THIRD EDITION. THE FREEZING INDUSTRY

Poverty Bay Herald, Volume LII, Issue 16211, 8 December 1926, Page 13

THIRD EDITION. THE FREEZING INDUSTRY

GRAPHIC STOIRY OF LOSSES.

fOLJ) IN BALANCE-SHEET

The difficulties under which the freez

i ing industry has been carried on in re- • ci'i'it vein's/ liiivo frequently been noted in these columns, and' the Dominion, in ' n summary of n number of balance-sheets which have been published lately, epij.ioniises a situation that is of consider- ■ able gravity to the Dominion as a whole. ! Details' are as follows:' —

738,998 11,609 11,369 THE'BANKS AS CREDITORS. It will be noted that four of the companies made an aggregate profit of £11,609 on a total capital of £375,388, Vpial to a little more than throe per cent. Four of the concerns, with an aggregate capital of £363,610, show a loss of £11,369 on fho past year's operations. It should be pointed out, however, that the capital of the Wellington Meat; Export- Co. has been written down "by £ISOXOO to cover past losses and depreciation. In the case of the Otaihape Farmers' Freezing Co. the accumulated losses total £22,311.

The- eight companies quoted aboveshow a, net profit of £240 on a paidup capital of £738,998. Of the eight concerns, only one, the Auckland' Farmers' Freezing Co., paid a, dividend This concern paid a dividend of 6 per cent., absorbing £11,935. while .the net profit for the year was only £8582. It was hjf. drawing on the amount brought forward 1 (£3717) that the comparatively large dividend of 6 pel l cent was made possible, but the amount remaining to be carried forward is reduced to £364. In the table appended below is shown the fixed assets of the companies referred to, and the bank overdrafts. The Wairarapa. Meat Co. is omitted because this concern does not own the but holds them on Tease with right of

The North Canterbury Co. has lumped together sundry creditors and drafts against consignments, these, items amounting to £43.527, and it is probable that' about £20,C00 would represent bank overdraft. Apart from this, it will be seen that the bank advances equal more than a third of the value, of the fixed assets. DECREASED TURNOVER. To some extent the decrease in killings may account for the smaller returns. The slaughterings for the season from November 1; 1925, to October 31. 1926, compared with the figures for the previous season are are under:—

Company Capital. Profit. Loss. Wellington Moat £ £ £ Kxpovt 144,304 — 3221 Auckland I Pawners 1 204.092 8582" — j Wairoa 1< 'ai'mei's' 98.440 247 — | Wa'irtira^pa 717.936 2199 j' Kaihapn 67,854. — 2043 Lyison ... 34,920 581 — j Xm, lIi Can terbury 84.855 — 187 ! .South Otau 0 66.597' — 5918?

purchase: — > Value of OverCompany Wollingtoh Export M! e a Works. t £ .. 234.376 Drafts. £ 128.710 Auckland Wah'cm Otaihapc Nelson North Cant. South (Hag Farmer.srlnwy . o i' 382,570' .. 170.923 71.422 ,. 49,032 .. 116.419 . 65,466 ' 147,274! 64,783 15,063 5,180 20,652 1,090,208 382,265

1926. 1925. fieef (qrs.) ...' ... 215,594 485,549 Wetlier m u.t fc o n G'cs.) 1,223,7541,271,221 Ewe mutton (e'es.) 777,586 953,042 Lamb (e'es.,) ' ... 5,000,590 4,750,164 Pork (e'e.s.) .... ... 60,757 36,753 B o n el ess be'ef (freight e'es.)' ... 223,415 263,783 Sundries (freight e'es) 111,229 #,961