CHRISTCHURCH MEAT COMPANY'S PROFITS.

Press, Volume LX, Issue 11510, 17 February 1903, Page 9

CHRISTCHURCH MEAT COMPANY'S PROFITS.

TO THH EDITOR OP THE PRESS

Sir, —I have read with interest the report of tlie Christchurch Meat Company's I annual meeting in your Saturday's issue. I think that the shareholders have good cause, to be well satisfied with the results of the year, and with the general policy indioated by the Chairman and Managing Director, but the whole tone of tlie meeting seems to me to have been altogether too optimistic. ' Mr Joseph Gould, in seconding the adoption of the report, made the profits amount to £34,341 (your report says £31,341, but the items given by him are £3000 in excess of this). This would equal just about 29 per cent, on paid-up capital, and it w«e allowed to pass without any comment from the Chairman. I think that special attention should have been called to a fact that has, I be-

lieve, contributed very largely towards enabling the directors to show such good rei-a'ts, i.e., the very substantial rise in the value of stock held after the annual meeting lost year. At that time the Company held stock valued at £179,322, and I believe that owing to the rise in values of produce after the valuation was made, this very large holding realised fully 10 per cent, more than the valuation, which would at once account for more than half' the profits olaimed by Mt Gould. . It seems to me that any surplus realised on the stock held should have been olearly set against the debit- balance brought forward from the previous year. I have no wish whatever to belittle the management, as I consider it is entitled to great credit, but I fear that the very large alleged profit- will be promptly noted by the Labour Unions and taxation authorities, to the detriment of the Company.—Yours, etc., COUNTRY SHAREHOLDER.