CITY FISH BUSINESS.

New Zealand Herald, Volume LXV, Issue 19986, 30 June 1928, Page 9

CITY FISH BUSINESS.

PROGRESS OF SANFORD, LTD.

RECENT LOSS OF TRAWLER.

MEETING OF SHAREHOLDERS. The twenty-fourth annual meeting of shareholders of Sanford, Limited, was held yesterday, the chairman of directors, Mr. A.' F. -Jagger, presiding over a large attendance.

Moving the adoption of the annual report and balance-sheet (details of which were published in the Herald of June 22), the chairman said the net profit available for appropriation, after allowing for income tax and deducting £4375 for the interim dividend paid in December last, was £6198. This enabled the directors to distribute 3£ per cent, on the capital, making 7 per cent, for the financial year, and to carry forward £1823. During the last part of the year, he continued, it was decided to extend the field, of operations to Wellington, where the business of the City Fish Supply, Ltd., was purchased and formed into a companycalled Sanford (Wellington), Ltd., the Auckland company holding the majority of the shares. Operations were commenced on March 1 and the sales for April showed an increase of 25 per cent, over March afad the May sales a further rise of 25 per cent. The result spoke for itself. Dealing with the fertiliser branch of the Auckland business, Mr. Jagger said when the fertiliser war was in progress fairly large stocks were on hand, but at the present time the company was unable to execute its orders. Output was booked until the end of August and conlcl have been further booked if clssired.

Coming to the loss of the company's trawler Thomas Bryan, near Cape Colville, on the night of June 11, the chairman said the vessel's value was shown in the office books as £B4OI and insurance amounted to £6OOO. It was unfortunate losing the trawler at that time of the year, when fish were scarce, but it was hoped that storeships which had been placed at various ports on the coasts and which were just getting into working order Jvould be able to keep up supplies during the winter season. It would no doubt be necessary to replace the - Thomas Bryan before next winter, but as it was too late to do anything this winter it had not been decided what step should be taken.

Mr. Jagger thanked the staff for its loyalty and co-operation, and expressed the directors' appreciation of the good feeling that existed in the company's services. Mr. F. W.- Blakey, who seconded tlie motion, asked what had been done to meet the loss resulting from the wreck of the Thomas Bryan. The chairman said extra provision had been made this year for depreciation. The report was adopted. The retiring directors, Messrs. Jagger and E. H. Davis, were re-elected unopposed. In returning thanks, Mr. Davis said a great deal of spade work had been done on behalf of the company and be was confident the future would show results. The concern had developed in all directions.

Messrs. Morris, Duncan and Gyllics were reappointed auditors.