FREEZING COMPANY'S YEAR

New Zealand Herald, Volume LXIX, Issue 21326, 29 October 1932, Page 11

FREEZING COMPANY'S YEAR

GISBORNE SHEEPFARMERS' m NET PROFIT OF £3145 SHOWN [by telegraph—own correspondent] GISBORNE, Friday A net profit of £3145 is disclosed on the year's working by the Gisborne Sheepfarmers' Frozen Meat and Mercantile Company, Limited, in its annual report. A large increase in the stock handled at the two freezing works and satisfactory mercantile results have made this profit possible. The total number of stock handled in sheep equivalent was as follows:—Gisborne works, 731,268, as against 670 274 the previous year; Tokomaru Bay works, 180,582, compared with 118,914. The report states that the extra quantity of stock killed has offset the lower values of by-products and the directors trust that the coming season's killings will equal those of the season just ended, so that any advantages that may be gained through reduced costs can bo passed on to the producer. The support given to the Tokomaru Bay works by shareholders and others from Tolaga Bay to Hicks Bay was much appreciated, and this, together with the extra killings at Kaiti, has enabled the freezing department to show a profit.

The company made a loss of £7157 in the freezing department in 1931, while a profit of £968 was disclosed in the mercantile department (after charging £l2lß surplus assets expenses), reducing the net loss of the company for the year to £6189 The company has a paid capital of £213,920, including 10,000 preference freezing shares of £1 and 5364 preference mercantile shares. The balance is in ordinary shares. Preference capital has received no dividend since 1929, when 6 per cent, was distributed on the freezing preference shares and 7 per cent on the mercantile preference. These were the usual rates. Ordinary shares have not received any dividend for a considerable period.