MEAT COMPANY'S YEAR

Evening Post, Volume CXXIII, Issue 1, 2 January 1937, Page 14

MEAT COMPANY'S YEAR

NORTH CANTERBURY WORKS

The agreement with Sims, Cooper, and Co. (N.Z.), Ltd., for the taking over of the meat purchases of the North Canterbury Freezing Company has worked satisfactorily, said the chairman, Mr. J. H. Blackwell, and was extended for a further season to enable the board to give further consideration to the marketing of its brands and the general stabilisation of the company. "The result of the year's trading discloses a net profit for the year of £4643 6s lid, after making provision for all expenses, depreciation ££627 8s 2d, and income tax £2200," added Mr. Blackwell. "Adding the latter i,em to the balance of profit shows that out of a total of £6843 the company,has had to provide £2200, or 32 per cent. of its profits, to meet the demand.'; of taxation. As our share list is composed chiefly of farmers with comparatively small holdings, this form of taxation, which this year takes over 6s of each £1 of net profit, forms a serious impost on companies like ours. The net balance for the year, £1643 6s lid, added to the balance in hund, £1375 12s, gives a total credit balance of £6018 18s lid. From this your directors recommend the payment of a dividend of 3 per cent., absorbing £2547 3s, leaving the balance of £3471 15s lid to be carried forward."