FALL IN VALUE OF ANIMAL PRODUCTS.

Star (Christchurch), Issue 19267, 2 January 1931, Page 6

FALL IN VALUE OF ANIMAL PRODUCTS.

N.Z. REFRIGERATING CO. REPORTS REVENUE I .FAS. The forty-third annual report of the New Zealand Refrigerating Company, Ltd., to be presented at the annual meeting of shareholders on January 15, is as follows: The directors regret that, owing to the abnormal fall in the values of all animal products, and particularly of the by-products, the accounts for the year ended October 31, 1930, show a loss on the year’s operations. In accordance with pur very satisfactory working arrangements with the Waitaki Farmers’ Freezing Company, Ltd., it has been necessary to reconsider the price at which the Pukeuri works were sold to them, and their debentures have been reduced to £IOO,OOO. After providing for the above and adding the amount brought forward from last 3*ear, the amount available for appropriation is £12,167 15s 7d. which the directors recommend should be carried forward to the credit of the profit and loss account. The director retiring in accordance with the articles is Mr H. A. Knight, who, being eligible, offers himself for re-election. The auditor, Mr J. W. K. Lawrence, also retires, and offers himself for reelection. Balance-sheet. The balance-sheet is as follows:

Liabilities — £ s. d. Paid-up capital 636,310 0 0 Secured debentures .... 150,000 0 0 Sundry creditors, advances against shipments, and provision for depreciation of investments and for ccntingencies 801,954 4 10 Balance at credit profit and loss 12,167 15 7 £1,600,432 0 5 Assets— Land, buildings, machinSecured debs. Pukeuri Freezing Works 100,000 0 0 Sundry debtors, investments, consignments unrealised and stocks in works 720,014 IS 10 £1,600,432 0 5 Profit and Loss Account. £ s d. To Loss after making provision for repair#, renewals, taxation and sundry contingencies 104,472 6 9 „ Cancellation of debentures on Pukeuri Freezing Works .... 32.500 0 0 „ Balance 12,167 15 7 £149,140 2 4 By Balance brought forward from last year 39,103 4 10 „ Transfer fees 36 17 6 „ Transfer from reserve account 110,000 0 0 £149,140 2 4 The principal items of the last two balance-sheets afford the following comparison:— 1930. 1929. £ £ Liabilities — Capital paid up 636,310 636,310 Profit and loss .... 12,168 39,103 Secured debentures 150,000 150,000 Creditors, advances and provision for . depreciation .... 801,954 602,702 £1,600,432 £1,538,115 Assets— Land, buildings and plant 7S0.417 764,143 Secured debentures 100,000 132,500 Debtors, consignments unrealised and stocks 720,015 641,472 £1,600,432 £1,538,115