NEW ZEALAND REFRIGERATING COMPANY.

Otago Daily Times, Issue 10421, 25 July 1895, Page 4

NEW ZEALAND REFRIGERATING COMPANY.

The fourteenth annual report of tbe New Zealand Refrigerating Company is to the following effect: — ■■.-■• °

The result of the year's operations shows a net proflt of £1034 4s 6d, which has been carried to profit and loss in reduction of the balance standing at debit last year* This accountnowshowsa debit balance of £4325 10s 101. During the past year 269,909 carcases of mutton and lamb were frozen aud shipped from the company's works, and 11,520 carcases were slaushtered there and frozen on board the sailing ship Turakina, making a total of 281.423 carcases handled, an increase over last lear of 159,233 carcases. Tliere were also frozen and shipped 141,1681b of loins, shoulders and legs of mutton. With the exception of the usual stoppage for overhaul of machinery, the works have been kept very fully employed, and the past season has been a record one for the company as regards the number of carcases dealt with. During the month of January applications_for freezing space were so numerous that the directors deeded to engage the freezing hulk Jidwin Box at Port Chalmere, in order to relieve the pressure at the works. >ha was kept etu-P'oyf-'l for four months, during which time some M.bOO carcases were frozen on board,- thus enabling ths company to deal with a larger number of shten than would otherwise have been possible, and at the same time showing a profitable result to ihe company. During the psst year the whole of tha business bas been conducted on a commission basis, and the directors have not purchased as'hgle sheap on the company's account lhe small amount of profit is owing to the low rate at which the company have been compelled to work in order to compete with other freezing companies. The directors propose to do what they can to reduce working expenses, so *s to enable them to pay a dividend to shareholders. Negotiations are now in progress by which it is confidently expected that for the ensuing year a substantial reduction ih freight will be secured. It is gratifying to learn from repons received trom London that the quality of meat shipped under this company's brand has maintained a high character, and has compared very favourably with, the best qualities of meat shipped from any other part of New Zealand. Tne vigilance exercised in connection with the quality of tbe meat shipped will be continued in" the future, and we trust that the reputation of our meat will continue to improve. In consequence of the immense quantities of meat arriving in London from all quarters during the early part of thisyear prices reached a very low ebb, but it is satisfactory to note that tbey are aeain improving, and that the demand for New Zealand meat of good quality is very strong. During the year the directnrs placed on the market £10 000 of 6 per cent, debentures, secured on the company's property. These were considerably over^applied for, and were all disposed of at a premium.