LONGLANDS SALEYARDS Co., Ltd.

Hawke's Bay Tribune, Volume IV, Issue 430, 9 August 1915, Page 2

LONGLANDS SALEYARDS Co., Ltd.

DIRE( H’R'-S ANNFAE REPORT.

\l (lie auiiustl meeting ol tb" l/mglnmls haleyjirds (<>.. to be held <m Saturday, 2ls( Angus , (he following report will be submitted bv the ••ha.irman of directors, Mr. T. Al. Chambers:Tbe vear just ‘'lowed has been one of the dryesl seasons that has ever been known in this district; feed jjrt slock was so scarce that Hm demand fell t" the lowest point thW that been known for many years. Alanv farmers had to ship then sioek to outside districts m ordyr to find buyers, and tkns slate w things mmtinued for several months. W'e held our sale as usual, but owing to the low prices our yards nave earned bv- wav of commission £bi less than'last'year. Your directors are ph-JM'd io .sax that the sales since the dose of the .sear are quicklv coming' back to their iiounaJ state. You will remember m our <i.niiiwL 'repoii’. last v'ur s\ c tlrew sour atteiflion to the' option to purchase tw* acres of land adjoining our yards given us l>v Alessrs. Chambers and Hill. That option expired last Februarv and your directors concluded that it would be a mistake to let the opportunity to puix;n<.u>(i The purchase price was £2OO Jilus £l2 15'6 fencing, legal expenses etc., and your directors decided to purchnse bv giving £92 15 6 cash and a mortgage of £ls<) over the two acres. YVe have now seven acres of land. Our buildings and yards have been kept in good order out; of the revenue —in fact they are all in as good order as the day they were, built. Our net profit for the year was £6B 9'3, which, added to the, amount carried forward from last year., makes the balance standing to credit of profit and loss account at date £ll7 58. 'LTiis the directors propose to apply as follows : — £B6 6.6 to be written off improvements accounts, £l5 to be written off plant account, and £l2 15.0 the cost o.t legal expenses, etc., mentioned above off the land account, leaving a balance of £3 3'B to be canned forward. Your directors are inclined to think that most shareholders would prefer L'his course rather .fjiaii to increase the bank overdraft 'by paying a dividend, as it must be o*bvious to all farmers that they are getting good interest on the money that t'hev Inn<> put into shares in the Lotiglands Saleyards Company, Ltd., by keeping tlie commission down to so much below what it was previous to tne Longlands salcyartis coming into existence. In last wear’s' report the directors expressed a desire to get farmers to take, up more shares in order that the cattle cards might, be extended. As war was declared about that timo vour directors thought that this matter had better stand in abeyance; until things became normal again. At our present rate of progress tho companv should be' out oi debt in a few years and then greater improvemeiits can be effected if neces.will be your duly to elect three I directors at the annual meeting. 'Messrs. A. Alillar, .11. H. J. Mackenzie and J. IL Macniven retire by i rotation and, being eligible, oner iheinselves for re-tdection. Auauditor will also have to be appointed. iOnr present auditor, Air. J. Ijpping, R.A. (N.Z.) offers himself for re-appointment. .