GISBORNE SHEEPFARMERS

Gisborne Times, Volume LXXIII, Issue 12080, 20 October 1933, Page 2

GISBORNE SHEEPFARMERS

COMPANY’S ANNUAL-REPORT . : PRONOUNCED IiMITI'OVKMIENiT PROFIT ON BOTH BRANCHES Marked improvement has been made by the Gisborne Sheepfar•mers’ Frozen Meat and Mercantile Co. during the past year, according to the annual report and balance sheet prepared for submission to shareholders- on November 25, Tho bank overdraft and other commitments have been.(substantially reduced and, after writing off depreciation and paying dividends in both freezing and mercantile departments, a .balance of £4300 will remain to be carried forward.

In the annual report, it is shown that the past season’s killings increased by 32,988 freight carcases (as compared with 1931-32 season) at Gisborne, and' by 2516 at Tokomar u Bay. The figures for the year now closing, with those Tor the previous year in parentheses, are shown as follows : GISBORNE.

Freight Carcases 537,685 570,673 Increase of 32,988 freight carcases in favour of season 1932-33. TOKOMARU BAY.

Freight Carcases 1-31,972- 134,488 The report- continues : '‘lt will bo seen that there is a considerable increase in freight carcase? compared to last season, and an outstanding difference at both Haiti and Tokomaru Bay is the lesser number of sheep and ithe larger number of cattle handled. “Although the freezing charges were reduced at both wor.ks, this department of the company’s business shows a satisfactory profit, and it is to be hoped that killings will be maintained during the coming season. “The mercantile department has experienced a most difficult yfear with the low values of wool and stock and its consequent very small commission returns, together with the continuation of slump conditions in the merchandise departments. Under these circum)stances shareholders should be gratified with the result of this department’s operations

“After writing off £10,750 5s 4d for depreciation and providing for income tax, the not profit for the (year is £13,571 Is 6d, from which must be deducted the debit in profit and losg appropriation account or £9210 17s Bd, leaving a credit balance of £4360 3s lOd, and it is proposed to deal with this as follows: To pay two years” freezing and mer cantilo preference share dividends, absorbing £1775 17s 7d; write off deteriorated surplus assets by £865; and carry forward £ll j 9 6s 3d. “In accordance with the articles of association, Messrs H. Kenway, M. L. Holden, and G. M. Reynolds -retire by rotation, but being eligible without nomination, offer themselves for re-election. Any shareholder who desires to be nominated (other than Mhe directors who retire by rotation), or. to nominate any oilier shareholders must send in the nomination paper to the secretary of the company at Gisborne, on or before November 10, 1933, otherwise nomination cannot be accepted at the annual meeting.

“The auditors, Air H. E. Dodd and Messrs Watkins, Hull, AVheeler and Johnson retire. Mes(sr s Watkins, Hull, AVheeler and Johnson are eligible for re-election, and with Messrs Morris, Duncan and Gyiiies will be nominated.’’

The revenue items shown in the profit and loss account comprise: Freezing, felling, and pelt charges, sales of by-products, rents, etc., £36,898; gross profits of merchandise trading, wool storage, handling and dumping, stock, insurance, wool and shipping commissions and lighterage, £23,643; freezing department profit, £5313, making a total of £14,479 on the credit side of the account. On tile debit side are shown the following Items: Salaries, rents, rates, taxes, insurance, interest, depreciation and general expenses of the freezing department £27,703; parallel items in the mercantile department, £15,329. The net profit transferred to the profit and loss approbation account is £13,571, and this amount is appropriated in the following manner: To liquidating the debit balance at August 31, 1932, £8430;; freezing preference share dividend for 193 F, £479; mercantile preference share dividend for 1932, £300; balance to carry forward, £4360. The assets of the company arc as under: Freehold and leasehold property, machinery and plant, furniture and fittings, £459,291; shares and investments, £35,581; consignments, £11,699; unexpired! insurance premiums £1874; mortgages, £1976; sundry debtors, (secured and guaranteed accounts, £47,650; open accounts, £30,175; surplus assets for realisation, £11,614; stocks of merchandise and materials on hand, £22,587; with other small items bringing the total of asset values to £613,237 16s sd!

The liabilities include subscribed captal £267,616', of which £213,926 is called up. Share-calls paid in advanoo add another £628 to -the liability in respect of sliar-e capital, and debentures for; £300,000-' represent the other main -liability of the company, apart from the Banker’s balance of £61,876. Smaller item.s are : Mortgages, ‘£9588; advances against consignments, - £11,399; money on deposit. £700; and sundry creditors, £10,133.

1931-32 1932-33 Sheep . 296,626 224,701 Lambs . 318,613 431,605 Cattle 9,292 15,744 Calves 463 161 Pigs 1,563 5,524 Bobby Calves 2,246

1931-32 1932-33 Sheep 109,553 78,217 Lambs 59,798 60,721 Cattle 886 2,862 Calves 1 15 Pigs • • 298 61