CHRISTCHURCH MEAT COMPANY.

New Zealand Herald, Volume XLIII, Issue 13114, 1 March 1906, Page 6

CHRISTCHURCH MEAT COMPANY.

A PERIOD OF DEPRESSION

[BY TELEGRAPH. —PRESS .ASSOCLATIOX.]

Cnr.iSTcnrßcri, "Wednesday. The annual meeting of the Christchurch Meat- Company was held to-day. the chairman of directors (Mr. F.—De C. Malet) presiding. The chairman explained thaihe was away from the colony on a health tour during the season covered by the balance-sheet, ' and when amalgamation with the New Zealand Refrigerating Company took place. He much regretted the heavy deficit of £29,495, shown in the accounts. as the result, of the working of the company for the past year, but the loss was entirely due to the serious fall which took place in the values of both mutton and lamb on the Home market towards the end of the season. Every effort was made to improve the tone of the i market, and thus minimise the losses, but ; the period of depression lasted so long j that little benefit resulted during the year, I The reserve fund had been increased by I £12,000, through amalgamation with the | New Zealand Refrigerating Company, ! bringing the total up to £56,000. As a I set-off against the book values of proper- • ties shown in assets, sundry debtors I showed an increase of about £10.169:

lands, buildings, and plant account showed an increase of £86.073. The item, freezing, sides, and manufactures, in the profit and loss account, which represented the gross income of the company, showed a decrease of £55..302. solely attributable to losses .connected with meat. He moved the adoption of the report and balance-sheet. Mr. Gilbert Anderson, managing director of the company, in seconding the motion for the adoption of the report, said the year 1905 had l>een one of the worst since the inception of the trade tor all exporters of frozen meet. That was brought about first from general slowness of trade at Home, secondly by large quantities of cheap beef, which offered a larger margin of profit to the retailer, but mainly from the high prices of stock in the colony. The position was further aggravated by the farmer insisting in a .very large number of instances on selling his lamhs by the pound, and holding his stock back until he could obtain a heavy average weight. The prices offered by the" London buyers both for sheep and . lambs throughout- the sea.-wn. and as late

as .July shipment©, were such as to warrant biff price? here, if suitable weights and quality had been available. The "disorganisation of the Canterbury lamb and mutton i Hide was brought about by the introduction of coarse North Island ewes, without tly selection of a suitable ram. In 1905 1.650.343 carcases of mutton and

1.960.609 of lamb, making a total of 5.590.952. were shipped from New Zealand to the United Kingdom, which meant a decrease in mutton since the previous year of 310.404 carcases and an increase in lamb of 45.628, making a net decrease of 2-64.776.

The report and balance-sheet were adopted, subject to an amendment by Professoi Brown that £75.000 should be "transferred from reserve fund against the debit en p:cfit and h«s account. The meeting authorised the addition of another member to the board of directors, and a motion was passed asking the directors v. renew the articles of association, aud make any suggestions for their amendment which in their judgment might appear desirable.