SOUTHLAND FROZEN MEAT COMPANY.

Otago Witness, Issue 2240, 4 February 1897, Page 27

SOUTHLAND FROZEN MEAT COMPANY.

j The report of the directors of the Southland ' Frozen Meat and Produce Export Company (Limited), to be submitted tothe annual meeting, 1 reminds the shareholders that "by resolution the conduct of th,e company's business haß been j carried out during the past year by the committee of management appointed by the guarantors. ■ The committee of management in their report { congratulate the shareholders on the im- ' proved coudition of the company, and tay :—: — > The management of the committee pi-actically commei ced on the Ist January, 189(5, so far as the freezing operations of the company are concerned. 1 At that time -the -indebtedness to the BaDk of New Zealand amounted to £22,286 Or Sd. The indebtedness per present balance -jhect i<; £2*1,667 3s lOd, showing a reduction of £1628 lfis 10il Durisg the past year the committee have paid all interest • due to the bank, aH charger, working expenses, aa Wfllaß repairs to machinery, damage by flood to water ram (the latter cost about £500)— out of profit, — and as shown T>y the accompanying i balance sheet there still remains £344 13s 3d to 1 the credit of profit and loss account. The most ' important duty which the Committee of Manhgenienfc had to undertake on nsbuming control of th« company's affairs was to increase the capital of the company. ,She company were greatly 1 assisted in getting fresh capital by the re- ', construction scheme passed at the extraordinary j meeting held in February last. Under this scheme 1 £13,476 fiesh capital has been subscribed, prinf cipally by Southland farmers. While the committee recogniss the very valuable support given by the farmers iv subscribing the above nmount, which placet the company's finance in a sound position, the committee must impress upon the Bhareholcieis the fact that to make the company a thoroughly icdependeut and efficient concern, further capital mubt be subscribed. The policy of the committee being entirely non-speculative, special efforts had to bo made to effect sales for forward delivery, and fairly satisfactory prices were reached. Owing to careful grading, the comEany's raeai has now a tirtt-class reputation in the oudon market. During the year thf number of carcases frozen and shipped was 134,726, of which t'7,284 were mutton and d 7,422, 422 lamb. Comparing thwse tiqureswith 1895, the total shipment shows a deciease of 1181 carcases of mutton and tho very large increase ot 25,261 carcases lamb.