FREEZING OPERATIONS

New Zealand Herald, Volume LXIX, Issue 21345, 21 November 1932, Page 5

FREEZING OPERATIONS

WAITAKI COMPANY'S YEAR

DIVIDEND OF 3 PER CENT

A dividend of 3 per cent is recommended by the directors of the /Waitaki Farmers' Freezing Company, Limited, Oamaru, for the year ended October 31. A profit of £2872 was earned during the year, and after the payment of the dividend, absorbing £2851, there remains £269 to be carried forward, as against £278 brought in. The total killings of sheep and lambs were 386,836, as against 358,143 in the previous year.

The paid capital of the company is £95,063, and there are £IOO,OOO debentures on issue. The dividend is at the same rate as that paid last year.

NELSON COMPANY

REBATE TO SHAREHOLDERS

Although unable to recommend a dividend on share capital for the year ended September 30, the directors of the Nelson Freezing Company, Limited, propose giving a rebate of 10 per cent on freezing charges to shareholders who consigned their stock this year on their own account. After writing off £1250 for depreciation, the profit remaining, including the balance brought in, is £BB9. The quantity of stock and fruit dealt with during the year constituted a record.

WAIROA MEAT WORKS

PRICE OF £40,000 OFFERED

ACCEPTANCE PROPOSED

Details of the proposed sale of the assets and property of the Wairoa Farmers' Cooperative Meat Company, Ltd., to the three freezing companies operating in Gisborne and Hawke's Bay, are contained in a-circular letter to shareholders by Mr. J. S. Jessep, the chairman of directors of the company. It. is proposed by the directors that the offer of the three companies to purchase at a price of £40,000 be accepted, the purchasers to become shareholders in a new company and the purchase price to be satisfied by the issue of 40,000 debentures of £1 each, bearing interest at 5 per cent. Estimating the chances of running the works profitably, says the statement, the directors had taken as a basis last year's freezing charges in Hawke's Bay and Gisborne and the cost and damage through transporting stock from Wairoa to Hawke's Bay and Gisborne. These freezing charges have since been still further reduced and the position now is that the directors would require to have substantial guarantees such as would be acceptable to the banjcs as to the supply of stock to the company's works before they could confidently advise shareholders to proceed with the re-erection and operation of the works.

In view of the present conditions in the sheep farming industry the directors are loath to call up the remaining 5s of uncalled capital on each share. The only alternative is for. extra finance to be found by shareholders or those directly interested by taking up preference shares. In view of all the circumstances, the directors accepted the offer from the freezing companies, subject to confirmation by the shareholders at an extraordinary general meeting on December 10.

BRUNNER COLLIERIES

DIFFICULTIES OF TRADE

SMALL CREDIT BALANCE

Tho report of Brunner Collieries, Limited, Greymonth, for the year ended June 30, states that in spite of the adverso conditions under which the company, in common with other coalmining concerns, has been operating, the profit and loss account shows a credit balance of £246, which has been transferred to the profit and loss appropriation account. A further amount of £2OO has been written off the preliminary expenses account and £244 off the debenture account, leaving a credit balance of £44 in the appropriation account. Subscribed capital shows an increase of £2200 to £60,095, and debentures

issued an increase of £2400, due to the Wallsend-Taylorville Estates taking up further holdings in part satisfaction of royalties payable, thus relieving the company of an equivalent liability on open account. Additions to buildings and plant to the extent of £1503, chiefly improvements to ventilating equipment, have been made during the yea£, and the buildings and "plant above and • below ground have been maintained in good order and condition. "* « <#> The annual meeting wasjbeld last Wednesday. In moving the adoption of the the chairman of directors, Mr. G. J. D. Stitt, said the year had been one of tho worst in the history of the coal trade. In company with other colliery owners the Brunner Company had experienced a decrease in turnover, which had rendered the mine idle from time to time, but a fair share of the business offering had been secured and the result? for the year showed a small profit. He was pleased to say that the piercing of the Taylorville fault had at last been accomplished and tho new seam, which is part of the famous coal pit heath seam, was opening up satisfactorily. The seam was 12ft. in thickness and the coal was and bright in appearance. When the new field was fully opened up the working costs of the mine should bo further reduced.

The balance-sheet and arcounts were adopted, atid the directors, Messrs. 0. J. D. Stitt, J. F. Jack, A. E. Jull, J. A. Redpath, junr., Isaac Patterson, J. R. Robertson and Chas. X. Taylor, were all re-elected.

CANTERBURY COALFIELD

MINING OPERATIONS PROPOSED

A coalfield, estimated to extend under several hundreds of acres, has recently been prospected by Mr. F. N. Liechtenstein, on the estate of Messrs. E. A. and 0. M. Smith, which is situated in the Beautiful Valley settlement, lying between Pleasant Point and Geraldine, states the Christchurch Times. The property consists of 1500 acres of sheep country, and has long been known to carry large outcrops of coal. These have now been exhaustively prospected by Mr. Liechtenstein, who states that the character of the coal ranges between bituminous and lignite, and appears to lie close beneath the surface over an area of several hundred acres with a stream running right through the field. It is hoped to generate electric-power from this source and to begin working the coal early next year with a daily output of over 500 tons.

BRITISH WAR LOAN British Wireless RUGBY, Nov. ]8 British war loan, per cent (assented) is quoted at £97 12s 6d, compared with £9B yesterday.

TIN IN NEW YORK (Received November 20, 5.5 p.m.) NEW YORK, Nov. 19 Tin (standard) is quoted November delivery at 22.55 cents a lb, compared with 22.65 cents on November 17.