GISBORNE FROZEN MEAT COMPANY

Evening Star, Issue 21284, 13 December 1932, Page 5

GISBORNE FROZEN MEAT COMPANY

LAST YEAR'S RESULTS Tile thirty-first annual general meeting of the Gisborne Sheepfarmers’ Frozen Meat and Mercantile Company Ltd. was held recently. . In moving the adoption of the report and balance-sheet the Chairman of Directors (Mr H. B. Williams) said that a loss in the freezing department of £7,155 last year had been turned into a profit this year of £3,260. The season had been a most difficult one from the selling point of view, values of all farm products having gradually declined. An early shipment of lambs to_' Loudon proved disappointing to shippers, and on the average sold at 2d to 3d per lb lower than in the previous season. 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 upon. The net result of the year’s working, a profit of £3,145, was regarded as very satisfactory, in view of the general conditions of mercantile trading and the declining value of freezing by-pro-ducts, continued the Chairman, and out of this the directors recommended payment of one year’s freezing and mercantile preference share 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 £8,430. and it was hoped that at. the end of the coming season the directors would be able again to reduce this debit.

The report and balance-sheet were adopted without discussion.