CANTERBURY FROZEN MEAT COMPANY

Manawatu Times, Volume LII, Issue 6485, 17 December 1927, Page 11

CANTERBURY FROZEN MEAT COMPANY

PAYS 6. PER CENT. DIVIDEND. \ • CHRISTCHURCH, Dec. Id. The forty-sixth annual meeting of the 1 Canterbury’ Frozen Meat and 5 Dairy Produce Export' C0.,-’Ltd., was 1 held to-day; Sir George Clifford, chairman of directors, presiding. ’ The report and balance-sheet ' disclosed a net’ profit for the year of £2l- - 362 Os. Bd., which, with the amount at credit of the profit and loss account £25,795 10s lOd. Cut of this a, funthen addition was’ made to the. renewals reserve fund, and after'such apportionment and deducting tho dividend paid at the there remained a suni of £12,295 I.os. lOd. out of which l the directors recommend the payment of a further dividend of 3 per cent.' oh preference dividend and d per cent, on''ordinary shares , (making 6 and S' per’ cent ’respectively for tho year,), absorbing £7500, and leaving £4795 10s. lOd.' to bo carried forward. In moving the adoption of the report and balance-sheet, the chairman referred 'to the 'effects of tho ; coal strike in England and the competition of South American meat at cut prices, also nomodiilJcd mqat, which would bq 1 a recurring factor , each, year..; Sir George stressed the. need for , guarding against monopolists or speculators by keeping the companies controlling the outlet of frozen stock in the hands ’ of the local pastoral and farming industry. , Sh,eop-growors. should endeavour to uphold the quality of - our meat. The report was unanimously agreed to. Messrs. Herbert Elworthy . and J. H. Grigg, retiring ...directors, were reelected. .’ , . , ;