NELSON FREEZING COMPANY

Nelson Evening Mail, Volume LXXI, 19 November 1937, Page 10

NELSON FREEZING COMPANY

ANNUAL MEETING CONCERN ON VERY SOUND BASIS HONORARIUM TO DIRECTORS The annual meeting of the sharchold- j ers of flic: Nelson Freezing Company j was held yesterday afternoon, Mr Cl. | Mnnson, chairman of directors, presid- j ing. ANNUAL REPORT The 29th annual report, for the year ended 30th September, was read and adopted. It was as follows: — The quantity of stock killed and fruit handled during the year was ns follows: 1936: Sheep 2353, lambs 54,937, cattle 157, pigs 9,307, calves 6290, fruit for local requirements 37,325, export fruit 28,683. 1937: Sheep 373, lambs 47,470, cattle 155, pigs 10,793, calves 6303, fruit for local requirements 41,369, export fruit. 20,508. After writing otT £1879 for depreciation, the profit remaining, including the balance brought forward from last year, is £7328 19s lOd. which your directors recommend should be disposed of as follows: — To pay a dividend of 5 per cent, £1760; to income tax reserve £2100; to reserve account £2000; to equalisation of dividends reserves £750: to carry forward £7lB 19s lOd; total £7238 19s lOd. The retiring directors, Messrs F. W. Hamilton and C. T. Price, retire by effluxion of time, arc eligible and again otTer themselves for re-election. There being no further nominations they are declared duly elected. CHAIRMAN’S REMARKS

In moving the adoption of the balance sheet the chairman said: “The result as shown I consider should be very gratifying to the shareholders. The Lambing last year was not up to the usual average, and the continuous wet weather right through last season was against as many lambs being fattened as the previous year; still I consider the killings were quite satisfactory under the circumstances. Pigs show a substantial increase, and there is evidence that there will be a further increase this coming season. "Referring to the balance sheet, after writing out the usual depreciation and making allowance for bad and doubtful debts there is an amount of £7328 19s lOd to the credit of the appropriation account, which your directors recommended should be disposed of as under: To pay a dividend of 5 per cent. £1760; to provide for income tax £2100; to reserve account £2000; to equalisation of dividend account £750; balance to carry forward £7lB 19s lOd; £7328 19s lOd. “I am also pleased to inform you that the unrealised consignments at 30th September have since been realised and are well up to our valuations. You will also note that we have a substantial credit at the Bank. “The general business outside of freezing for export including manures, fruit, and sundry storages have all shown a very gratifying increase. “Labour, and in fact all material costs have gone up very considerably, and at present we are cited by the Labour Unions for a further increase in wages, but the result of the latter will not be known for some time as this case has not yet been before the Commissioner. “During the year we have made considerable additions to our manure buildings and plant. I am also pleased to report that the Dciscl Engine which was installed last year is an unqualified success. With this extra power, and the additional piping which has been installed in several of the freezing rooms we will be able to handle expeditiously all stock offering during the coming season. “I should hove liked to see more shareholders present, but I lake it they are quite satisfied with the personn.' 1 of the Board, which is borne out by the fact that there arc no further nominations for a seat on the directorate, and 1 thank you for the confidence you place in my co-directors, and myself. “I would like to express our appreciation of the work of the geneml manager, the secretary and the staff generally foi their faithful co-opera-tion in the company s interest. SOUND FINANCIAL POSITION’ Mr F. W. Hamilton said that the position of the compan/ must be most gratifying it Hie .shareholders. No such small company in New Zealand was in such a sound financial position, and most of the credit must go to the manager, Mr J. Mitchell, and the secretary, Mr G. Brown; though of course the directors had done their part well. Mr F. W. O. Smith spoke of the “large slice which the Government was getting out of ihe profits of the concern,” and of the big increase in the wages bill, liking nil tiling, into cons deration, the vmpanv was to Le con gratula f ed on the year’s work, and on the successful result of the working througn the years. The company had always been well managed, arid ru;one cornier.-u with ll.e works felt that j tiie bert was being clone. If that were not so then the shareholder w:..:d surely have turned ip in fud force thal afternn v) io s. y so The chairman remarked that the wages increase on last year was £2500. The report was adopted. Messrs Griffin and Hodgson were reappointed auditors.

AN HONORARIUM Mr E. R. Neale, a shareholder, remarked that the directors did not seem to be getting any remuneration at all: rior had they done so for the past eigh: yer-- They must have had a very worrying time over the past difiicull years, and he moved that the directors be allocated the amount of £4OO as an honorarium: £IOO to the chairman and £SO each to the other six directors. This was the amount donated eight years ago, the secretary recalled. Mr F. W. O. Smith seconded the motion, which was carried.