FREEZING INDUSTRY

Evening Post, Volume CXXVI, Issue 99, 24 October 1938, Page 12

FREEZING INDUSTRY

SOUTH OTAGO'S YEAR

A highly satisfactory result of last year's operations was disclosed at the twenty-ninth annual meeting of the South Otago Freezing Company, which was held at Balclutha. The chairman of directors, Mr. P. McSkimming, in moving, the adoption of the annual report and balance-sheet, said that the company killed 317,223 sheep and lambs last season, compared with 251,774 in the previous year. The 1937-38 season was no doubt the driest that the district had experienced in the last' 30-odd years, and in the earlypart of the year it looked as though killings were going to be seriously affected. From the opening of the works in the middle of December, "however, until the closing in the first week of June, approximately three weeks earlier than last year, the company was kept killing to capacity, and finished with 65,450 in excess of the 1936-37 season. Referring to the balance-sheet, Mr. McSkimming said that the company, had written £5050 off land, buildings, | plant, and machinery in depreciation, and after making provision for income tax to the extent of £9000 there remained in the profit and loss account a credit balance of £16.814 0s lid, which, of course, included the carry forward of £7607 7s from the previous year. The directors recommended a navment of 5 per cent. dividend, which would absorb £6630 10s and leave a balance of £10,183 10s lid to carry forward. "Taking into consideration the increase in costs and the decrease in the value of by-products, mainly taliow, which dropped fully 30 per cent., I think the financial position of the company is quite satisfactory," Mr, Mc-j Sk^hTre|or a tddan dd balance-sheet were adopted.