New Zealand Refrigerating Company.

Otago Witness, Issue 181, 6 August 1886, Page 15

New Zealand Refrigerating Company.

The fifth annual report of the New Zealand Refrigerating Company (Limited), which was laid before the shareholders on Wednesday reads as follows : —

The directors now beg to lay before shareholders the accounts aud balance sheet of the company lor the year ended 30th Juno 1886, duly veriiied by the auditor. The profit, atter providing for the usual depreciation, aud including £116 Is 10c! brought forward fiom last year, amounts to £202' lss 6d, out of which they recommend that a dividend be declared at the rate of 10 per cent, per annum, which will absorb £1814 3s 9d and leave £'209 Is fld to be carried forward to next year. An interim dividend of 10 per cent", per annum, amounting to £900, tor the half-year ended 31st December 1885, has already been declared and distributed. During the current year the freezing works at Oamaru have been completed and operations were commenced there on 2nd February. The Bell-Coleman refrigerator purohaaed last year is working satisfactorily, and the water motor ii giving goodresults. Unfortunately the water supply, owing to a break in the Corporation race, failed for about six weeks, during which time the machinery was driven by steam. There has also been a misunderstanding with the Corporation as to rent payable for the water supply ; but this is now being settl' d, and henceforward ihe directors hope that the works will be carried on without any further hitch. The number of carcasses frozen at the company's works and shipped during the year was 100,981—76,765 havingbeen frozen at Burnside, and 2 1,2 1 6 at Oamaru. There were also at date of balance 8687 carcasses frozen and stored for Arawa and Blderslie steamers, which will be tiken into account in, next year's returns. The total number of carcasses frozen at Burnside during the year ending June 30, 1885, was 77,370. An extraordinary general meeting of shareholders was held on 21st October, when authority was given to the directors to open at their discretion a branch in London for the disposal of the company's meat. Acting upon this the board appointed Messrs W. S. Davidson, general manager of the New Zealand and Australian Land Company, Edinburgh, and C. C. Murray, of the firm of Sanderson, Murray, and Company, London, to represent them and make such arrangements a3, after due inquiry, might seem best for the interests of tho shippers, and therefore of the company. A valuable report has just been received from these gentlemen, but as the directors hope that some of the other companies interested may_ be induced to co-operate with this company in this most important question, of agency, they have deferred action for a short time, until replies are received. Arrangements were made early in the year for a consolidated rate of a halfpenny per pound to cover all London charges, which has been satisfactory to shippers. The question of the rate of freight has occupied much of the attention of the directors. In November 1885 they chaitered the s.s. Elderslie for four voyages at l£d per lb, and shortly afterwards both the existing lines reduced their rates to the same figure, and these rates have been current up to date. Arrangements have been made with the New Zealand Shipping Company to carry 43.000 to 44,000 carcasses at the sanie rate during 1887. The Shaw. Savill, and Albion- Company have intimated their intention to charge If d per lb in future, a rate which appears excessive, and the d'rectors are making every effort co induce them to reconsider their decision. Mr ß. B. Cargill'sseatattheboardhavingbecorne vacant owing to his absence from the colony, Mr James Smith, of Greenfield, was elected in his stead. In accordance with the articles of association, two of the directors, Messrs A. C. Begg and B. J. Spence, and the auditor, Mr Thomas Uallender, now retire, but being eligible they offer themselves for re-election.

John Eoberts, Chairman.