FARMERS' FREEZING CO.

New Zealand Herald, Volume LXVI, Issue 20427, 2 December 1929, Page 7

FARMERS' FREEZING CO.

DECREASE IN STOCK HANDLED THE GISBORNE ORGANISATION. WARNING TO SHAREHOLDERS. [BY TELEGRAPH!. —K)WN CORRESPONDENT.] GISBORNE, Saturday. After pointing out that the killings at the Kaiti works last season had decreased by 110,872 carcases and those at Tokornaru Bay had decreased by 43,613 carcases, making a total shortage of 154,485, Mr. J. W. Nolan, chairman of directors of tho Gisborne Sheepfarmers' Frozen Meat Company, stated at the annual meeting to-day that for the first time since he had been in the chair he was unable to congratulate the shareholders on the financial result of tho year's working. Tho present balance-sheet otherwise was a particularly good one, he said, owing to the reduction of capital in pursuance of the resolution passed last year, enabling the directors to write off anything of a bad or doubtful nature and reduce any over valued properties to certain present-day realisable values. " I would just point out to you," commented Mr. Nolan, "that the valuations shown in the balance-sheet are the original book value;-, made long before and during the war period and are made principally on tho cost of land and freezing works and machinery prior to that date. " The Blot on tho Balance-sheet." " The works buildings have been practically demolished and new up-to-date works erected in their place, so that you will recognise that our valuations, to say the least, are conservative. This latter remark also applies to the balance of the assets set out. Our bank balance show! a slight increase over that of the previous; year, but is much less than might havf' been expected under the circumstances. During the year £10.929 was expended in renewals, repairs and maintenance. _ " The blot on the balance-sheet, oi course, is the loss shown of £lBlB 3s 3d, the cause for which is not far to seek, continued Mr. Nolan. " A glance at th ! balance-sheet will disclose the fact that notwithstanding the decrease in stocic handled there, has been an actual decrease in working and other expenses of soma £6211, on top of a decrease of £5686 cf the previous year. Yet on the freezing side there is a loss of £7133 2s 2d. " From these figures and the fact that there is a profit on the mercantile sidr, it is clear that the loss is not in any way attributable to your directors unless, indeed, you put it down to the induction of the freezing charges—but (o the disloyalty, or one might almost say dishonourable action, of some of our shar eholders in disposing of their stocks for treatment in works other than their own, quite contrary to the moral obligation which when becoming shareholders they enter into with the company, their fellovrshareholders and the various financial aid business concerns with which your company has dealings. «The Writing is on the Wall."

" The freezing charges were again reduced last year as an encouragement to induce producers to freeze more stock through the works. The number of sto k frozen as quoted shows how far the action of the directors was appreciated. It is remarkable that each year charges have been reduced there has been a decrease in the killings. This year there has b«en a further reduction, which must, of course, result in a bigger loss, unless killings increase very materially. " Each year since I have been chair- j man I have endeavoured to impress on the shareholders the necessity for Rjpportine: their own works and fcli6 disastrous results that must inevitably follow lack of such support. The writing on the wall is staring you in the faco and it plainly says that unless the supply is forthcoming your works must close down. This will leave you entirely in the ha ids of the exporters. The result will certainly be that you will be left without a competitive market for your stock, as '3og does not eat dog.' " After referring to past losses and steps taken to remedy the position, the chairman said:—"Now that everything has been cleaned up I know of 110 reuso". why, except through non-support from yourselves, increased returns should not be forthcoming in the future anci go into your own pockets either by way of dividends, rebates or decreased charges. Whether or not this result is attained is entirely in the farmers' hands._ No d.rectors can help you, as everything depmds, on the quantity of stock forthcoming, so that any stigma of failure must attach to the farmers themselves and no one eise."STOCK SALES. PRICES AT TE AWAMTJTU. The New Zealand Loan and Mercantile Agency Company, Limited, Hamilton, report:—At the Te Awamutu Bale on Imirsday. we submitted a large yarding of stock of all classes. Beef was penned in full supply, and sold readily at ruling: rates. Included in the store cattle was a substantial offering of yearling to 18-inpnths-old jlteers and heifers, which met with a. steaar demand and we effected a total cloarancn. \\e quote: Light fat steers, £ll l_a to £]* *-s: prime fat cows, £B. 18b to £10; liphte £7 10s to £3 14s; plam fat cows. £6 12s to £7 is: fleshy cows. £5 14s to Ib Ss; Urgeframed cows, in fresh conditior, £b 6s to £6 17s- young Jersey cows, ±0 to ±. 10s. boner cows. £3 15s to £4 12s; two-yoir-old Jersey heifers, £6 Is to £7 5s ; Shoithorn heifers, £5 15s; Hcrcfords £5 3s .Tsrsey cross, £5 to £5 Us; small, £2 Ills to i.3 8s 18-months-old Fnesian steers ib 6s. 12 Jo 15-months-old Shorthorn steers £0 » to £6 6s; small steers. £4 to £i 16s, dairy rows £S to £11: heifers, i>B 5s to ~u. pedigree bull calves, 31 to 4lr e ™ T - Jersey cow. 14igns: heifer cnlf, 3gn», yar ling grade Jersey bulls. £4 to .;5 ss, liea works bulls, £3 os to £lO. porkers, £1 15s to £1 16s ' 6d:. s ° re .f-r k(:T *- £1 7b to £1 Us; slips. £1 !!s ':> dto £1 os 6d; weaners, lis 6d to 163.

TRICES AT MOBRINBVJLLE. The Farmers' Co-operative Auctioneering Company. Ltd., report:—At our usual Morrinsville sale on 1< ndny theie was a good yarding of sheep and a medium yarding of cattle. Beef and mutton sold on a pa: with rnt"s ruling outside. Tho yarding ;>f 340 nilia sold up to late rates. Quotations:— Sheep: Fat ewes, shorn, 17s 3<i to 2Hs; fat hoggets, shorn, to 26s sd; fat hoggets, woolly. 25s 10d to 31s; fat wethers. 26s 9d to 335; fat lambs, to '2ss. Beef: I;at bullocks, to £ls; lighter, £l2 to £l2 1!Ir; fat coivs. heavy, £9 to £lO 2s 6d; rneo.um, £7 17u to £S 19a; light, £6 5s to £7 12s 6d; forward cows, £5 10s to £G; store ccws, £4 to £4 7s Gd; 18-months Jersey heifer I. running with bull, £7 to £7 Is; yearlitig Jersoy heifers, £7 to £7 14s; calves, to £2 ss; bulls, £3 10s to £6. Pigs: Litfht baconers, £3 3s to £3 8s; heavy porkers, £2 15s to £3; light, £2 7s to £2 10s; slips, 85s to £2* 2s; weaners, 18a to 28a. Dairy cattle: cows, in milk, £8 to £10; Jersny and Jersey cross heifors, £9 15s to £11; Othoru, £7 10s to £8 10s. FEILDING QUOTATIONS. [by telegraph.—-press association.] FEILDING, Saturday. Prices for fat sheep showed a decline at tho stock sale yesterday, bin dairy cattle were in keen demand. Fat cattle wero easier. Prices were:—Sheep: Fat two-tooths, 23s Gd; black-fnce two- ' tooths, heaviest, 25s Gd ,to 4d; prime, 04s 8d to 25a Id; good, 22a 9d to 24s Id; hoggets, 23s to 295; woolly ewes, medium, 24s 2d to 259; shorn, to 20s; fat wethers. 25s 8d to 26s lOd; store t-vo-tooth ewes, 25s 9d to 27s 3d: two-tooth "•ethers. 22s lid to 23s Id; mixed sex !,toref.,,22s lid. Fat cattle,; Prime boas la ayeraguo up to 38s per 1001b.; primo Polled Anuva cow ®- ill 4s; light Shorthorn-Pol e. I Anrts crosa cows. £6 to £8 10s; Shorthorci lw.lew. to £7; Shorthorn cows, £6 los ligi. jsps & 15s: 'good,^9 1 10s to £lj^ 6d to £9; Jersey bulls, :£6 69 AUO - ,