GISBORNE SHEEPFARMERS’ CO.

Poverty Bay Herald, Volume LV, Issue 17608, 26 October 1931, Page 5

GISBORNE SHEEPFARMERS’ CO.

30TB ANNUAL REPORT The thirtieth annual report of the Gisborne Sheepfarmers' Frozen Meat and Mercantile Up. is in the hands of shareholders, and states Your directors submit herewith the balance sheet and profit ancl loss account for the year ended August 31, 1931. The following is a comparison of the stock killed in the district for seasons 1930-31 and 1929-30 1930-31 1929-50 Sheep ... 284.950 255,059 Lambs ... 267;651 212,989 Cattle ... 7,511 8,056 Calves ... 8,299 3 Pigs ... 1,322 1,038 Equivalent sheep 670,274 c/cs, 576,805 .c/cs., or 93,469 equivalent sheep in favor of season 1930-31. The Tqkomam Bay killings for the season are:— Sheep 66,228 Lambs 29,547 Cattle 1,486 Calves 1,175 Pigs 891 Equivalent sheep 118,914 c/cs., an increase of 28,938 equivalent sheep oyer season 1929-30.

The extra quantity of stock killed this season has helped to make good the drop of some £40,000 in the value of byproducts as compared with last year. There * s a further drop in by-products ,-cf some £IO,OOO to be faced this coming season, and the shareholders’ action of endorsing the policy of the directors in selling the Ivaiti works to the Gisborne Refrigerating Go., Ltd., will mean tho .effecting of economies which will offset this £IO,OOO and also give you the same measure .of control fit the works as you had under the lease.

During the drought period last season many farmers were slightly inconvenienced owing to the unprecedented rush for space, but after completion of the alterations and .extensions, Kaiti should be able to cope with all the stock that is offering. The Tokomaru Ray killings show an increase of 28,938 equivalent in sheep for the season) and your directors trust, that all shareholders in the Tokomaru Bay area will continue to support -thoworks by fattening and freezing their: stock instead of selling as stores. j The mercantile department has weathered a.difficult year. The turnoyor in the merchandise departments has dropped considerably, whilst commissions on wool and live stock are the lowest for some considerable time. Your directors trust that all shareholders will- make an effort to support their own organisation during the coming year and thus enable the department to show a better return. The results of the year’s workings are a loss of £7155 16s' 4d in the freezing department and a profit of £968 Is in the mercantile department, or a net loss of £6187 15s 4d, which, added to the carried forward balance of £7701 8s Id, makes a total debit in profit and loss appropriation account of £13,889 4s. Both the freezing and mercantile profit? and Joss appropriation accounts are in debit, and your directors regret the eom-t puny’s -inability to pay the preference Share dividend.

In accordance with the articles of. association, four directors, Messrs. A. A. Fraser, F. Hull, E M. Mopckton, and VV. .0. Shorralt, retire by rotation, bu-t, being eligible without nomination, offer themselves .for -re,election. *