AUSTRALIAN FROZEN MEAT EXPORT COMPANY.

New Zealand Times, Volume XXXVII, Issue 6439, 2 December 1881, Page 2

AUSTRALIAN FROZEN MEAT EXPORT COMPANY.

The Australian Frozen Meat Export Company have recently published a financial report, which, taking into consideration the many disadvantages the Company has contended against in its initiatory stages, is suggestive, if not of immediate profit, still of exceeding good promise. The capital account shows that £4l per £IOO share has been paid up, the payments amounting in all to £21,082 ; to this is added the satisfactory item, “profit on first shipment per Protos, £832 8s 2d,” making a total of £22,514 8s 2d. This amount has been absorbed to the following extent : —Machinery and plant, £7549 Os 9d ; refrigerating and slaughtering buildings, £4103 10s fid ; fittings on board s.s. Protos, £2078 Csßd; preliminary expenses, £2223 17s 9d. Shipment of meat and charges on shipments have absorbed the rest of the paidup capital with the exception of £2550 6s lOd, to which would be added, when realised, the returns from the second shipment per Protos, and that by the steamer Orient, the closed accounts of which had not been received at the date of the report. Thus, so far as made public, the profit of the Company has been limited to that accruing on the first shipment. It will interest those who are hopeful of establishing a meat export trade in this colony to learn the precise explanation given by the Company as to the ill-success attending their second shipments to England. The report states that the mutton frozen at the works of the Company was landed in splendid condition, but unfortunately a number of sheep in the shipment per Protos, which pressure of time had necessitated being frozen at the Australian Ice Company’s works, did not turn out well. The beef per Protos was reported tainted at the bone, but this the directors appear to doubt. Reverting to the difficulties of establishing an undertaking for supplying theEuropeau markets with meat from the colonies, it is admitted that prejudices exist not only on the part of consumers, but among the various branches of industry in England affected by the importation of meat—prejudices, which the Company admit can only be _ overcome by experience and persistent eflort on the part of Companies on this side of the world to send regular consignments of first-class meat. It is shown that the chief obstacle in the way of the profitable outcome of shipments of frozen meat is the excessive high rate of freight by steamers—an obstacle which is now in course of removal. We have referred to the subject, because recent rumors of disappointing results in the shipment of frozen meat from Australia have had a slightly deterrent effect upon preliminary operations for the establishment of the trade in this colony. There is, however, absolutely nothing disheartening in the experience of the Australian Frozen Meat Export Company ; no drawback that might not have reasonably been calculated on has occurred, and the actual losses and depreciation of assets, so far, are thus referred to in the report ; “The Directors propose writing off the following amonnts to the debit of profit and loss account ; £SOO off building account, £IOOO off general expenses account, £2OO off fittings on steamer Protos, £3Bl 0s lid off stock account, being losses on purchase and re-sale of stock.” Considering the comparative magnitude _of the Company’s operations, and the risk attendant on a new and untried venture, the result of transactions for the halfyear ending 30th September last cannot be considered unsatisfactory.