FARMERS' FREEZING GO.

Waikato Times, Volume 96, Issue 15028, 28 August 1922, Page 6

FARMERS' FREEZING GO.

ANNUAL REPORT. The following is the annual report of the 18th meeting of the above company, to be held at Auckland, on September 22: —

During the last financial year several important changes In the personnel of the management of the company have been made. Mr S- .1. Ambury retired from the chairmanship of the directorate after seven years of very able service- in «lhat capacity. Fortunately Mr Ambury is still able to serve the shareholders as a member of the board. Mr T. Simson, who lias, since the formation, served the company with marked ability, was appointed general manager. Mr A. G. Brown, who had occupied the position of accountant for some years, was appointed secretary of the company on tbc resignation of Mr D. Long The' new branch works at Moerewa, Bay of Islands, were completed in time to commence operations on December 1 last. The numbers of stock put through these works during the season speak for themselves, as showing

tho; importance to the northern district of providing a proper outlet for the produce of the large area served by our Moerewa works. The season's output from these works has been shipped in five of the 'Home trade steamers, from the Bay of Islands Harbour. While the Moerewa branch profit and loss account discloses a loss for the year of £8922 lis 3d, the result for this first year of working must, in face of the very heavy capital outlay which the northern branch is called upon to carry, be considered highly satisfactory. There, is every reason to hope that the outlet provided by the Moerewa works will so encourage production in the north that the working of this branch will, in a year or two, enable a profit to be shown. There has been a very heavy reduction in the number of oattle killed, despite the fact that 4802 head were killed at Moerewa. The price which beef was realising by export last season ■ was so poor that the comparatively small number of cattle killed (7980) is not surprising. The number of sheep killed for export, including the Moerewa killings, shows a slight decrease over 1920-21 figures. In lambs the killings at Southdown and Horotiu show an increase of 17,522 head over 1920-21 killings at these works; and including Moerewa our total lamb killings for the year were 8227 head over our previous record year in 1914-15.

The quantity of butler received during the year was really remarkable, the figures for 1920-21, which were easily the previous record, being exceeded to the extent of 47 per cent. Cheese again showed a small reduction, equal to 3J per cent on last year's total, but the total increase of dairy produce for the season is most marked..

The profit for the year, excluding the Moerewa branch, is £13,304 10s Id, the amount brought forward from last year was £6205 14s lOd, giving £19,570 4s lid to be dealt with, and which your directors propose to allocate as follows: —To-pay a dividend of 8 per cent on A and B shares, £12,466; to carry to reserve for equalisation of dividends, £5000; to carry forward, £2104 4s lid.

Owing to the retirement by rotation at the annual general meeting on 22nd September next of Messrs E- M. Edkins and A. Orr, two vacancies will occur on the board of directors. Both Mr Edkins and Mr Orr have again been nominated, as also has Mr R. J. Bell. An election by "A" shareholders is therefore necessary. The auditor, Mr Wm. Kyall, also offers himself for re-election. Details of Slaughtering at Each Works. Lambs Sheep Calves Cattle Southdown 53,848 2-1,146 .2.01 6 2,211 Horotiu . 30,310 8,90 1 325 967 Moerewa . 32,194 31,402 4 4,30:-' Totals . 125.358 04.149 2,345 7,980 In addition to the above export stock for 1921-22 there were slaughtered at Horotiu abattoirs for local consumption 18,886 sheep, 2817 lambs, 3994 cattle, 209 calves, and 1345 pigs.