C.F.M. expects record kill

Press, 4 May 1978, Page 13

C.F.M. expects record kill

Canterbury Frozen Meat Company, Ltd, may achieve a record lamb kill for the season, the chairman (Mr I. E. D. McKellar) says in the half-yearly report. To April 28, 76,432 more lambs were killed than last year in the same period, in spite of interruptions and stoppages.

The sheep kill so far is 241,221 less, but there are still many ewes to be killed, Mr McKellar says. The Belfast beef house is working to design capacity, and killing figures Of 590 a day have been achieved. The total cattle killing to date is slightly higher than last year. The new pig killing facility is also producing record killings again. Killing costs were higher because of the adoption of new dressing methods imposed by the Ministry of Agriculture. These, if continued, might well result in higher processing charges in

the future, Mr McKellar says. Other points made by the chairman: The intervention by the Government during negotiations cm the New Zealand Meat Workers’ award can only be regarded as a dangerous precedent which might well have continuing repercussions. The $1,860,000 specified preference share issue was heavily oversubscribed. A further SIM has been drawn under a syndicated loan of S6M negotiated with American banks.

Capital expenditure, on automated blast freezers and cold store at Pareora, is estimated at S6M; these additions will be ready for use next season.

Average returns to date for edible by-praducts and rendered products are higher, but costs are continuing to rise. If killing can be maintained at high levels for longer than usual, profit for the year should be satisfactory.