THE N.Z. REFRIGERATING CO., LTD.

Evening Post, Volume CI, Issue 51, 1 March 1921, Page 10

THE N.Z. REFRIGERATING CO., LTD.

AIvMJAL MEETING.

The tliTrly-third annual meeting of shareholders of the New Zealand Refrigerating Company, Ltd., was held in the company's offices, Hereford-street, on Thursday, the 24th February, 1921. ■Mr. H. A. Knight chairman of direc- ■ tors) presided. REPORT AND BALANCE-SHEET. Tho following was tho report of the directors:— Tho directors have pleasure in presenting to shareholders tho balance- j sheet and profit and loss account for j tfie year ended 31st - October, 1920. The balance available for appropriation, as shown by the balance-sheet, is ■ £101,561 11s, .which the directors recommend should be' disposed of as follows : — ' ■' To pay a dividend of Is 3d per share on ■ tl» 300,000 fully-paid shares, and of 7^d per share on the 600,000 • ■ shares 10s paid .......... £37,500 0 0; To place to the Reserve Account, 20,000 0 0i "Leaving ah" amount to carry forward of • 44,061 11 0 -...-• •■•..:■■' £101,56111 0: The director retiring by rotation is ■ Mr. H. A. Knight, who, being eligible, offers himself for -re-election. ■ The auditor, Mr. J. W. X: Lawrence, also retires, and offers himself for reelection. H. A. KNIGHT, Chairman of Directors. '

vourablo impression, but it is difficult to forecast the extent to which we can rely on the American market for the future, as the trade latterly seems to have received a considerable set-back, and, as a matter of fact, the latest information indicates that substantial reshipments of our lamb are actually being made from tho States tn London. In addition, the probability of an import tariff on frozen meat—which has been definitely incorporated as part of important proposed tariff legislation recently introduced— further complicates an already somewhat obscure situation.

There is still considerable uncertainty as to what action 'the Imperial Government will take in regard to New Zealand meat when the supplies of coramaiideered meat cease and free meat is once more available. When the point is reached the continuation of control, for New Zealand meat especially, would spem hardly reasonable, particularly if Home-grown supplies and imported meat from other sources are allowed to come on the market free of sucli restriction.

As probably most of you are aware, the Home authorities are meanwhile strictly adhering to the control of New Zealand wholesale prices, but we are still somewhat in the dark as to what attitude they will adopt a month or two hence when our free supplies come on tho market, and it is impossible, therefore, to forecast the conditions which these new supplies will have to face." The final decision;of tho authorities is, therefore, awaited by producers, exporters, freezing companies, and -all concerned with much inteerst.

The extradordinary position of tho wool market and: the huge accumulation of Australian and New Zealand wools loft in the kands of the Imperial Government, has been so much discussed that I do not "propose to take up'your time by emphasising at length the gravity of this particular situation. .The,4atest advices from America indicate the probable imposition of a heavy protective tariff; on

freezing industry in general, in facing extraordinarily complex problems, is only in the same position as all other commerical and industrial undertakings at the present time, and there is no reason why we should expect or consider ourselves entitled to be especially immune from these difficulties, which are, unfortunately, common to the whole civilised world, and are ijnly evidence of the terrific dislocation and disruption arising from the great conflict of the last few years.

Mr. Murray, the managing director, visited England at the end of last year's freezing season, and was in close touch with the affairs of tho company in London up to the middle of December, and was thus in the best position to deal wiUi our very important interests during a period of extraordinary difficulty. Mr. Murray is again present with us, but expects to return to England in the course of another month or two.

I will now briefly refer to the accounts heforo you.

The paid-up capital of the company stands unaltered at £600,000, and the debenture' issue also stands unchanged at £150,000. The next item reserve account, sta-nds at £50,000, and is the first accretion to thia account since the rearrangement of the capital. •

Sundry creditors, advance? against shipment, and London balances are rejn'oseuted by £482,810 16s 6d, as against £499,732 0s lOd in 1919. This large item is; of eouree, very fully covered by the second and third items on the assets side of the balance-sheet.

The next item shows'a small indebtedne.iß to our bankers of £2535 5s 6d, AvltUst the previous year we had a credit bounce of £65,649 18s Id.

Turning to the assets, land, bnildings, miciiinerv, and plant stand at £852,674 4s 2d, as'coriipared with £813,010 13s 3d a year ago. The increase is almost entirely accounted for by the erection of additional dwellings for our permanent employees a.t various of our factories. These additions were unavoidable, and, while undoubtedly expensive, they will,

hoped that during the year some definite decision might be arrived at as to what, if anything, would be practicable. Whilst nothing conclusive has yet been arrived at in regard to the scheme, the company's responsibilities are fully realised, and it is hoped that in the near future soms solution of this somewhat difficult problem will be arrived at.

The director retiring by rotation is myself, and, as you will see from the report, I again offer my services.

The auditor, Mr. J. W. K. Lawrenec, also retires, and offers himself lor reelection.

Unless- any shareholder wishes for further information on any point, which, if possible, I shall be glad to afford, I will now formally move that the report and balance-sheet as now in your hands be adopted. The chairman then formally moved the adoption of the report ajid balancesheet.

THE SECONDER OP THE MOTION.

Mr. John Mill (Port Chalmers) said : It affords me very great pleasure indeed to second the adoption of the report and balance-sheet. It is one which will give satisfaction to every shareholder. We are satisfied that the business has been conducted in a very able manner during the last' year, because you have had trouble during the year, and there are also troubles facing yon now. I am sure, however, that you will be able to surmount these as you haw done those of the past. We have a Board of Directors second to none, and can come to no other conclusion, than that our interests will be well and carefully guarded during the coming year. I think, sir, that the time is riot far distant when you ought to have a good representation in England, in some shape or other, for the benefit of the shareholders and farmers of the Dominion. This company has done a mighty lot for the people of New Zealand and also for the farmers. ' I can remember sheep being sold in Dunedin for 2s per head ; I also remember the first ship that was loaded with meat from New Zealand.