NEW ZEALAND REFRIGERATING COMPANY.

Otago Daily Times, Issue 7001, 24 July 1884, Page 3

NEW ZEALAND REFRIGERATING COMPANY.

(North Otago"Times.)

The New Zealand Refrigerating Company seems to be making excellent progress. Its nominal capital is £40,000, in 8000 shares of £5 each, while its subscribed capital consists of £30,000, of which £18,000 is paid up. A copy of_the Company's third annual report is now lying before us, the transactions dealt with being those for the year which ended on the 30fch of last month. The works, we are told have, during the year, been kept in full opera-' tion, 12 steamers having beenloaded, orpartially so, since 30th June 1883, with 72,420 carcasses. The net profit shown (including £199 13s lOd brought forward from previous year) amounts to £3719 9.3 2d, which the directors recommend should be appropriated as follows:—To payment of dividend at the rate of 10 per cent for the year (£629 63 2d of which was distributed asjnteriin dividend on December 31, 18S3), £1529 6s 2J; to reserve fund, making, with £000, received aa premium on new issue of shares, a total of £1300—£1000; to return to shippers of 3d per sheep, £887 10a; and to balance carried forward to next year £302 13s. The accounts also show that the 2000 new shares placed on the market in October last were all taken up at a premium of 5s each, and that land has been purchased and buildings contracted for at Oamaru. It is further stated that the slaughtering for the s.s. Elderslie, which is coming out under charter to Mr John Eeid, to load at Oamaru, will be carried on at the Oamaru works early in August, and that refrigerating machinery will be ordered as soon as the prospects of the trade warrant the expenditure, -it is observed by the directors that " the net return to shippers during tho past year has been very disappointing, owing in a great measure to the high rate of freight and heavy Lonhffc^T1; i 1 8^ tißfactory »* the same time to know that the best prices obtained have been »™£ aaVh i, - rougfa the G^Pany's London agems. Tbe chairman of the board, Mr Roberts is now m London, and will endeavour to secure a reduction _ m charges, and co-operation ™W c«nslene. es. «> Placing the meat on the market. In conjunction with other freezing companies in the Colony, the directors wifi take steps to secure, if possible, freight for 1880 on more favourable terms than those now current, realising, as they do, that uploss this is accomplished, tho works will not be kept fully employed." We observe that the amount paid for the site of the Company's Oamaru works is given as being £600, and for the buildings and siding £869 5s lOd.