WAITAKI FARMERS’ FREEZING COMPANY

Otago Daily Times, Issue 26027, 15 December 1945, Page 5

WAITAKI FARMERS’ FREEZING COMPANY

ANNUAL MEETING OF SHAREHOLDERS REVIEW OF YEAR’S OPERATIONS (Special) OAMARU. Dec. 14. The annual meeting of the Waitaki Farmers’ Freezing Company, Ltd., was held this afternoon, there being presen. the directors—Messrs D. Williams (chairman) A° C. Inglis. A Mclnnes E T. Meredith. J. Mathieson, R. J. E. Smith, G 6. Pringle, John Newlands, W. l. Aubrey—and a small attendance of shareholders. In his address to the shareholders, Mr Williams said the company had had another successful year. The number of sheep and lambs killed was 13 per cent, higher than that during the previous year. The appeal to growers for more meat 'for Britain, and the good seasonal conditions, wore reflected in an increased average, weight of all classes of stock. On the whole the season was a satisfactory one for fatteners. The company s arrangements for the killing of cattle for export were appreciated, the quantities handled having increased. The number of pigs killed was slightly lower than that for the previous year while calves showed a small increase. Although several short stoppages and a go-slow policy for a time caused stock to be held up and resultant inconvenience to clients, there were no serious labour troubleo during the year, and the directors \ver’ looking forward to smooth working during the coming season. Profit of £7685 Turning to the profit and loss account, Mr Williams said it would be seen that the company’s gross revenue, after Providing for depreciation and taxation, was Llb.ui.J_ Expenses were £8328, leaving a profit ot £7685. whicli he thought was a very satisfactory result. Adding £1447 brought forward from last year, there was £9132 to deal with, and the directors recommended the oayment of a 6 per cent, dividend, absorbing £5762, and the carrying forward of the balance of £3370. Current liabilities of £70,003, which included provision for deferred maintenance (£13,000), were £16,117 higher than last year s figure. Shareholders' funds were now £127,663, an increase of £1923. Current assets were £23,446 higher at £46,881, while investments had increased by £2B-2 during the year to £70,946. Expenditure on additions to plant amounted to £1972. The depreciation written off fixed assets was £IO,OOO. Mr Williams recorded the directors’ appreciation of the services rendered by the management and staff during the year. Mr Williams stated the directors were concerned about the increasing number of Shareholders outside the districts from which the company drew stock, and appealed to farmers, in their own interests, to prevent this drift continuing, by retaining their holdings, and, where possible, by purchasing shares. All last season's meat had been shipped, concluded Mr Williams. The coming killing season would commence on January. 3, and arrangements for fully manning the slaughter board had been maae. The restrictions imposed by the Fat Stock Disposal Order rtad been lifted, and during the coming season growers would once again be free to dispose of their stock as they wished. Increase in Costs The recent legislation amending the Factories Act, Mr Williams said, provided for overtime on Saturday mornings, and an increase in the working costs was inevitable. The prospects for the corning season were favourable. The motion for the adoption of the annual report and balance sheet was seconded by Mr D. McLean, and carried. The directors' recommendation to pay a 6 per eat dividend was adopted. The retlri.ig directors —Messrs Aubrey. Inglis, and Mathieson—were re-elected unopposed. On tile motion of Mr S. I. Fitch, the directors’ remuneration, including that for special services, was fixed at the same sum as last year. Mr D. V. G. Smith was re-appointed auditor. A hearty vole of thanks to the directors, the manager (Mr J. I. McEwan), and staff was passed.