SOUTHLAND FROZEN MEAT COMPANY.

Press, Volume LXIX, Issue 20788, 23 February 1933, Page 10

SOUTHLAND FROZEN MEAT COMPANY.

ANNUAL MEETING. At tlie annual meeting of shareholders of .the Southland Frozen Meat and Produce Export Company, the . chairman of directors (Mr John Gilkison) emphasised the satisfactory outcome of what he described as one of the most difficult trading yearß the present management had experienced. "It was common knowledge," he stated, "that all those who ventured frozen meat on the London market suffered severe losses. The prices received for slipe wool, pelts, tallow, and various byproducts were on a lower l«Svel than the previous year. Apart from the question of profit derived from the business of freezing and handling meat, the company derived very substantial help from investments, cash funds earning and paving interest, and the splendid water power at Mataura which supplied energy for those works to the value of £3OOO to £4OOO per annum. The net result was a profit of £14,521 9s lOd, added to which was tho amount carried forward of £22,952 13s Id, making the total to be dealt with £37,474 2s lid. An interim dividend of 6 per cent, had already been paid, and they wero to be asked to approve of a further 6 per cent., making a total of 12 per cent, for the year just ended. These results were arrived at after paying for necessary repairs and making adequate provision. for depreciation, taxation, and other contingencies. The amount opposite properties, buildings, and plant had increased to £145,379. During the past two years tho directors had made extensive additions to buildings and plant at Makarewa and Mataura, and when the present contracts were completed the total expenditure would exceed £30,000. This expenditure was quito justified by the increasing numbers they were called on to handle. The stocks, and stored were £26,859, against £54,726 a year ago, the chief difference being no killed meat on hand at December 31 as compared with the previous year. Last season the company handled a large number of consignments and the book entries incidental to that business had increased sundry creditors, sundry debtors, and balances in London. During tho year the directors invested £SOOO in preference shares in the Woodlands Meat Company. When overseas markets resumed normal it was expected that this'factory could be profitably operated, thus providing an outlet for a lot of stock which was yearly available in this district. Tho figures for freezing lambs production in Southland were impressive—in 1930, 823,000; 1931, 1,000,700, and 1932, 1,225,000 carcases were handled by the two companies—and along with the increased production there had been a steady improvement in quality. Many farmers had developed fat lamb production, to such an extent that they were killing over 100 per cent, of milk lambs off their ewes. - The retiring directors (Messrs A. S. Holms and W. T. Hazlett) were reelected unopposed. - .. V QUILL, MORRIS, LTD; MEETING Oj|> SHAREHOLDERS. A meeting of shareholders of Quill, Morris, Ltd. (in voluntary liquidation), was held at tlie Chamber of Commerce yesterday afternoon, when a statement of accounts and report of the liquidators (Messi's J. T. Button and W, H. NicholLj) were presented to the meeting. Tho meeting wiis largely, attended, ftli- il. J. Otley being voted to the'chair. . The chairman, in reviewing the accounts, drew attention to the fact that tho liquidators had carried on the company's business at a profit for the year, which, in view of the difficult period, was a cause for congratulation. In addition to the trading profit, the liquidators had reduced the overdraft to the bank by an amount of £20,000, or approximately one-half of its indebtedness, and it was pleasing to report that since tlfo date of the balance a further sum of £IOOO had been paid to the bank in reduction of the overdraft. Mr Otley then formally moved the adoption of the report and balance-sheet, the motion being seconded by Brigadier-Gen-eral A. W., Andrew. Sir J. T. Sutton, speaking on the motion, dealt at length with tho operations of the company during the period of one year and 20 days to the date of the accounts. He stated that the liquidators were pleased, with the results of tbo year's operations, and were hopeful that the current year would show fairly good results. A reference was made to the assistance rendered to the company, since the date of liquidation by tho companies controlling the valuable agencies held, and also to the hearty co-operation of the staff, without which such an excellent result could not have been obtained. Mr W. H. Nichoils then reviewed the accounts in detail, dealing with the various assets and liabilities of the company. Mr T. E. James, of the Distillers Agency, Ltd., ol Edinburgh, speaking on behalf of his company, referred to the very excellent results achieved, and taid that from his intimate knowledge of the trade, the position disclosed must be considered a very satisfactory one. The motion was then put to the meeting and carried unanimously. A voxo of thanks to the chairman, terminated the meeting. FOREIGN EXCHANGES.

(BRITISH OFFICIAL WIEBUtSS.) (Kecoived February 22, 5.5 p.m.) ' BUGBY, February 21. Par. Feb. 20. Feb. 21. Paris, fi. to i'l 124.21 87J 86 9-16 New York, dol. to £1 4.866 3.414 3.412 Montreal, dol. to £1 4.860 4.14£ 4.11 Brussels, bclgsvs to £1 35 2117-32 24.32i Geneva, fr. to £1 .. 25.2216 17.70 17.56 Amsterdam, fl. to £1 12.107 8.62J 8.45 Milan, lire to £1 .. 93.43 67jJ 665 Berlin, reiclimarken to £1 .. 20.43 14.39J 14 9-32 Stockholm, -kr. to ;£1 i8.i5a 18 15-16 • 18J Copenhagen, kr. to"i'l 18.159 22 7-16 22 7-16 Oslo, kr. to £1 . i 18.159 19.55 19.50 Vienna, schgs. to £1 34.585 • 30 30 (nom.) (nom.) Prague, kr. to £1 .. 161.25 1152 115$ -Heisingfors, marks to £1 193.23 227 227 Madrid, pesetas to £1 25.2215 ' 41J 41 3-16 Lisbon, escudos to £1 110 110 110 Athens, drach to £1 375 605 607 Bucharest, lei to £1 Belgrade, dinars .. 813.6 580 580 25.2215 ' 252J Rio do Janeiro, pence to milrcia ' 5.89-2 5| 52 (nom.) (nom.) Buenos Aires, pence to dol. .. 47.577 41J m (official) (official) Montevideo, pence to dol. . .. .. 31 ; 33 33 (nom.) (nom.) Bombay, pence to rupee 18 18 5-32. 18 5-32 Shanghai, pence to tael .. *' 20* 20gHon;; Kong, pence to dol. , * 15i 15J Yokohama, pence to yen 34.30 "8 14 5-16 Warsaw, par zlotys to £1 43.38 — — Batavia, guilder .. 12.107 —