WELLINGTON MEAT EXPORT. COMPANY.

Dominion, Volume 10, Issue 3158, 9 August 1917, Page 8

WELLINGTON MEAT EXPORT. COMPANY.

; ,. ■■■■' " ASOTAL-REPORT. ' Tho 28th annual report of the. Wellington Meat Export Co., Ltd., states: ...ni'e balance-sheet for the j-ear ended June 30 last, which your directors now place before shareholders, is not as pleasant reading as heretofore. The conditions under which the , year's operations nave been conducted have been onerous and costly in ever}- respect, but especially has'the lack of Home shipping been heavily folt. Ouv stocks have accumulated groafly- beyond any previous experience or any possible anticipation', jind of , coiirso our liquid capital is correspond- ,\ ingly locked' up. In this lock up are involved the profits - which is normal -conditions would have materialised, but vhicii, under uncertainties ■ as to when and how opportunity of realisation may ; result, it would be imprudent to bring into account. Your directors therefore Jiave decided to. adhere to their usual practice not to anticipate the surpluses. Directors. now therefore recommend tbataT'dividend'of -I per cent, be paid which; together with the interim divi-

dend of £0}23 Gs. lid. at 'December' 31 3ast. should be charged to dividend α-fual-jsation reserve account, and the balance ;of -£105 ss. Ud. be carried forward. Full depreciation to the amount of .£6996 ICs. fid. has been written off premises and ■plant. Since last annual meeting' 7111 shares out of the total available, viz... 12,250, have been applied for and allotted '■'■■'Mo shareholders at par. Durrsg the year Mr. W. H. Beetharu, who has occupied a seat on 'the board for 22 years rendering valuable services to the company, resigned owing to-ill-health, ■and as Mr. Charles Elgar was in London, where his'services and representation would be of immenso value fe this 'company and the industry in general, the board decided to appoint him to the vacancy for the unexpiivd portion .'of Mr. Beetham's term. Owing to the ■war,- conditions of market and Imperial control of samo are changing from time 'to time, and Mr. Elgar's services in con- , Jiection with negotiations with tho IniJiprial Government have becnof material advantage and will continue available if ho is re-elected. ■ Messrs. Charles Elgar and .f. W. Marshall retire from the board by rotation, Wit are eligible and offer themselves for re-election. ■ .The retiring auditors arc Messrs; E. AY. Hunt. E. Bucholz, and O. S. Watkins. thatwo former of whom are eligible and offer themselves for re-election.