COMPANY AFFAIRS.

Star (Christchurch), Volume LXVI, Issue 20483, 8 December 1934, Page 22

COMPANY AFFAIRS.

Canterbury Meat Annual Report.

The fifty-third report of the directors of the Canterbury Frozen Meat and Dairy Produce Export Co., Ltd., to be presented at the annual meeting of shareholders on December 17, is as follows : The directors have pleasure in presenting to the shareholders the balancesheet and profit and loss statement for the year ended November 30 last. Despite a reduced killing last season and the low prices realised for some of our products, the net profit for the year is £47,714 6s 6d. which, with the amount brought forward from la.vt year, makes the amount at credit of profit and loss account £55,777 12s sd. This is due to the improvement in prices at the end of last vear for the stocks unrealised when the 1933 balance-sheet was issued. The company’s works have been bro'aght up to date and more than usual provision has been made for depreciation of the fixed assets of the company. From the above amount £20,000 has been added to the general reserve fund and £15.000 to the renewals reserve fund, and after such apportionments there remains a sum of £20,777 12s sd, which the directors propose should be dealt with as follows: £ s. d To payment of dividend of 5 per cent on the preference shares (reduced in accordance with the National Expenditure Adjustment Act) £5,000 0 0 To payment of dividend of 7 per cent on the ordinary shares 7,875 0 0 To carry forward 7,902 12 5 £20,777 12 5 The directors to retire by rotation are Messrs Norton Francis and John Grigg, and they, being eligible, offer themselves for re-election. Balance Sheet. The chief items of the balance-sheet are as follows: CAPITAL AND LIABILITIES. Capital paid up . ... v . 212,500 0 0 Drafts against oorapany’s interest in shipments, creditors and contingent _ cies 387,266 19 3 General Reserve Fund . . 60,000 0 0 Insurance Reserve Fund 80,000 0 0 Renewals and Replacements Reserve Account £21,541 19s 8d (less expended this year £17,361 5s 10d . 4,180 13 10 Balance Profit and Loss Statement 20,777 32 5 £764,725 5 6 ASSETS. Freezing Works, plant, machinery and Land at Belfast, Fairfield and Pareora at cost less depreciation 259,381 13 9 Cash at Bankers, investments and money at short call 361,305 13 11 Value of interest in consignments unrealised, including advances to owners of meat and stock at works and debtors 344,037 17 10 £764,725 5 6 Profit and Loss Statement. £ s d Added to General Reserve 20,000 0 0 Added to Renewals Reserve 15,000 0 0 Balance 20,777 12 5 £55,777 12 5 £ s d Balance from last year after deducting dividend 8,063 5 11 Balance of accounts after deducting, wages, working expenses, taxes, depreciation, etc., and di rectors’ fees (£1350) .. 47,702 3 1 6 Transfer fees 11 15 0 £55,777 12 5 GEAR MEAT CO. Final Dividend. Per Press Association. WELLINGTON. December 7. The directors of the Gear Meat Company to-day advised the Stock Exchange Association that, subject to audit, they will recommend to the annual meeting on December 17, the payment of a final dividend of 6d per share, making with the interim dividend paid in June, 9d per share for the year.