SOUTH OTAGO FREEZING COMPANY

Evening Star, Issue 18094, 9 October 1922, Page 8

SOUTH OTAGO FREEZING COMPANY

A YEAR‘B operations. Mr James Smith, chairman of directors, presided at tho annual meeting of the South Otago Freezing Company, which was held at Balclutha. The report showed that 18,875 sheep and 116,047 lambs had been put through the works in tho 1921-22 season, compared with 22,902 sheep, 98,929 lambs, 1,213 cattle, and 942 crates of rabbits in 1920-21. After making provision for £2,807 2s M for depreciation, and £2,500 for income tax, the profit remaining, including last year’s balance, was £7,010 11s 2d. The directors recommended payment of a dividend of 6 per cent., the balance to bo carried forward. As tho provision ter income tax in previous years proved in excess of the’amount required, £IO,OOO had been transferred from this account to reserve account, tho latter now standing at £15,000. In the course of his address,_ the chairman referred to the strike, stating that it had been an unfortunate business for the company, and he would like to lake the opportunity of thanking the farmers and settlers who had rendered such efficient help in supplying the labor to cany on the works. In ‘fact, more men offered than they were able to take on, and many of tho young men had determined to remain on, and serve the company next season in the slaughtering department. It was better than farming. He knew of a man in his district who had sold his farm, and had gone to the works, earning £3O for the short time he was there. He afterwards remarked: “I couldn’t have done that farming, and now I’m sorry that T bought- another farm.” Thanks were also due to Messrs Brocket. (Greenfield) and Weir (Wharetoa). who had gone as instructors to the slaughtering board, and had clone really good work, making a good iob showing the young men how to do likewise. He did not know what the men struck about, and ho did not think that they knew themselves. Most of the slaughtermen could put through 120 lambs a. day: but all over the South Island the slaughtermen cut down to ninety a- day, which showed that they had been earning too much. Bid even at the reduced rate they could still rmko £1 14s 6d a clay. Tho directors had, been considering a scheme which, he thought, would be beneficial to the farmers during the coming season. They had been getting offers from firms at so much per lb on the hooks, and the directors were prepared to send men to draft the lambs and bring them in and give the farmer a price per lb on the hooks. They would have the opportunity to coronaro Umt with the old way and see which pa id I bmp best. It had, he believed, worked well in South Canterbury. and gave the fawner a choice. Thev would notice from Cm balance-sheet, that tb n reserve fund new stood at £ls£oo. which some might think too much. But thev were proposing to convert the works from steam power to electricity in a short time, the current to be supplied by the Dunedin City Corporation, and that would cost a good deni of money. Tho report and balance-sheet- were unanimously adopted. The two retirin'' d ; renters .Ins. Begg and J. ft, Mitchell) were iy-electcd uropposed. Messrs B°rv. Leary, and Co. were le-anpoinisd auditors at a fee of 3o guineas, the same as last- year. ■’ Tho directors’ remuneration was at £6OO. a motion in reduce .it to £4OO lapsing for want of a seconder. In answer to a question. th« chairman said the directors were considering the advisability nf procuring a machine to ■break new Nauru and Ocean Island phosphates. and put up the manure at tho 1 work's. c