CHRISTCHURCH MEAT COMPANY.

Press, Volume LVI, Issue 10263, 4 February 1899, Page 8

CHRISTCHURCH MEAT COMPANY.

ANNUAL MEETING

The eleventh annual meeting of the Christchurch Meat Company was held yesterday afternoon, Mr Gilbert Anderson presiding.

In their annual report the directors stated: —During the year the Company has put through the two works 1,036,016 head of s ?° ck ' and ttis notwithstanding the fact that the works were closed for several months owing to the absence of stock of a satisfactory quality for freezing. Since the last, annual report important additions have been made to both works and a considerable increase of business has resulted. The London agency is working satisfactorily, and proving a benefit to the Company; while it has also earned the confidence of clients. During the year the whole of the authorised capital of the company has been subscribed, and it therefore now stands at £100,000. After making due provision for the future and writing off the amount of £6,733 17s 6d for replacements and renewals, the profit and loss account shows a prqfit of £11,794 9s 10d; add balance from previous year. £5512 12s 8d; total net profits, £17,307 2s 6d; less interim dividend paid April 30th, 1898 at 4* per cent., £2,934 6s; leaving a balance available of £14,372 16s 6d. The directors recommend that the dividend of 4_ per cent (making 9 per cent, for the year) should be paid, absorbing £3185 13s sd, leaving a balance of £11,187 3s Id to be carried forward. The directors consider that in view of the continued expansion of the meat trade it is advisable to further strengthen the Company, and suggest tnat the capital be increased to £150,000 by an issue of five thousand £10 shares, of which it is proposed to call up at present £3 per share; such shares to be issued at the discretion of the directors and at a premium of not less than ten shillings per share. The balance sheet was as follows for tne year ending 31st October, 1898: — Liabilities.—Dr. to subscribed capital, 10,000 shares, at £10 each, £100,000; less amount uncalled and less calls unpaid, £15,705; capital paia up, £84,295; secured debentures at 5 per cent., £60 000; sundry creditors and shareholders deposits, £35,515 5s 3d; amounts drawn against open consignments, £145,352 12s 7d; balance to credit of profit and loss account, £14,372 16s 6d; total, £339,535 14s 4d. Assets— Cr. by cash in hand, £63 17s 2d; by balance at credit Bank of New Zealand, £1654 2s 4d; by bills receivable, £2681 ss; by sundry debtors, £19,427 9s 3d; by land, buildings, machinery, and plant, £148,525 13s 9d; by forward sales and consignments since realised, 35,111 7s 2d; by consignments unrealised and stock in works, £132,071 19s Bdtotal, £339,535 Us 4d.' ' Profit and Loss Account.—Dr. to general expenses (including rents, rates, taxes, insurance, bad debts written off, etc.), £14,901 18s 2d; to interest and exchanges, £8317 3s 6dto renewals and replacement to buildings, machinery and plant, £6733 17s 6d; to balance to credit of profit and loss, £17,307 2s 6dSS'lf W lB ,J_l ?*• by balance at cr^'t ?«* % b _"\„ 189 _ Je . 3s fl"dendl October, 1897, £0512 12s 8d; by freezing sales and manufactures, £41,738 4s; by transfer fees, £9 SJr^'S 60 / 8 , 8 * I by balance brought down, fiZo ' less i-terim dividend, April 30th, 1838, at 4J per cent., £2934 6s; balance to credit of profit and loss, £14,372 16s 6d. The Chairman moved the adoption of the report and balance-sheet. In doing so he Sa i i^: , - ; The , aimual Te V ort and balance-sheet, winch has been in your hands, discloses the position and progress of the Company for the year ending 31st October, 1898. It will be seen that considerable progress has been made during the year in the financial strength and position of the Company. In the first place, it is satisfactory to knew that the whole of the authorised canital has ■been subscribed, and sufficient capital paid in to meet the expenditure on the extensive additions fo both factories, while the amount of uncalled capital i& also a source of additional strength. As you are aware, the Smithfield Works have been enlarged from a capacity of 1000 to between 3000 and 4000 carcases per day by the installation of an ammonia plant, and additional killing, freezing and storage accommodation, but this increase in killing and freezing also necessitated an increase in all the many other departments in connection with working up the bye-products to bring the factory up all round to cope with the extra quantity of stock offered. In addition to this, a preserving department has also been established. At Islington further additions ware made to the killing and cooling rooms; the erection of a new large and modern leiimongery, and considerable additions to the buildings and plantufor working up the bye-products so tnat 6000 head per day can be killed at the works, and I may say that this figure was reached during the past year. Your Directors feel that the same policy must be pursued, and every ad vantage "taken to keep well up to the requirements of this growing industry, especially when it is seen that our efforts are so fully appreciated by the producers. . I need scarcely remind you of the interesting gatherings which took place during the year at the Smithfield and" Islington Works, wlien you had the opportunity of seeing what had been done. You will, however, notice that a substantial amount has been written off for renewals and replacements. The past season was one which tried the capacity of the works to the utmost. The continual, dry weather compelled the farmers to send in their stock on very short notice, and in large lots, and the large quantity of 1,036,016 head put through the works was done in little over eight months. Towards the end of July supplies in Canterbury of prime freezers were practically exhausted, and little killing was done after that date. However, acting on the policy that it is necessary to keep up regular supplies, we held back shipments and fed the market as required. IMPROVEMENTS IN THE MEAT TRADE, Your Directors are more convinced than ever that considerable improvements in the meat trade can be effected at this side. The storage of meat, if necessary, should be in tha colony, and the Home market supplied with regular shipments in proportion to the supplies available, and the demand of the market. It is folly to expect that a market so many thousand miles from us can suddenly adjust itself to suit our seasons, and be regulated by the rainfall in the Canterbury Plains. We can only hope to get steady prices by having regular supplies. This was fully proved this year, as regular shipments of lambs brought regular and steady prices, while irregular shipments of mutton brought fluctuating prices. The shipments of lamb from Canterbury during the season were as follows: —

December ~ .. 2,191 January .. .. 116,043 February .. .. 132,559 March .. .. 125,486 April ' .. .. 130,627 IVlay .. .. 141,594 June .. .. 104,776 July .. " ... 23,837 August .. .. 29,115 September .. .. 2,781 October .. .. 194 November .. .. 1,455 The shipments of mutton from Canterbury were: —

December .. .. 7,996 January * .. .. 34,325 February * .. .. 56,377 March .. .. 34,243 April .. .. 45,069 May .. .. 50,484 June .. .. 32,262 July .. .. 37,802 August .. .. 127,936 September .. .. 65,790 October .. .. 8,904 November .. .. 49,381 The total shipments of lamb from Canterbury were 815.657 carcases, total shipments from New Zealand 1,111,494. There was an increase in the total New Zealand shipments of 74,588 lambs on the previous season's shipment, but Canterbury sent away 78.511 carcases more lambs than in the previous season, which you will remember showed an increase of 317,508 carcases more than for the season '95-96. The total shipments of mutton from Canterbury were 601.109 carcases, the total from New Zealand being-1.653,778 carcases. There was an increase in the total shipments of mutton from New Zealand of 51.971 carcases, but there was a decrease in the number of carcases sent from Canterbury by 112,705 carcases. This decrease in the quantity of sheep available for export was wholly to be attributed to the very dry season, the absence of autumn feed, and the failure of the turnip crop, and you are aware that tbere was the greatest difficulty experienced in carrying the sheep through the winter, so there was no chantce of turning out prime fra—s r»