GISBORNE SHEEPFARMERS.

Evening Post, Volume CXIV, Issue 130, 29 November 1932, Page 10

GISBORNE SHEEPFARMERS.

Mr. H\ B. Williams,. presiding at the thirty-first'annual general meeting of the Gisborne Sheepfarmers' Frozen Meat-and Mercantile Company, Ltd.; on Saturday, said a loss in the freezing department of £7155 last year had been turned inta a profit this year of £3260. The season had been' a most difficult one: from the selling point of view, values of all farm products having gradually declined; The. directors were fully aware of the present low realisation values of fat stock, and "a reduction in freezing charges on mutton' and lamb at both Kaiti and Tokomaru Bay had been decided on. The net result of the'year's working, a profit of £3145, was regarded as very satisfactory, in view of the general conditions of mercantile trading and the declining value of freezing by-products, continued the chairman', and out of this the directors recommended '. payment on one year's freezing and mercantile, preference shares dividend, and to use the balance in reducing the profit and, loss appropriation account.; With the transfer of the leasehold sinking fund-reserve, the profit and loss appropriation account had been reduced from £13,889 to £8430, and it was hoped that at the end of; the coming season' the directors' would be- able again to i-educe this debit.' , , .' . ■■•■•,