Southland Frozen Meat Co.

Southland Times, Issue 18058, 30 January 1903, Page 2

Southland Frozen Meat Co.

The balance-sheet and report of the Southland Frozen Meat and Produce Export Co. lor the year ended 31st December. 1902, which will be submitted to the annual meeting o! shareholders in Ashley'B HRll on 14th February, are of a satisfactory nature. The directors' report is briof. It reads as follows :— Your directors have much pleasure in submitting to shareholders the balancesheet and accounts for the year ending Slst December, 1902, showing a credit balance on the year's operations— after writing ofl £2400 for depreciation, on properties arid plant— of £8135 Oa lid, to which has been added the* balance brought forward from last year's account £1575 ltJs 2d, making the total amount at credit of profit and. loss account £9710 17s Id.

The above balance of profit your Erectors recommend should be appropriated , as follows :— To payment of dividend at . the rate of 5 per cent, on the B and 2 J per cent, on the A shares, v absorbing ■'_ £1601 15s Od ; .to th» repayment of loans. £200tf; to be placed to reserve account, £4000, and the balance £2109 2s Id to be carried forward. .-/

All the Company's buildings ,and plant have as usual been kept in.; first-class repair. ■. '• ■ . '.;;■ ;;;.. :V- ' :' / : =-'O': ; ■

The retiring directors at this time are Messrs Buxton and Coupland who are eligible for re-election. : '^- ;

It will be necessary to appflint^an auditor in the place of Mr R. R^thiaerfcson who; offers himself, forrreneiectibnT . The profit and loss account show 9 that the gross profits on the operations of the year were £3.5,543 15s vßd,; to .whiichiiaji to be added £1575 16s Sd.Vbrought forward, and £1 lls; Od. transfer fees,: maY ing in all. £17.121 isjlpd." <ro thVother side of the account it is shown that tha general oxpenses (including salaries, insurances, directors' i&is, [ printing advertising, etc.), amounted to ; £2095 Ite. 7<l'; [rents. ?*t«|s and taxes;, required ifM* , ex- "

penditure of £681 ■0s Sd, ; and'-St <& 13s 6d was expended in repairs to building^ and plant v The interest for the year amoonted to *l«4-16s lid •ani^ iJC24OO was written ofl as depreciation^. The sum ,of thes» amounts Vsubtyftcted"; k Jrom jCd.7,131 2s lOd [leaves 'iOTiO; lts;l^ available for disposal as the shareholders think fit. v - "T v :

The capital account 6hoi?sl'^atl'£t>23 lls is due to the Company in unpaid calls, and that the unalloted shares are as follows :— 3259 ' A- ; shares at £3 and 4837 B shares at £5--«qual to £33,962,

The . balance-sheet '• Bhow3° that

amount owing to the Bank of New Zealand is £3490 13s 7d ; ;£l7,9oo 'is Vre-

presented by debentures, and ... £6347 by advances. . • ..-.' -. - : '.- '■■". ■: '"■■'-•:\- .v;;-^'.:^i;- !