital, which will absorb £1231 18s; secondly, to the bonus of 3d per head to shippers, absorbing a further £252 8s Od (£455 ISs I'd being already allowed by way of concessions In freezing), leaviag£Bß99l3a 7d to carry on to the new year's account. An item of £1751 t)s Od appeared on the balance sheet as profit upon the Company's purchases, and shareholders would remember that the engagement between the Company and the "Shire" line of steamers was for twelve voyages of 8000 carcases each. Eight of these voyages are still to be provided for, of which only a small portion has been guaranteed by shippers. Any one or more of these voyages may result in loss to the Company should the* Directors be forced to purchase, and with that contingency in view, and looking at the poor support given to these steamers in the past, the Directora propose to set aside the sum mentioned to a special fund to meet possible losses in the future. The total number killed during the year was 70,133 sheep and 3543 lambs. Of this number 30,111 were frozen upon terms under special arrangerneut, and 13,048 were purchased by tho Company, leaving 20,017 for manipulation upon owners' account. The figures show a decrease of 35tfy sheep a3 compared with last year. The average weight of sheep killed during the year, after deducting IMb per head for shrinkage, was syib Ooz," and that of lambs 381b lloz. The unexpected rise in the values at Home had produced a handsome profit on the sheep purchased, instead of an anticipated loss. The actual profit on the year's freezing operations was about '£1700. The output would have been larger had the Fifeshlre not been unavoidably detained last January, by which six weeks' work was lost. The owners of the steamers Fifeshire and Elderslie had intimated that they will not make the rate of freight more than that made .by tho Che regular liners. A great change had come over the prospects of the frozen meat trade since the early part of the year, and there appeared to be indications of a permanent and steady demand for our produce." It was resolved—"That the Company desire to acknowledge the liberality of Messrs Turnbull, Martin and Co.'s action in voluntarily reducing the rate Ot freight." Messrs Acton, P. LeCren, Rhodes, Orbell and Jonas were re-elected Directors. Messrs Ziesler and Frascr were elected auditors, and the fee fixed at £7 7s.