The Southland Frozen Meat and Export Co.

Southland Times, Issue 19727, 30 January 1906, Page 2

The Southland Frozen Meat and Export Co.

ANNUAL REPOUT. The annual report and balance-sheet of this company have been ismed. In their report the directors state that the credit balance for the year's operations (after writing off £2OOO for depreciation ; <>n properties and plant) is £3970. To , tliis lias to he added tile balance brought forward from lust year's account, amuuu- . ting to £2191’,' bringing the total amount to credit of profit and loss Recount up to £64.67. The directors recommend a dividend at tlie rule of 6 per cent, on U shares and Uj per cent on A shares, absorbing £1767. They also recommend that £3OOO be placed to credit of Reserve Account, and that the balance of £I7OO be carried forward. It is noted that the fellmongery at Mataura has been completed and fitted with an up-to-date plant for dealing with clients' sheep and lamb skp.s. The supply of e'evtric.vl energy to Gore borough from the Mataura works has been iu operation for about eight mouths with satisfactory results. . The* company's buildings and plant have been kept in first-class repair. The lease of the site of I lie Bluff works for another term L'l 21 years has been arranged for. The retiring directors are Mes-rs H. Coupland and T. RnXt in, who arc eligible and offer themselves for reelection. Mr U. P, Cuthbertson. the retiring auditor offers himself for re-elec-tion. The balance-sheet shows that the pa'dup capital amounts to £45,027. The overdraft at the Bank of New Zealand is £6598 ; the amount of debenture outstanding is £17.100 ; private advances to the company amount to £3C57. The company owes sar.tlry creditors t'227t). The Reserve Account now stands at £16,000, and the reserve for repayment of loans at £3OOO. This with the halonee at profit and loss of £0467 brings the total liabilities up lj £100,121. On Hie credit side (he land, ImihVngs, machinery, and plants- at Bluff, Mataura and Wallacetown are valued ut £83,918. .Stocks and stores arc set down at £6623, and outstanding accounts due to the company £8907. Other items arc : Bills receivable £430, office furniture £177, cash in hand £63, bringing the total amount of assets up to £100,121. The Profit and Loss Account shows that the gross profits on the operations for the year amounted to £11,867, which together with £2491 brought forward from 1904, give £14,363 at credit of profit and loss. Against this amount are : Salaries, i nsurance,, directors' fees, rents, taxes, repuiis to budding'-, etc., amounting to £1675. Interest i uiu amounted to £I2OB, an I £2OOO was written 'off as depreciutio j on pr ipc-ty and plant, leaving a net balance available for distribution of £6467. A ante appended Vo the Imlaire-sheot explains that the reserves are employed in the company's business. The auditor's certificate certifies that the balance-sheet is a true and correct statement of the company’s affairs ns at 31st December last, " subjc’t to I'ie valuations ns contained there-n having been accepted as correct," Mr Cuthbcrlson also <c rtifies Hint all his re itiireinonls ns auditor hare been complied with.