SOUTHLAND FROZEN MEAT AND P. E. COMPANY.

Otago Witness, Issue 2499, 5 February 1902, Page 17

SOUTHLAND FROZEN MEAT AND P. E. COMPANY.

Following is the annual report of the director.; of this company, to be presented at the annual meeting on February 8 : —

The directors have the pleasure of submitting to shareholders the balance sheet for the year ending December 31, 1901, showing a credit balance on the year's operations of £2710 14s id, to which has been added the balance brought fomard from last year's, account, £365 2s Id, making the total amount at credit of profit and loss account £3075 16s 2d.

The above balance of profit- the directorsrecommend should be appropriated as follows: To depreciation on buildings and plant £1500, and the balance, £1575 16s 2d, to be carried forward.

The number of carcases fro-zen and shipped during the year was 31,067 sheep and 77,381 lambs, and there has also been frozen and shipped 46,357 crates of rabbits. The buildings and plant are in first-class order, the manure business is 1 steadily increasing, and altogether the prospects for the coming -season are fairly good. The directors having now been relieved from their guarantees to the bank, Messrs A. GerraTd, R. Coupland, A. K. Hay, and T. Buxton retire at this time, and are eligible for re-elec-tion. There are two other vacancies which may also be filled.

It will be necessary to appoint an auditor in the place of E. F. Cvthbertaoh, who retires and offers himself for reelection. The profit and loss account shows that the piofits on the operations of the year ended December 31, 1901, amounted to £8420, to which had to be added £365 brought forward from 1900. The expenses against the gross profits were : general expenses of management, £2465 ; rents, rates, and taxes, £730 , repairs to buildings and plant, £779; and interest, £173G; leaving a net profit of £3075.