THE FREEZING INDUSTRY.

Nelson Evening Mail, Volume XLIII, Issue XLIII, 21 September 1909, Page 2

THE FREEZING INDUSTRY.

LOSSES, BY, T?fi WANGANUI OOJ. The Wanganui Freezing Company's baance-sheet for the past year has just been issued. The i directors state that the pact season has been the worst since ■ the commencement of the frozen meat • trade some 30 years' ago. This has been brought about by a persistent fall in prices, followed by the utter collapse of the English meat market. The ba-lance-sheet shows that after paying the authorised! dividend of £2762 15s 7d, the company commenced the year with » credit balance to the profit and. loss account of £2650 5s 2d. During the ■ year the whole of the reserve fund of £6000 was transferred, but despite this there was a deficit of £6824 15s 7dj making a total loss for the year of £15,476 10s 9d. _ -„.«„ „ Discussing the position, MrC.M. Cresswell, secretary to the company, said : "New Zealand is still sound, and there is no reason why the future of the meat trade shonld not - prove . encouraging. Certainly, unless : something unforeseen happens, /farmers; will, . have;to. accept lower- prices. ■■■■- Soil it: ■•• must not -be forgotten that prices after- v. all will only bf comparatively; 10w. '..K -.■ is not so many years since farmers ..con- ... sidere'd they were inr'clover when they .■•■>. got 8s for their wethers and • 10s .for their lambs', and there never was any ■ justifiable ground for the assumption that the' phenomenally' high prices of recent years, would be permanent; indeed, indications have pointed the .other way,- and it is tp be regretted' that there has been a far too general tendency . to ignore them. Now itf is simply a question, of facing the position and doing the besl:'we can under the ciraumsfcances. -:." "It must be . remembered, that it i» the; ... company rather- tEan -the settleraXwho -•■-. -^ have. been hit this year, ;The- 'money ;■■ ■ we have lost has for th« most; part go«« ■ .-; into the settlers' pockets, and i» rep**-: ..:■' .. sented by the difference between what „ the company paid them for live etockand received back for the frozen pro- - : duct. This is an important point so far ..' .<..■■, as the effect of the year's operations up- ■-. on th>_ general trade of the district is' concerned,, for it would have been much. .. more'serious had- our- lossVrepresehie&iv' co much hard cash sent out of- the' d«ii trict. iHad. we frozen andj pipped on consignmfei)£' ioj; Siittfsrs,aiia^a» their" risk, 7th* VJflssj • would, have been: : thelra.- ■ As it is'tlie eempany and not the : settlers auataiiw the loss." . -.- In. conclusion, Mr_ Cresswell expressed ■.- " the opinion "that with 'the co-operatioii;. ".-.'" of the settlers and judicious management": '-■-; ther«-:was every reason to believe that •*•>:•,.. the future prospects of the compaajk .. would" prove satisfactory, ■'■■'.' ■ «^b?