WELLINGTON MEAT EXPORT COMPANY.

Lyttelton Times, Volume LXXX, Issue 10105, 2 August 1893, Page 5

WELLINGTON MEAT EXPORT COMPANY.

[PER PRUKft AS WELLINGTON, July 30.

According to the annual report of the Wellington Meat Export Company, the Directors recommend a reduction of their number to five. The reserve fund of £4OOO has been absorbed by depreciation, and the loss on working account, £621, reduces the balance carried forward last year to £2ll.

The reason for the unfavourable nature of the report is thus explained by the Directors:—“Since the erection of the Company’s new premises at Ngafaauranga there has been a great failing off in the quantity of stock frozen on account of owners, and the hopes entertained by the Directors of being able to reduce the cost of freezing by an increased output have not been realised. The contract support given to the Company by stock-owners has been so small that in order to find employment for the works the Directors have been compelled to purchase sheep on the Company’s account to a largo extant. Owing to a heavy fall in the London prices these purchases have resulted in serious loss. The fall in prices between Feb. 18 and June 27 this year was no less than f d per lb, equivalent to 3s $d upon a 601 b sheep, bo that the loss, although much to be deplored, is not surprising. It may be explained that at last year’s London prices the result of the Company’s shipments for the current season would have been better by upwards of £500.” The report goes on to state that the new works have given great satisfaction, and all are in first-class order. The Directors see no reason, with the rapidly increasing number of stock in the country, to doubt that a prosperous future is in store for the Company.