FREEZING CO.’S YEAR

Evening Star, Issue 20023, 14 November 1928, Page 11

FREEZING CO.’S YEAR

WELLINGTON MEAT EXPORT REPORT [SPSCIAL TOTHE ' STAR.’] WELLINGTON,' November 13. The report, of the directors of the Wellington Meat Export Company, tc be submitted to the shareholders at the annual meeting oh November 29, states: “ Your directors bog to submit the bal-ance-sheet and statement of accounts for the year_ ended September 30, 1928, After providing £B,OOO for depreciation, the year’s operations show a profit of £9,500 16s 4d, which, with the balance brought forward from last year, makes a total of £15,724 I2s lOd. Out of this amount the directors propose to pay a preference dividend at the rate of £ per cent, per annum, amounting to £6,971 4s 4a, and to carry forward the balance of £8,753 8s 6d. The unsold stocks of meat, wool, etc., have been taken into account at a very conservative value, leaving an ample margin for possible fluctuations in the market. This course was considered advisable, owing to the speculative nature of the frozen meat trade. Tho directors retiring by rotation are Hon. Edward Newman and Mr A. E, Mabin, who are eligible and ■ offer themselves for reelection. Of the three retiring auditors (Mr A. T. Clarke, Mr 0. G. Keraber, and Mr E, W. Hunt), two are eligible—viz., Mr O. G. Kember and Mr E. W. Hunt, and offer themselves for re-election.” The net profit last year was £8,828.