PROFIT OF £7855.

Star (Christchurch), Volume LXIV, Issue 940, 9 December 1933, Page 32 (Supplement)

PROFIT OF £7855.

North Canterbury Freezing Company. ANNUAL REPORT. I The North Canterbury Sheepfarmers’ Co-operative Freezing Export and Agency Company’s annual report to be presented at the annual general meeting on Wednesday, December 20, covers the year ended September 30, 1933, as follows: The drought conditions prevailing caused a rush of stock in the early part of last season which kept our works at Kaiapoi occupied at full capacity during that period. The failure of autumn feed, however, adversely affected supplies, resulting in a reduced turnover for the season as compared with the previous year. The improvement in prices on the London market towards the end of the season proved beneficial to those pioducers taking advantage of our “ open door ” policy. The turnover has been efficiently handled and our arrangements for disposal of output have worked satisfactorily. The trading results of the year disclose a profit of £7855 19s Id, from which the directors recommend the sum of £3635 18s should be appropriated for depreciation gn works and plant, leaving £4220 Is Id to be transferred to the Appropriation Account. The directors retiring by rotation are Messrs J. Carr and J. W. Black. These, being eligible, offer themselves for re-election, and, in the absence of further nominations, are duly re-elected. The Accounts. The chief items of the balance-sheet are as follows: Liabilities— £ s. d.

GEAR MEAT CO

Dividend Declared After Good Year. (Special to the ” Star.”) WELLINGTON, December S. The directors of the Gear Meat Preserving Company, in their annual report, state that the company has been enabled, during the year under review, to earn profit sufficient, after discharging the debit balance at profit and loss shown in last year’s accounts, to provide a sum of £39,872 0s 10d for distribution. The balance-sheet presented shows the capital still at £460,000. though the order of the Supreme Court has been sealed reducing it to £230,000. The reduction is not effective until the registration of the Court order with the Registrar of Companies, and that registration has been delayed in accordance with the board's promise to shareholders, at a special meeting at which the reduction was agreed to, in order that the dividend may be declared upon the whole of the capital which has been employed in earning the profit of this year Arrangements necessary to give effect to the scheme, approved by the shareholders at the special meetin* by the distribution of £230,000 face value of Government stock, are in progress. The whole of the freehold properties and working plant of the company appear in last years balance-sheet as an asset of the value of £57,693. Freehold properties include land, offices and shops in Lambton Quay and Tory Street. th» Government valuation of which exceeds £350.000. The directors have decided that these properties shall be treated as a separate investment of the company’s capital and carried to reserve account. The remaining freehold properties and working plant, of an actual value largely exceeding the sum of £57,000, which remains on the asset side, now represent the assumed value of the remaining land and plant after separation of the two special properties. The directors recommend that the balance at credit of profit and loss account, £39,872 0s lOd, should be dealt with as follows: £ In payment of a dividend of Is 6d per share, being 73 per cent on the original capital of £460.000 34,500 Appropriation towards liability for taxes, etc., in New Zealand and Great Britain .... 2,000 To carry forward 3,372 The dividend last year was at the rate of 23 per cent.

Liabilities — Capital paid up £ S4,S55 0 d. 0 i alls paid in advance . . 545 0 N.Z. Govt. Building loan 7,500 0 0 Sundry crcditrs 3S.722 19 8 Assets— ,62^ 19 d. Land and buildings £89,449 18s 4d (less depre. £2357 Ss) 87,092 10 Plant and machinery £22,216 5s 4d (less depre. £1110 16s) .... 21,105 9 Stocks, stores and sundry debtors 14,317 5 4 Balance Approp. Acc. 9,102 14 S 131,622 19 S The profit and loss account is as follows:— £ «, d. Felling, freezing and curing charges and proceeds of by-products . . 16,945 0 3 Transfer fees 2 0 0 £16,947 0 3 £ d. Salaries, office, general ex penses and depreciation 8,133 , •9 Interest, insce, rent, rates and bad debts 4,122 4 0 Solicitors', auditor’s and directors’ fees 471 1 3 5 Balance 4220 1 1 £16,947 0 3 The appropriation accou nt is a follows:— £ s d. Balance at Sept. 30, 1932 13,322 lb 9 £13,322 15 9 £ d. Profit and Loss Acc 4,220 1 1 Balance 9,102 14 8 £13,322 15 9