NEW ZEALAND REFRIGERATING COMPANY.

Otago Daily Times, Issue 12425, 7 August 1902, Page 2

NEW ZEALAND REFRIGERATING COMPANY.

ANNUAL MEETING.

The twenty-lirst annual meeting'of th« 1 ew Zealand Refrigerating Company wai neld in the Hoard Room, Agricultural Hall, yesterday afternoon, when the Chairman of IJireutors (Mr John Rolierts, C.M.G.) presided, and lo other members were present! th^'l-enn!.?'?! 1 "!' !" mov ! n!; tlle adoption'of th- lepoit and balance sheet, raid; I de=ire to make a few remarks by way of explana- , ~' tlwt the directors have .ill ? Jtthou™ hou] ™ of A l . a somewhat um.risfactory profit' and l l ST. u y , c:,r w,licl > ™ ;!|'2 li„ c ; Ml ' Br >" do f, WHO was in the than at last meeting, • when speaking, paid that tlie ) value of the consignments on tho in W™ 77-' Rt Ule l ' me ' counting ascertained by cable with the exception ol some £15,000 worth' Jn addition to this, the value o! meat tali if!!'/ C " °-n lland ' atlt i Whic! ' WM shipped after June 00, amounted to £16,0001 ro that at the time about £31,000 worth of tho company 6 products w unsold.' T re t .that prices'for frozen meat o? all Icind? mi the London market during the latter lujf of a=t. year w .,. c so very unßatisfactor.r, esulted -ii. a, rather smart loss «j .'<. ho unt),i qwant iy a '"' " le early purchases <v tJim year. .Dining the last hair of tho fillern rnfif.,ul i V ° • ve <!o " e 5 ' S°on', and m ioL, l \T "\. makin S substantial' reduction ill tl;e debit balance, and have closed the year, after roakinj full provision [?'; lo9 *? s ' with a balance of £1567 9,i Rd Our "xperienco has been by means exceptional, and f am sure that mort of the freezing compame? m New Zealand Wo fared nofiette*. H„d the oniinarj"amsnt ot work been pm through we siicid safely have come out with a. small | w | an( , 0 pn g* right side hiv -die unusually 'vet season wbic.i has been experienced, and tlie consequent shortage of fat lambs, has prevented abh tonnl "nv* v;hich "' oVad reason. Im Jowl 10 outpui tl,e Wor!,-t: cn , 69 ' W1 . carcasßS °f million, 66,810 auwu o W 2215 bead of cattle, and 32,565 crates of rabbits, or, with cattle and .mi,bits reduced to an eouivaipnr, of sheep, a grand total, of 197,311 "carcases n ' against- 270,999 inst yea.' •V,»l ?£ mr "* evsteMo 32565 3 '? 48,869 sbrnikago means a lessening, of the nest on* graziers must benefit, therehv. Shareholder* Will naturally expect at iny hKTwI fime.a statement. a.s : to the company', 3 posu tiOll regarding shipment, now outstanding ° , nvm .I® 00111 *'" lam lteed to hi -i ■ able to say that they are in a much mora satisfactory state than they were at balance date, and ni support of this state-mc-n,, submit the following -figures-— T.n*'folio wj —Consignment. afloat, nieat. tallow, etc., 'in worts-' £16,000; .total. ££9,536. This year-cfhe-figures stand: Consignments afloat, £20,049 • fPßnio an , ow '.. otc -' , iu wo^,,£8000: total, £28,049—shou'mg what J. trust shareholder SinleTn f ft satisfaotoiy reduction, j, , the boo^a were closed account- rales avo been received and e.i.f. X £ tbnlp f« ' y fovoring cost of the whole of the meat on hand at June SO and ,lie only dependency belonging to y f r -' s \ th ® comparatively Uu «'m of about £6000 for tallow, etc You are all aware that the reluctance 0! ho steep and cattle owners of. this province to freeze on their own account- has Wed tho company to buy all tho meat thev bv m !li' il° raver {hoir cos( . nnd charß< y bj selling .-to London dealers on tho nil basis, or, m other words, selb'ng the metf. C , I, Crw! 1,1 sl »P'' slips- in Loudon docks. -Much as we. would like only ro fr WTO on commission, wo are comne!le<) to cam- on our business on the.lines I have just men S't ™ mnst . th «'eforo make up our lmmls to run a certain amount of risk. Tin's however, the directors intend to keep at a rndt"^" 1 ' i 7'"] 11 * Sill ° s ''c'came difßcult to make lately we onscd off in our "J'ing, and intend in future to pursuo a similar course. The greatly reduced risk the Company. is running this veor as comshar Inn ' !'° P °' be " accented by shareholders as -an evidence of tho policy thn company intend to carry out. We besin Ins year Wltll almost a dean short "3 far as the outstanding risk of unrealised l shipments are concerned, so that with anything like an ordinary turnover we should nfoJHi 0 tO . ,"' eet shareholders at next annual meeting with a mucn more satisfactory pro- - fit and loss account. The comnany's works are now most complete and iii every way • up to date, and we nan undertake a very Urge amount .of worlo; -if stoiik .sufficient J-ere avadab e wo could put tbrou'gh CQUnI to half a million sheep, I shall be "glad if sheep and cattle, growers in the province tlf/,? H sup k port 'j lO company more loyally than they bavo done. A few weeks ago', •when prices offered for sheep were, not up to what sellers thought- fair, wo' got the freezing of a few thousands. If this business, were carried on in -n. more extenaive Sm? •? ! "°f P loased ! >ind would aii m a most tfenr.oble develOpmont. All the. company destfos is only, fair remuDeration for the services rendered, ami it does not aim at making large profits by the ' purchase and sale of stook. T noed not weary you by making any comparison 'of tho ngures of this year as compared with last ■ and the only remark) I would make is that tins year the item "Consignments afloat" has a marginal extension stowing bow the total is made. up. This will show at a glance th© valuo of each article of-the compftny s export business. Jn conclusion I have to that I much regret that we have peon compelled to pass our dividend on this ur year of roajority, ami I can only express a hope that better things aro in storo for us 111 tho future than we have experienced in mo past. movo that the report and s ieefc as P rint be aJopt^d. Mr J. A. Johnstone seconded the motion, which was earned without commcni or dis< ciwsion.

1 °V h< ; mot i™ ° r Mr A - Todd, swonded bv Mr Jno. Beul. Messrs William Patrick ami James Smith, jun., were, rejected directors without opposition, and Mr Geo Blvth was re-elected auditor. TV Chairman then declared tho meeting