Page 10 Advertisements Column 2

Evening Post, Volume XCIX, Issue 34, 10 February 1920, Page 10

THE NEW ZEALAND REFRIGERATING CO., LTD. — ♦ . / ANNUAL MEETING The thirty-second annual meeting of _ „'.,, £ s. d. . t. v ' f +j, m^ y o i a r> To pay a dividend of Is 3d shareholders of the New Zealand Re- p^/ shar6 on 300,000 fully frigerating Company, Ltd., was lield in p& i(j s h a res and of 7J 2 d the company's offices,- Hereford-street, per share on 600,000 on Thursday last. Mv\H. A. Knight shares 10s paid 37,500 0 0 (chairman of directors) presided. REPORT AND BALANCE-SHEET. Paid shares and of 3d per ! ■ ■ , , , share on the shares 10s The following was to©-, report of the p a ;,j 15,000 0 0 directors: — To place to reserve" account 50,000 0 0 The directors "have pleasnre in pre- L^£?s^.^?^ 58,25912 10 senting to sliareholders the balance-sheet ■ and profit and loss account for the year 160,759 12 10 ended 31st October, 1919. It is with deep regret that the direcDurine the year proposals, providing tors have to record the death of the late for a sltanilHnc^e of'the cpital °^7 of the company, were submitted to and \^ K o f tne com p an y. The vacancy thus approved of by shareholders. The ac- created has been filled by the appomtcounts now befove you show the mnch ment of Mr. R. Hill Fisher, strengthened position of the company's y^S^Sf^ capital account. ■ o g erg himself for re-election. The balance available for appropria- The auditors, Messrs. R. Hill Fisher tion, as shown by the balance-sheet, is and Son, also retire, but do not offer £160,759 12s lOd, which tho directors themselves for re-election, recommend should be disposed of as H. A. KNIGHT, follows:— Chairman of Directors. BALANCE-SHEET. The following Balance-sheet for year ended 31st October, 1919, was submitted: —

£ s. d. £ :s. d. £ 8. d. £ s. d, To Capital, 1,- By land, Build--000,000 Shares ings, Maohat Sl.eacii ... 1,000,000 0 0 inery, Plant, Less Unallot- ' etc 813,010 13 3 ted 100,000 ' . . Stocks Meat ' .... . Shares at and Wool, . . . £1 each .... ,100,000 0 0 held on ac- __ ■ count of ■. .. • ■ Subscribed • mpc rial "■■' Capital 900,000 0 0 Gov'm'nt .. 909,577 8 1 Less Unoall- : ' Less Payed 600,000 '™ 'n Shares at . Advance by , ... . ■ 10s each ... 300,000 00i i mp,p pc,c" al „.,„.■„ Gov m'nfc .. 669,182 15 6 , — 240,394 12 4 q Sf 600,000 0 1, Secured De- meats, Con- ' - ' bentures at „ :__ men ts 6 per cent. 150,000 0 0 . XXed ,' Sundry Cred- and stocka ltors, Ad- , in Works .. 268,368 13 4 vances -ag- . New Zealand amst Ship- Government - ,j ments, and War Loan ': an°^° n.. b. ai: ' 499,732 010 St°ck V _f^_i.° 291368 U4 \ Balance at Bank of New 291,368 13 41 Credit Pro- . ; „ Zealand ... 65,649 18 1 fat and Loss 160,759 12 10 Cash in hand 67 16 8 ... £1,410,491 13 8 £1,410,491 13 8 PROFIT AND LOSS ACCOUNT for the Year ended 31st October, 1919. , ' £ a. d. £ bTI. £~ TZ £ «. d. , 1918. Ist Nov. ■ t 0 Interim DiBy Balance, vidend 22,500 0 0 brought /or-' • • Balance 160,759 1210 ward from ' —183,25912 10 last year after payment . of Dividend ' " ■ ' and Appro- ' ' * priations au- ' '-„, ' i , thorised 35,319 16 0 1919. 3lst Oct.— • By Transfer , Pees 102 0 0 . '" Profit after . » making pro- •. „ ■ ' ' .:'■■. vision for , * ' Kepairs, Be- . . ' . newals, Tax- ■..-■'. ation, and - ...■•' Sundry Con- . ' : ' tingendes .. 147,837 16 1 . — 183 ; 259 12 10 ;' . ■ '.'.,"■' " " £183,259 1210 ;: ,\ £183,259 12 10 : H. A. KNIGHT, Chairman of Directors. ' ' '- ' : WM. MURRAY, General Manager. ' i W. 0. CAMPBTSLL, Assistant Manager .and Secretary. ';',' vWe hereby certify iiiat all< our requirements as .Auditors of the New Zealand . Refrigerating. Company, Ltd., have been complied with, and we now report having examined the Books' and accounts for the year endetj >31st Ocober, 1919, and that the above Oalanco-slwet is drawn up in a proper form, and exhibits a true and correct view oi tbe afcri* of the Company's affaire as shown by the books and duly - certified Stock Sheets. . !We have seen that the London accounts have been certified io by the London Auditors, Messrs. Elles, Salaman, Coaks, and Co. ' R. HILL FISHER AND SON, F.P.A.N,Z V Auditors. Christchurch, Bth January, 1920.

: '; • CHAIRMAN'S STATEMENT. ' The Chairman (Mr. 'Knight)," addressing the.meeting-, said:— • „■\-~ ■' 'Gentlemen,— Subject to your percnis-c-ion I will, as usual, take the report and balance-sheet as read. It has now been in your hands for., some time, and 1 have iio doubt that you have all iuul.-ample opportunity of making yourselves familiar with its contents. Before proceeding to deal witjh matters, of interest and the ..accounts I think I can fairily-.congratulate shareholders on the.position of the company. ";■ The,.year just closed has in many respects been of special importance. to us—for. -the first >time .for-many years the heavy accumulation ,-of stock-s of by-products has; been almost entirely -disposed of, and the, accounts' now before'you rellett this in jiany different wayß.: The many dependencies which, .'at various periods c.hroughout the war, assumed' somewhat disquieting, dimensions, have now been realised to a very large extent, and , the position to-day is undoubtedly clearer, and less, subject to estimation than has been the case for a very long time.; I do not wish to unduly emphasise the important influence which the coin- , i»any's extensive building of storage dur;ing the war period: has had on theinainCoiiance of the frozen meat trade .of Dominion, but the year just closed has emphasised more strongly than ever how much both we, and the producers generally, would have suffered had we not extended our stores lroni time to time to the'utmost extent possible. There are not lacking indications that, even for the season just commencing, they will once more be found as essential as ever. Shareholders are to be specially congratulated on the successful result of the proposals pat forward some few months ago in connection .with the extension of the share capital. The capital account as it now stands is obviously in a much , stronger position than ever, and it is certainly more in keeping with the magnitude of the company's interests and operations than at any period in tlie company's history. As most of you are doubtless aware, tho Imperial Government has at length 'announced its definite decision to cease ;the .commandeer of the Dominion's oiit'pufc of 'frozen meat, as from 30th June next, 'and it also seems probable—judging from cabled indications—that the ■same course will be adopted in regard to wool. Whilst by no means in favour of permanent Government controlj we have strongly urged that a further year's commandeer would probably be in the best interests of the Dominion, in view of the still somewhat unsatisfactory shipping outlook. The accumulation of meat still in the stores of the Various factories throughout New Zealand, „ conpled with the probable supply "pi .refrigerated tonnage for the ;next twelve months, seems to indicate clearly that this time next year there will still be a large block of Government meat left in our hands. It. is difficult to conceive what satisfactory arrangements can be made for the resumption of private trading under such circumstances, and, from that point of view, a further extension of the commandeer would certainly have seemed very desirable. On the other hand, if the Impwial Government can make such ship- /

ping arrangements as will result in a clearance, or practical clearance, of'the stores before the 1921 season, the cessation of the commandeer in June ngxt. would probably prove to be the best course for all concerned. Such an optimistic view of the possible shipping programme is, however, in our opinion hardly justified. ; ,It is, I think, obvious that the resumption of private trading will bring many fresh and unknown > problems in connection with the handling of the company's large interests. With this in view, the board have decided on several important changes and, adjustments in the senior executive staff. We have "for .some time realised the necessity for this, but it lias been impossible ,to deal -actively in the matter until the termination of the conditions created by the war. From the notice received you already know that' it': is proposed to ask you for power to create the position of managing director. ,It is proposed that Mr. William 'Murray, who. has so long conducted the general management of the buginegs, should take the suggested new position. If shareholders give the necessary authority it has been arranged that Mr. Murray will still continue to be the chief executive officer of the company, but tnat he will in future devote his time in each year between the Dominion and Great Britain. He would tlius. be relieved of much of the detail management and be freed to devote bis attention to the more important affairs of the business. In view of the magnitude of our operations suchj an arrangement would seem, o,bvious)y,, the best possible in the company's intereste. It is intended that Mr. Murray will visit England as soon as the active freezing operations of this present season permit— probably about.June or July. It is further proposed that Sir Francis Boys, who has returned to the Dominion, will take up the position of New Zealand manager, and will, therefore, make his headquarters for the future in Christchurch. . . Mr. Campbell leaves Jn a few days for an extended visit to London, to gain experience of the company's interest* m Great Britain and, meanwhile, ( -retains his old position of assistant'manager and secretary. . Further steps have been taken to strengthen the staff, and it is believed that the proposals-which. I have just outlined, if carried into effect, will materially strengthen the hands of our senior executive in controlling successfully the important interests under their care. Turning now to the acconnte: As I, have already indicated, the balancesheet now presented to yon reveals very clearly the mai-ked change which has come over the position since we last met.. When I addressed you last year we had reached about the maximum of congestion in respect of many of our more important by-products, whilst this year we could not .well be more-clear. Taking the principal items of the bal-ance-sheet in detail: The paid-up capital of the company now stands at £600,000 as compared with £300,000 !aEt year. The debentures stand m before* at £160,000. Sundry creditors, advunco* u.guJuwt shipments, and London balanc* -ure re-