Canterbury Frozen Meat Company.

Star (Christchurch), Issue 6195, 24 March 1888, Page 3

Canterbury Frozen Meat Company.

■oREPORT FOR 18S7. Tiie following is a portion of tho annual report of the . Canterbury Frozen Meat Company, which was read at the sixth annual meeting yesterday : — The shareholders are again to be congratulated upon the steady increase in the Company's operations, and upon the profitable result of the past year's business. It will be seen from the profit and loss account that after writing £5000 off the cost of the workß and plant, there remains a sum of £2496 12s 3d, and the Directors recommend that this should be applied in payment of a dividend at the rate of 10 per cent per annum upon the paid-up capital, which appropriation would leave a'balance of £96 123 3d, to be carried forward to the credit of profit and loss new account. The stock frozen during the year has been as follows : — 226,007 sheep and lambs, 306 head of cattle ; and in addition to these, 2717 Bheep were slaughtered at the worka for freezing on board ship in Lyttelton. The total increase of stock manipulated as compared -with the previous year is 46,505 sheep and lambs, and 89 head of cattle. In short there has been an increase of 37-V per cent in the amount of work done, while the total charges in respect of the year's operations show an increaso of only 20 A per cent. This result affords further demonstration of the extent to which economy, and consequent saving to stockowners, may be secured by the larger number of stock handled at the works. In their last report, the Directors announced their intention of making a reduction in the freezing charge during the succeeding winter and early spring months. The shareholders will, therefore, be pleased to learn that t-;e Directors were not only able to reduce the charge to gd per pound from July to October, but after November (when it was found that the works were likely to be fully occupied) to continue to work throughout the year at the same rate. The Directors trust that tbe quantity of stock supplied for freezing will continue to be so iarge as to render any return to higher rates unnecessary. It was frequently found during last year that when a large quantity of stock was in course of manipulations, much inconvenience resulted from insufficient slaughtering accommodation, and also from the limited frozen storage room. ' The Directors, therefore; determined to enlarge the works in these directions. The additions, which are now completed, embrace — (1) Two new meat-stores over the freezing rooms, each capable of holding about 9000 sheep; (2) the widening of the freezing rooms, so as to increase their total capacity from 1920 to 3150 sheep ; and (3) the enlargement of the cooling rooms, slaughterhouse, and sheep-pons. And while these necessary alterations and extensions were being made, the opportunity was taken to introduce several improved methods which have further assisted to bring about a considerable diminution in the cost of slaughtering and putting meat through the works. The extended operations of the Company have rendered it necessary to have larger holding accommodation for sheep, and the Directors have therefore purchased about 16 1 acres of land adjoining the works. For some months past the Company's refrigerating machinery has been employed up to its full capacity. With, a view to making adequate provision for present and future requirements, and contingencies, incidental to the carrying on of the important business of the Company, the Directors have just completed arrangements for the purchase and shipment of another large Haslam ref rigerating machine ; and for the necessary additional boilers tenders are now being invited in the Colony. The whole of this additional plant will be in position and ready for use in November next, and will admit of a further increase in the daily number of stock slaughtered and frozen, and doubtless a further reduction in the cost of working. In adding to the storage space aa above stated, the Directors contemplated and provided for the increased freezing power to be supplied by the new machine now ordered. * In their last report, the Directors referred to negotiations that were then in progress for the charter' of space in additional steamers. The Directors are now pleaaed to state that these negotiations were successful. A contract on behalf of the Company has been entered into for the carriage of, say 60,000 sheep per annunf from Lyttelton to London for two years. The rate and the terms agreed upon are the most favourable that have yet been obtained from New Zealand; and so far the contract has been fulfilled to the satisfaction of the Directors.