COMPANY ACTIVITIES

Dominion, Volume 21, Issue 290, 7 September 1928, Page 14

COMPANY ACTIVITIES

CO-OPERATIVE PRODUCERS’ FREEZING ANNUAL MEETING. The annual meeting of the Co-opera-tive Dairy Producers’ Freezing Company, Ltd., was held yesterday. Mr. J. C. Ewington presided. . In moving the adoption of the annual report and balance-sheet -the chairman said that a reduction in sundries of 4152 cwt. from the previous year was to be seen, but it might be difficult to understand that there was an increase in earnings of £939. This was due to their handling more profitable lines. There had been a rebate of some £1714 made up by Id. per box in butter and id. per crate on cheese. This had absorbed profits aud although liabilities had been [written down by £2OOO this was not as much as iii the former years. ' Eighty-eight thousand pounds was the contract price of the‘new building on the waterfront. The cost submitted; by a previous architect was £120,000. The contract price was considered to be very reasonable. Directors would now’ be asking for a further £25,000 or so. This would be required to equip the other five or six floors with freezing appliances. There was sufficient machinery at the present building to equip one floor. Also there would be conveniences and rooms required for the eimployees. It was also proposed to move the assoeiatiou’s offices to the new buildings at some future date. Promissory notes were requested for this amount but he could safely say that these notes would never be called up. A matter for gratification to the shareholders should be the reduction in the storage of butter and cheese _from the previous years. lu the year 1925 this had been Is. ,05d., but in 1926 Is. 2.6 d. In 1927 this had been reduced by about 10 per cent, to 10 l-3d. Later Mr. J. G. Brechin said that the promissory note was the best way of raising the money as far as the companies were concerned, and also the cheapest for the association. The banks had agreed to accept this as security for advances. He himself was prepared to back this, aud the six companies he represented were going to back the measure. He had pointed out to one man that a mere saving of about £5O, by sending produce to another port, was not worth it as if the association were taken over by private enterprise charges at both Wellington and_ Wanganui would rise. A saving of £5OOO per year would come from bringing the whole concern under one roof. As this would mean some £50,000 in ten years it justified the present expenditure of the company. The report and balance-sheet were adopted. - Business Developing.

“Statistics and figures show that the business of the company is continuing to develop and the financial position is improving,” stated the annual report, “and that provided shareholders support their own stores the present result attained could be materially increased. If the figures for the past year 1927-28 are compared with those of the previous year it will be found that the operations of the company have been generally increased in some departments whilst others have maintained a general average in quantities. The average period goods remained in store, prior to shipment, this season, was much less than the preceding year; and further the dry period in the early part of 192 S considerably reduced the quantity of dairy produce received. The new seven-story cell concrete building now in course of erection at Cornwall Street is making satisfactory progress, aud the structure will be completed probably by April, .1929. It is hoped that the ground floor will be insulated and plant installed to be available for freezing by the end of November, 1928." The retiring directors, Mr. S. A. Broadbelt, representing the butter shareholders, and Messrs. Q. Donald and E. Harding, representing the cheese shareholders, were re-elected.