SOUTHLAND FROZEN MEAT AND PRODUCE EXPORT COMPANY.

Otago Witness, Issue 2604, 10 February 1904, Page 20

SOUTHLAND FROZEN MEAT AND PRODUCE EXPORT COMPANY.

The directors, m their report, state that they Jiave much pleasure m submitting to shareholders the balance sheet and accoiiuts for the year ending 31st December, 1903, showing a credit balance on the year's operations (after writing off £S-iSO for depreciation on rorpertics and plant) of £6851 18s" 3d, to which has been added the balance brought forward from last year's account, £2109 2s Id, thus bringing the total amount at credit of profit and leas account to £8961 0s 4d- The above balance of profit the directors recommend should be appropriated fs follows- — To payment of dividend at the rate of 5 per cent, on the B and 2H per cent, on the A shares, rbsorbmg £1530 Gs 6d ; to special reserve account for repayment of loans, £1000, and to be placed to reserve ?cccunt £400; th° balance £2380 13s lOd, to be carried foivard. Since the dste of the last aiinual msctir.g a new phosphate and lime

grinding plant has been installed at Mataura, also a very complete fire extinguishing plant. Additional freezing and storing acconrnzedation (to hold about 25,000 sheep) has bcon erected at the Bluff works, which will supply a, long felt want theie. A contract has been let for the supply and erection of a new manure plant at Wallacetown similar to that at Mataura. Contracts have been entered into With the Boroughs of Gore and Campbelltown for the supply to them of electric light and power. All the company's buildings and plant have, as usual, baen kept in. fiist-class repair. The directors consider that the time has arrived when the question of giving the A slnreholc'em an opportunity to convert their sbares might be discussed by the shareholders at an extiaordinary .general meeting to be called for that rurpose ' Te retiring directors this t-ma are Messrs Cowie and Mac Gibbon, who aie eligible for ro-election.