Canterbury Frozen Meat Company.

Oamaru Mail, Volume XIX, Issue 5906, 30 March 1894, Page 1

Canterbury Frozen Meat Company.

(by telegraph.) Christchurch, March 29. The annual meeting of the Canterbury Frozen Meat Company was held to-day. The report stated that after writing off L3OOO for depreciation the balance at the credit of profit and loss account was L 2447 14s 2d. A dividend of 8 per cent, was recommended, the balance of L 47 14s 2d to be carried forward to the new account. The amount of freezing done during the year shows an increase upon the work of the previous year. The increase, however, has not been so great as might have been anticipated. The works unfortunately had to be stopped last autumn owing to want of freight space, caused by the detention of two steamers from accidents. The output of the works during January and February last was also restricted by the non-arrival at the stipulated time of refrigerating plant. The new machine (C. Hall's carbonic anhydride refrigerating plant) had been working since the'beginning of the month, though so far connected with only three rooms. Connection with the other - rooms would be made as soon as freezing operations admit of their contents being delivered. He regretted that the results of the last year's~shipments of frozen meat during a considerable portion of the year were unprofitable. The temporary disablement of steamers resulted in excessive quantities of meat being delivered in England at a time when the market there was completely demoralised by the large quantities of English and Continental meat that were being pressed for sale in consequence of the disastrous drought which lasted well into the autumn. Since Christmas, however, prices had steadily improved, and he hoped that the business of the present year would be profitable. Although the freezing work of the past year has been done &t a lower rate, the profit has been a little larger, and this confirms the estimate which the directors made when they reduced the freezing charge. If unforeseen obstacles had not arisen to restrict the legitimate output the rate of profit would have been greater. ■'. . ■