MEAT EXPORT CO.

Wairarapa Daily Times, 2 December 1926, Page 4

MEAT EXPORT CO.

THE YEAR’S RESULT. The statement of accounts of the Wellington Meat Export Company Withe year ended September 30 shows, that the gross receipts from freezing sales, manufactures, etc., and transfer fees totalled £26,623. Interest, discount and exchange absorbed £19,671, and charges, including general and management expenses, directors’ honoraria and expenses, audit fees, taxes, and legal expenses in connection with the reconstruction of the company accounted for £10,137, the to-, tat outgo being £29,844. The company therefore made a loss of £3221 on the year’s trading. But this is a better result than was obtained last year, when the loss was £9280.

In August last the shareholders authorised a re-adjustment of the capital, the sum of £150,000 being written off, and this has covered the accumulated losses, and has also provided £50,540 for depreciation of properties, plant, etc. The directors were also authorised to issue preference shares, and in their report announce that over 30,000 shares in the preference issue have been applied for and allotted, and that further applications were anticipated. According to the balance-sheet the paid-up capital is now £144,304, loans on mortgage £7OOO, bank overdraft £128,711, deposits £126, sundry creditors £8291, and drafts against shipments £89,876. The assets include land, premises, plant, etc., less depreciation £234,376, smMry debtors £28,297, consignments £100,289, stocks £15,341, and easll £39. Total. £378,343.