SOUTH OTAGO FREEZING COMPANY

Otago Daily Times, Issue 25364, 23 October 1943, Page 2

SOUTH OTAGO FREEZING COMPANY

MEETING OF SHAREHOLDERS There was a good attendance of sharenolders at the annual meeting of the South Otago Freezing Company, Ltd., at Balclutha yesterday. The chairman of directors, Mr Stuart Sim, - presided, and at the opening of the meeting made reference to the death during the year of Mr Jasper Clark, a foundation member and director of the company. Chairman’s Address

Moving the adoption of the report and balance sheet,-the chairman said the killings of sheep and lambs last year had shown a drop of 27.446 compared with the previous year. The decrease had been mainly in ewes, the killings ot which had been 19,000 fewer than last season. Weather conditions during the months of December and January especially had been most unfavourable for the fattening of lambs, and the company had lost a considerable sum through opening the works before the New Year. Lambs had fattened well during the latter months of the season, and the average weight was only 0.151 b per carcass less than the previous year (35.491 b as against 35.G41b) with 2 per cent, less seconds. Cattle killings had increased by 800 head, and it was hoped to maintain or increase beef killings in the coming season. it was very pleasing to report that shipping facilities had been even better than last year. At present, with the exception of a small quantity of beef, the company’s stores were empty, and all general cargo had been shipped. Shareholders would note from the balance sheet that, depreciation had been written off plant and buildings to the extent of £4845, and after setting aside £17,200 for provision for taxation, the balance remaining to be dealt with amounted to £18,204 15s lOd, which included the carry-over of £11,524 9s 4d from the previous year. The directors recommended the payment of a 5 per cent dividend, which would absorb £6630 10s, leaving a balance of £11,574 5s lOd to be carried forward. It would also be noticed that substantial additions had been made to plant and buildings, including the installation of a new Hunter wool dryer and improvements and renovations to the men’s huts and boarding house. Certain other alterations to buildings and plant to comply with in-, structions from (he Department of Agriculture had been and were being carried out. The usual maintenance of all plant had been attended to, and the works were in first-class order for the start of another season. Mr Sim said he thought It would be agreed that the company remained in a sound financial position, but as he had said last year, the post-war period had still to be remembered. In conclusion, lie paid a tribute to the good work carlied out by the management of the company during the past. year. The motion for the adoption of the report and balance sheet was seconded by Mr F. L. Nicoison and carried. Election of Directors Five nominations were received for the three vacancies on the directorate, and the postal ballot resulted as follows:—Thomas McCulloch 2753, F. L. Nicoison 2714, John Cochrane 2576, W. A. Yardley 2547, J. D. Edgar 2217; informal, 400. The first three were declared elected. The remuneration of the directors was fixed at £4OO. the same figure as last year. A number of questions were answered, and the meeting closed with a vote of thanks to the chair.