Waitaki Farmers Expect Good Year

Press, Volume CVI, Issue 31151, 30 August 1966, Page 21

Waitaki Farmers Expect Good Year

(New Zealand Press Association)

DUNEDIN, August 29.

The Waitaki Farmers’ Freezing Company, Ltd., expects to have a successful year, with the probability of a further increase in the consolidated tax-paid profit.

This was forecast by the chairman (Mr R. J. Gibson) in a notice to shareholders announcing an interim dividend of 3}d a 5s share.

A decision on a recommended final dividend will be made in January, 1967, and it is expected that this will be at the rate of 4id. To the end of October last year, the company had a consolidated net profit of £164,229, and paid a total dividend equivalent to 12.04 per cent. The dividend forecast this year is equivalent to 13.3 per cent. Mr Gibson said there had been a drop in stock killing for the second year in succession, but the marked increase in lamb weights would give an export lamb tonnage greater than in 1965. The market for most byproducts had been satisfactory, and all sections of the company’s local diversified interests were making valuable contributions. However, costs of operating continued to rise.

“Our subsidiary in Britain, the Stock Breeders’ Meat Company, Ltd., has had a difficult eight months. No meat from Rhodesia has been handled since December, supplies from Uraguay have been restricted because of Uruguayen currency difficulties, and the British seamen’s strike reduced the quantity of meat being handled from New Zealand, Uruguay and Ireland.

“Your company has given

financial assistance to the stock breeders’ consignor in Uruguay where the potential for development is great, in spite of political and currency problems.”