THE NEW ZEALAND REFRIGERATING COMPANY LIMITED.

Press, Volume LXIII, Issue 18916, 3 February 1927, Page 11

THE NEW ZEALAND REFRIGERATING COMPANY LIMITED.

annual general meeting OF SHAREHOLDERS.

thirty-ninth annua! meeting of Company, Ltd., was held m office. Hereford .street, ... a. ( ,Uir»sn of Uircclor., pre jjyrct and Balance-sheet. ' /olefin; «> ''■■■ "■!">" "< "<> Kjiim <• " ,c ,! " ,uJ*.«heet " n<l r ,rt,,lt ; " ,lJ ,oss : " ; - for the J' car c, " lc ' J October lst ' the directors ha\e to rfpur' that ' j » to tho keen competition fur tho IjJjL of stock in New Zealand and Julfrrourtblo markets f..r nearly all P rodu " H " ,0 do ' during the KngliMi coal qTuiO results are such that they ; (i»b!« 10 recommend tlic payment iirideni). Vjj,! the year the company bought part of tho buildings and the Wanganui Meat Freezing T.M. for £tO,000; the buildW*r» sold to tho Harbour Board and tho plant transferred other works, jj fir same time 36,310 fully-paid la tho capital of this comallotted to trustees to be in uo course to tho sharethe AVanganui Company in their shares and for their m jjd which has already proved of to this company. An, how

<-ycr, the shares and goodwill of Hie Wanganui Company have no saleable ■value, the directors consider that the amount should be written off as soon as possible, and have according! y written off this year £12,103 6s Sdj being one-third of the nominal value of those items. The profit and loss account, therefore, shows that while the season's operations resulted in a small profit ot £462< 10s Bd, the amount which the directors recommend to be carried forward to the credit of the account will be £7-112 2s 6d less than last year. (stocks and consignments have, as usual, been valued on a thoroughlv conscr\ati\c basis, and the buildings and plant have been maintained in a high state of cfheieney out of revenue. Having regard to the very adverse conditions of the industry during tho past year, tho directors consider that the results aro not unsatisfactory, but that, as some of the unsound features of the trade still remain, they arc justified in recommending the conservation of the resources of the company rather than the dispersal of them in the payment of dividends. Tho director retiring by rotation is Sir Francis Boys, who, being eligible, offers himself for re-election. The auditor, Mr J. \Y. K. Lawrence, also retires, and offers himself for reelection. H. A. KNIUHT, Chairman of Directors. Christchureli, January ]3tb, 1927.

BALANCE-SHEET.

B ''jt» Itllowiaf Balance sheet for the vca r ended October 31st, 102G, was submitted. H LIABILITIES. p ( ASSETS. ( tOOO,OOO Land, bull ' l .' E SoMltilMch 1,000,000 \ insa. machinJTnMllott od cr - v ' P' ant . PraMikvu at c ' c- •• 755,811 10 6 I< n «,k .. 63.690 Plus Castlccliff ■v" . ______ — . I machinery I tl*.rTllil ewlu! 988,81U »nd Pl»nt !fin V We«ll«d „ ... «UO3 311 ■s££?. 000,000 tur« «m Puke- " ______ .uri Krcoiing : ;I|J M ciolut .. 636,310 ft 0 Works 13-,500 0 0 ' '"lTiiiin lutmlnrrT 130,000 O O Intercut in shares ' aSnseSußt ■ ' 110.00° 0 0 of Wanganui k£tf creditors, Melt Freezing Co -i J'" l - 30,310 0 0 r 'AtoirtU and Less written ' - WwUlon for off this year 12,103 6 8 It'svSjtadaUon of ; -1,-06 13 4 ' ' fiTMtanU and Sundry debtors, investment:, ■S'lir.-fif coatlafan- concignmenta unrealised Wtet'rijg ... 580,798 13 1 and stocks in works .. 383,396 17 0 Cntlt- Fash at Bank .. ~ 8,368 1 7 fyffttll «»4 Lot* • *3,456 4 6 , ' 1 11,519,565 2 7 £1,519,505 2 7

I 1 1 . . ■ ." ' 1" " PEOFIT. AND LOSS ACCOUXT for the Tear Ended October 31st, 192 G. ' it fc d. ••£ «. d. 1925 £ s. d. £ s. d nrrit- Nov. I—Br baljfcr, t« off to tar- ance bronghCv fe' ' tatlaikamof • forward from * i> WattfUalMut , last year after H- IMl'ft. .. payment of if , 14*. ..IS/03 f.# dividend 1 Bihat*,, . ~.«,455-4, 6 authorised ..-19,86$ 7 0 1 • , 1020— * Oct. 31st—By 1 jSSnfc'} - *i - transfer fees. 63 11? 6 Jffi V| S?2g. '• '■ "* By profit after n i< ' making proriH/ ' ilt V*lrs, renew- ® *?■ rf"# i 1 o ' l '' ••Mtlon, Eg : i . and sundry W®' ' ' ' contingencies 4,627 10 8 ■ *54,339 11 2 £34,550 11 2

I|p, Cfa(r«*n e( Directors. 1". T. BOYS. Manager. ®" TURNER, Secrcttr? k"** ® <l,, ' relnen ' , 4 8 • Au( l' lor of The Now Zealand Refrigerating complied with, and I now report ' baring examined tho jetr ended Slut October, 102G, and that tho aboro Balancefarm, and ex lilbits a true nnd correct view of the state of tho H§W*W*J r the Books and duly certified Stock; Sheets. I have seen H* «3c» '* TB ' Beo cer "" c '° I ' y " ,0 Lon( ' 0 " *«**«, Messrs Ellcs,

I ft I prAiome that wo may fol■Wrt eiLtoß aud lake thcin p.Witl! other items of inarisen since 1 last i|j&;:tlwt. tho subscribed, of £30,310 in Klf- tlie shares allotted to of the sbarefijWpFi.aganui Meat Freezing remain unaltered. is balanced by oa " 10 assets side an increase of |p|&Md assets, mainly due on Pukeuri works received during the ||S*t# have been sold' since R;Md_ tlio realisations con-S§a«-shcet valuations under |B|I may remark here that Mijtile balance-sheet to you ifflP'of our London advices, our accounts a couple Byrtor would not have rc»MMa somo of our priueipal feittrking stocks which has Ugaco that date, and we I deceiving ourselves as the nominal value

for rnaaiy years to come, 1 it is ndt an item that can be regarded indefinitely as nn asset in tho balance-sheet, and your directors consider it reasonable that the profit and loss account should during the first few years be debited with some share of the cost. After making this provision in the profit and loss account for lust year, there remains :r sum of £42,450 4s (id to be carried forward to tho credit of next year's accounts, as compared with £49,868 7s brought forward from last year. Recognising that tho industry is one that calls for the utmost care, your directors have consistently maintained the policy often enunciated by them and always approved by tho shareholders, to tho effect that ample provision should bo mado for all liabilities and contingencies which can reasonably be foreseen, and that the assets of the company should be conserved by the maintenance o£ ample reserve funds. Any payment of dividend would have been contrary to such a policy, und you will no doubt approvo the attitude of your Board in this nutter. Conditions both hero and in London have not been to our advantage. Shipments from nil sources to the United Kingdom exceeded the previous year by over a million carcaset: of lamb, a further million curcases of mutton, and over a hundred thousand quarters of beef. The English coat strike, extending over seven months of the best part of the lamb season, so decreased tho purchasing power of tho British public that thb supplies were bound to accumulate and values fall. To give you some idea of the extent of that fuU> I would only mention the relative t aißvs at tho beginning and end of the buying season for some of our principal products. Values of meat fell 10 per cent., wool 0 per cent., tallow 10 per cent., and pelts 20 per cent. These . figures speak for themselves, and. together with tiio excessive number of freezing . works in operation, arc <\ oub V sponsible for the fact that the industry as a whole has been passing through a difficult time. Towards the close of our financial year tho Waitaki Fanners' Treeing Company, who, as you know, bought our Pukeuri works, requested us to postpone the due dato for the next repayment of debenture?. After careful consideration of the position your directors ijm 'agreed to the postponement, and !ia\t made arrangements with the a t^ 1 j Farmers' Freezing Company w Inch e believe- will be sat*iactory to , PJ At C Vhe commercenicirt <-'t this season at many of tho works in ihc >ort. Island, trouble arose ownifc' to■ the i• i , declining to start work at th- ra.t named in the current awan,. That award eauicin-o forcoon .. , 15th of December, 1924, and as it - evident that in the final \ fi^ r Ln. »„ oa v tnc cost ot all labour employed on his produce, the fol.owing »™C»V=l.o«l»E tb« f.n i» !»•

I of such produce during the two years since that date may be of interest: — | Decrease in value since j the end of 19-4. Meat .. .. UO per eent. ! Fats .. .. 25 per cent. Pelts .. .. I'." per cent. Wool .. .. 45 per cent. These figures indicate in a striking ■ manner the downward movement in these very important classes of farm ! produce, and must have a bearing upon j all questions of wages. The ne-.v award | lias not yet been issued, but is expected | during the third wcoii in February. The usual statistics with regard to the exports and (locks of the Dominion have been prepared, and, together with my comments are submitted for vour perusal. I feel that the present opportunity is a proper one for me to refer to the general question of production and \alues in the pastoral industry. Farmers are now fully awaro of the decreased scale of values for their products which is becoming established in the -world's markets, and are, I hope, prepared to apply the only remedy which can be ot' any use; I refer to an increase in the quantity of production. I am certain that bv close application to improved methods of production, a®, l'or example, the top-dressing ot' pastures, and a greater attention to questions of animal nutrition, the farmers can, by increased production, restore the balance of their accounts which have latterly been adversely affected by decreased values. Before closing I would like to make it clear that although we have been through an extremely difficult year, I am nevertheless satisfied that our organisation both hero and in London is sound, and that the finances of the company are upon a Bound basis. Conditions in the industry have improved to some extent, notably in the gradual reduction in the number of works in operation in the North Island, and in the increase in the flocks in the South Island, but some of the unsatisfactory features still remain and must continue to influence our operations. Notwithstanding these adverse factors, our company maintains ita position and when conditions permit will earn a reasonable return upon the capital invested. The director retiring by rotation is Sir Francis Boys, who, being eligible, offers himself for re-election. The auditor, Mr J. W. K. Lawrence also retires and offers himself for reelection. Should any shareholder wish for any further information, I shall be pleased to answer any questions. I novr move the adoption of the report and balance-sheet.

Shipments to tho Continent.

| Mr W. H. Clark, in seconding the adoption of the report and balancesheet, congratulated the directors on the result produced under such adverse circumstances and expressed the hope that they would find it possible to pay a small interim dividend in the forthcoming year. Mr Davey also spoke on the motion, particularly with reference to the purchuse of th© Castlecliff Works, and Sir Francis Boys, in reply, dealt with the questions raised by him and with certain aspects of tho company's business. The motion was then put to the meeting and carried unanimously. At this point the chairman referred to the death of Mr John Mill, of Port Chalmers, a very old and valued shareholder of the company, whose criticism and support bad been found very helpful in past years. The meeting concurred in expressing its sympathy with Mr Mill's family. Mr Robinson moved that the meeting approved of the conservative ptolicy which the Board had again followed; this was seconded by Mr H. D. Andrews and carried unanimously. Election of officers: In the absence of any other nomination Sir Francis Boys, who retired by rotation, was reelected as director. Mr F. M. Warren proposed that Mr J. W. K. Lawrence bo re-elected auditor for the ensuing twelve months at the same remuneration as last year.. This was seconded by Mr C. G. McKellar and carried. Voto of tbanks: Mr W. H. Clark moved a vote of thanks to the directors and staff, and the chairman and Sir Francis Boys briefly responded. Tho following is a reprint of the statistics mentioned in the chairman's remarks: —

We also give a tabic of shipments ot mutton, lamb, aurl beef from South America to the Continent for the last four years. MUTTON. I.A-MU. Bt'.F.l"'. Carcu4tß Carcubcs. Qrs 12 months ended— Dec., .. 200.000 11.1.1 .'I 1.6W.UU0 Dec., 1921 .. •l'.xj.OO'J l:t,ll00 Doc., ID2S .. 2! 0,003 8.000 :i.925.t00 Dec., 10-20 .. '272,000 35,000 2,5;-.2,W0 There was a slight increase in the mutton and lamb totals, whilst beef showa a large shrinkage. The total exports of beef from South America show a decrease of over half a million quarters, and tends t ■ 'confirm the opinion expressed last year that for the present the production of beef appears to have reached its maximum. The next table shows the proportion of sheep and lambs killed at Dominion freezing works, and the ratio that such total killings bear to the total llocks.

This shows very little chango from i 920, there being a net increase of about fifty thousand, in the killings. The table showing the total flocks of the Dominion reveals a still further iucreaso of 357,000, of which i! 33,000 were in the breeding ewes. This latter iigure is particularly satisfactory, and brings the total to close on 14,000,000, which is tlio highest ever reached in the Dominion. The increase in the llocks is distributed 110,000 in the North Island, and 247,000 in the South Island.

The following table shows the shipments >of meat from New Zealand, Australia, and South America to tho United Kingdom from 1905 to 1926, from which it will bo seen that the lamb shipments, totalling roughly 9i million carcases, were over one million carcases more than 1925. and only some two hundred thousand less than the record shipments of 1923. The average for tho last four years was 8j million carcases, against five millions for the preceding nino years. Tho increase last year was mainly due to a largo export season in Australia, that country having shipped some seven hundred thousand carcases of lamb more than in either of the two preceding seasons, whilst New Zealand sent forward a record quantity. Tho mutton shipments also show an increase of over one million carcases, South America liaving dispatched moro than in any other year during the period under review. The beef figures were 113,000 quarters in excess of tho preceding year, and only 260,000 quarters less than the record of 1924.

Though tho total flocks arc still over oncand a half million short of the 191S record, yet tho steady increase each year since 1922 is interesting, and gives us reason to bopo that increased supplies may be looked for in the future. (.Published by Arrangement.)

Shipments to United Kingdom. (Kijures in JOOO's.) LAMB (Carcases*.

i!L'TTt'N (Carcase; ' Oct. to Jv.'P!. N.Z. J-.A. 1 9'j 5 171# 4 11 ::i>::5 .MOT 1006 1752 GO. J 2 $90 .vj I 7 1907 2'jt9 12 209" 190-* , t 1010 29::."> 1900 ,, 1302 1171 29?5 f!" i * 1 rt i tj 20.11 257a 2 40'J I'M 1 i »o:; 2012 ;:'.'70 o 1912 2200 102.". 2 C','1 fi"*J I J9I3 2321 277J 2 125 :-zvj —.. . — ... ■ 9; rs Av. 1912 1412 7;; -i 00 o* 1914 2:i0" 2072 17-1 mis nr. io 29-7 I:M:; 191 o 25 >39 J»21 1917 IS92 902 9::- :: 7 - 19 IS 175I'M «:; 1 I'.i'lM 19 HI 20:;:; 1 fiO ■> 1 .*59 ;,*no 1920 ■t 212 i:: !5 S'.i'j - 1921 5S2I 22 1 2 1922 2$*:; 90S 2099 90 9:J A v. ~>009 1 4 1'.« 1 159 ;S-7^ 192.'! 18 = 7 1717 2915 t'fiT'.' 1921 1?95 1*0 201.19 .jr.si 192;". 210') i:;:i 2 <".5 2 4«u;« 1920 2P.75 5 to " 1 29 GOD'J Oct. to B K E r (Quarters . Sept. x.z. At.'st. S.A. TMa!. 1905 92 4 I "92 11^ 1900 111 2 1 1*40 IP7:i 1907 21* <- 1 7" 5 11)7! 190S 177 72 10" 5 1•« 1 1900 279 25 u 20 no 1910 3o9 497 292'1 :;7,v> 191 * 17:i 5i:: :i050 1912 150 02-. js'.mo •] ♦> 7 191;; 12$ 109d i;;5'.i ;»;»76 9; rs Av. 1 '0 :;.M 2009 ;;*j< '*» 191 t 257 1 192 459 1 IHM:; 191". r, 2« 212'.) :;i?02 1910 77". 10.il 1917 009 1501 :;24 7 •V ' 1913 r»07 1 "95 :;"27 HVJi* 1919 . ( .'74 74 S 51-: 5 0*07 1920 4*1 020 5055 r. 1;»«» 1921 . 000 1"80 4«I5 1922 nsu 7 n:i 4 725 9?ra At. 5.'i0 11::5 1199 :>*g\ 1921! 112 o-:; .17 M OS l 1921 291 574 0002 7167 192.0 222 1 103 5700 70^0 1920 ."11 770 6ii:i 7'20'J

KILLINGS AT D0M1X10.\ FUEEZl.XG WOKKS. liati.. Ycai Sheep per cent. Lnuibs ici cent. Total killings to L'ockj. lam .. -2,253,700 30.98 3,819,131 63.02 6,100,d37 25 ;t 1914 .. 3,033,612 40.72 4,007,249 57.23 7,101,071 23.03 > 1913 .. 3,129,778 42.53 4,225,653 57.43 7,355,431 29.54 191G ,, .. 2,714,037 15.60 3,237,803 3,143,993 51.10 5,951,860 24.01 1917 .. 2,778,783 40.88 33.12 5,9:7,731 23.46 1011-" .. 3,542,2S7 30.77 2,037,304 43.23 0,239,851 23.30 1910 .. 4,193,813 58.91 2,324,973 U.0!) 7,118,7K 27.56 1920 .. 3,916,177 Jfl.lO 2,843,680 41.9;) 6,791,703 •:8.r0 39*21 .. .1,213,280 40.73 4,073,107 • 59.27 7,SS3,S93 (3.5S 19-ii October .. 2,120,791 E4.C0 A,718,083 06.C0 7.13S.S74 29.47 1923 to .. 1,077,287 25.77 4,531,833 . 71.23 6,508,C40 28.20 29.C3 1921 ScotPm- .. 2,180,963 31.01 4,857,347 68.S0 7,041,512 19C0 bcr .. 2,455,800 33.70 4.S38.CC4 00.30 7,291,401 29.71 1920 .. 2,259,000 30.71 5,CS9,3S7 09.20 7,318,204 •-9.50

Oct. to at. S.A. S#nt X.Z. Total 1905 1955 724 130 2809 1900 2412 1190 76 3034 1907 • •< 3830 1250 73 4153 1 DOS ,, 2555 1120 151 4129 1909 * l( 3123 1253 577 •1953 J910 3469 1303 475 5-5'J 191 1 ,, 3403 16(37 890 5900 11)12 3179 1423 751 5353 1913 3193 J350 717 5500 9iJ Av 2935 12H6 127 1650 191-1 3591 1075 711 6013 ! 01.0 3562 1310 519 5891 :PIO 3237 370 593 4200 1917 1553 550 173 2587 l9lS t . 1S11 149 2.TJ 2192 1919 2200 2.S3 229 27 H :920 488s 1931 417 7236 1921 •1553 CH 1573 6719 10Z•1752 1310 3 SCO 7031 9} rs A v. 3352 908 705 5025 ■ —.— . 1923 ■4153 2C34 9539 192-4 4705 1051 2035 7S41 1925 4511! M30 2023 8271 1920 •• 5109 :sjj 2290 0320

TOTAL BLOCKS OF THE DOMINION. (.Figures in thousands.) Breeding Ewes Per cent. to 13 a In n.'C total Dry of Total Year. Xo. Flocks. Ewes. Flockn. Flocks. 1013 .. 12.621 51.7 1,161 10,507 24,102 1014 .. 12,920 52.1 1,160 10.712 24.799 1915 .. 12,015 BO.O 1,882 10,904 21,901 101C .. 12,893 52.0 1,204 10.C91 24,788 1817 .. 13,200 62.4 1,073 10,938 25,371 1013 .. 13,022 49.1 1.599 11,918 26,539 1910 .. 12.342 47.S 1,811 11,675 25,828 1920 .. 11,570 48.4 J,824 10,520 23,920 1921 .. 12,143 52.2 1,340 9.785 23,279 1022 .. 12,490 60.2 960 &.706 24,222 1923 .. 18.0C3 5G.G 8ia 9,201 23,082 1921 .. 13,070 55.0 i.aiG 9,054 23,770 1925 .. 13,715 55.9 isa-t 9,949 i2l,5)8 1926 .. 13,918 50.0 1,089 9,877 21,905 LAMBIXG BEKCENTAGES IX'NEW ZEALAND. No. of lambs Average Yeor. • tailed (1000's). Porcentago. 1913 10.371 82.42 191G 10,715 83.35 1917 .. 11,194 81.42 1918 10,185 83.52 1919 9.446 76.74 .1920 9 015 83.11 1021 10,268 81.52 192'i ,, 10,600 88.77 1023 11,133 88.02 1921 11,467 8C.11 1025 11,305 82.43 13-6 (Est.) 11,704 84.57