CANTERBURY FROZEN SEAT COMPANY. (From Our Own Correspondent.) CHRISTCHURCH, December 17.

Otago Witness, Issue 2545, 24 December 1902, Page 8

CANTERBURY FROZEN SEAT COMPANY. (From Our Own Correspondent.) CHRISTCHURCH, December 17.

Few me-at freezing companies can show such a record of successful progress as the Canterbury Frozen Meat Company, which held its annual meeting to-day. The Chairman, in moving the adoption of the report and balanca sheet, said it rarely fell to the lot of any chairman to submit to shareholders a more satisfactory statement of accounts. The figures of the balance, sheet showed a steady and encouraging expansion of the company's business and of the- profits resulting therefrom. The founders of the company had a loftier idea than the promotion of a mere dividend-paying concern. Their policy (which he would strive to perpetuate) was to assist farmers and producers to freeze their own sheep, or sell them to dealers, so that they might secure them from the pressure of any monopoly or trust. In this tbe company had been successful, and the policy would be strictly adhered to. The company barred themselves from speculating in the frozen meat trade by not cnterinjr into competition with their clients, and were content with the profits arising out of the conversion of "hot meat into cold." Regarding the parliamentary inquiries and private ap;i- ' tation on the better method of sale and distribution of frozen meat in Great Britain, he considered that the matter was one which it was undesirable that the company should touch, and by taking a lead in it they would quickly bring themselves into conflict with many of their valued clients. Two applications had been received during last year to extend the company's business in the North Island — a practical confirmation of the success of the policy of the company. As to their new venture at Fairfield, they were to be congratulated on the smoothness with which every detail connected with it had run. They had reason to believe that had the works been ready | earlier, last yoar'a profit? would have been

increased by about £3000. There was every prospect that during the current year there would be ample 'employment for the company's works, and the directors had devised a means of enabling their clients to participate in the estimated addition to the profits by making the freezing rate of lambs 1 l-5d per lb, less 5 per cent., during the whole summer period, instead of after March 31, as hitherto. It was proposed to extend the 5 per cent, to tegs, hitherto excluded from it. Sir George Clifford quoted figures showing the effect of these proposals. As a proof that they were not too sanguine upon the continuance of their proeoerity, he stated that in 20 yeaw they had written off £60,153 from the value of the works, and had also a reserve- fund of £9138. In his concluding remarks, the Chairman dealt very fully with the question of Government assistance to the frozen meat industry when distributing their favours, and quoted comparative railway rates for frozen meat and goods conectod with the industry on the Victorian, New South Wales, and New Zealand railways. He also dealt with the anomalies in the railway rates in various parts of the colony.