N.Z. REFRIGERATING COY, LTD.

Wanganui Herald, Volume LI, Issue 15131, 27 January 1917, Page 2

N.Z. REFRIGERATING COY, LTD.

ANNUAL REPORT. Following is the report to be presented at the annual meeting of the above company on February 14th:— The directors have pleasure in presenting to shareholders the balancesheet and profit and loss account for the year ended 31st October, 1916. During the year a proposal to change the name of the company to that now in use was submitted to and approved of by the shareholders, and the necessary sanction of the court having been obtained, the alteration took effect as from the 26th August last. The erection of the coffpany’s new works at Imlay has been carried on under difficult conditions, but the works were sufficiently complete to enable the directors to hold the official opening on the 14th Novefber, and since then actual operations have been commenced. It is hoped that all departments will be complete and running at an early date. The large additions to the storage capacity yf our southern works—which were reported last year —proved to have been required, and were utilised to the utmost daring the season. An extension to the storage at Pukeuri is now in progress, as last year’s experience, coupled with the unfavourable indications as to shipping facilities during the continuance of the war, renders this further extension desirable. A fellmongery is also now in course of erection at Burnside, which will be a valuable addition to these now extensive works. The balance available for appropriation, as shown by the accompanying balance-sheet, is .£68,705 16s lid, which the directors recommend should be disposed of as follows: To pay a dividend of 4 per cent for the half-year ended 31st October, 1916, £6769; to pay 'a bonus of 4 per cent on the paid-up capital, £6769; to add to the general assurance reserve account, £25,000; leaving an amount to carry forward of £30,167 16s lid. Total £68,705 16s lid. It is also proposed to merge with the general assurance reserve the £15,000 now standing to the cerdit of the equalisation of dividend account. Tii© director retiring by rotation is Mr Thomas Teschcmaker, who, being eligible, offers himself for re-election. The auditors, Messrs. R. Hill Fisher and Son. also retire, and offer themselves for re-election. H, A. KNIGHT. Chairman of Sireoton.