CANTERBURY FROZEN MEAT COMPANY.

Star (Christchurch), Issue 4904, 20 March 1894, Page 3

CANTERBURY FROZEN MEAT COMPANY.

Annual Report. The following is the twelfth annual report of the directors of the Canterbury Frozen Meat and Dairy Produce Export Company, to be presented to the annual meeting of shareholders on Thureday, March 29 :—" The directors have pleasure in presenting to shareholders the twelfth annual balance-sheet and profit and loss account, and would again congratulate shareholders on the satisfactory results of the year's work. After writing £3000 off the works account for tear and wear and depreciation, the balance at the credib of the profit and loas account is £2447 14s 2d. This, the directors recommend, should be appropriated as follows :—To payment of a dividend upon the paid-up capital ab the rate of 8 per cent, £2400; and to oarry forward to new account £47 14.3 2d. The amount of freezing done during the year shows an increase upon the work of the previous year. Tho increase has, however, not been so great as might have been anticipated. The works had, unfortunately, to be stopped last autumn owing to the want of freight space, caused by the detention of two steamers from accidents. The output of the worka during January and February last was also restricted by the non-arrival at the stipulated time of the new refrigerating plant. At the last annual meeting, the directors intimatad their intention to order additional machinery, with a view to increased freezing capacity, as well as to economy in working. After very careful consideration, they decided to secure a machine of the type known aa Hall's Carbonic Anhydride Refrigerator. In execution of the order given, this machine was to have been delivered in London early in September, which would have admitted of its delivery here in time for fitting up during the November stoppage. Owing, however, to the ccal strike in England, the shipment was not made until three months later. The new machine has been working since the beginning of this month, though, co far, it is connected with only three rooms. Connection with the other rooms will be i made as soon as freezing operations will admit of their contents being delivered. It is to be regretted that the results of last year's shipments of frozen meat, during a considerable part of the year, were unprofitable. The temporary disablement of steamers before mentioned, resulted in excessive quantities of meat being delivered in England at a time when the market there was completely demoralised by the large quantities of English and Continental meat that were being pressed for sale in oonsequence of the disastrous drought, which laßted well into the autumn. Since Christmas, however, prices have steadily improved, and it is to be hoped that the business of the present year will be profitable. Shareholders will be pleased to Bee that although the freezing work of the past year has been done at a lower rate, the profit has been a little larger, and this confirms the estimate which the Directors made when they reduced the freezing charge. If the unforeseen obstacles had not arisen to restrict the legitimate output, the rate of profit would have been still greater. Shareholders and shipping clients should understand, from the illustration of the past year's operations, that further reductions in freezing charges will only be possible in proportion as the output increases. The retiring directors are Messrs W. Chryßtall and J. T. Ford. They are eligible for reelection, and offer themselves accordingly. Messrs A. M. Ollivier and W. H. E. Wanklyn offer themselves for re-election aB auditors."