FARMERS’ FREEZING

Waikato Times, Volume 116, Issue 19353, 5 September 1934, Page 7

FARMERS’ FREEZING

THIRTY YEARS’ PROGRESS.

YEAR’S PROFIT £24,123

A profit of £24,123 for the year is shown in the 30th annual report of the Auckland Farmers’ Freezing Company, Ltd, to be presented to the annual general meeting of shareholders in Auckland on September 28. The report states that during the year the additional storey to the llorotiu freezing block was completed. An addition to the Mocrewa freezing block was also made, the storage capacity of these works being increased by 50 per cent. The increased accommodation thus provided had already proved most useful in enabling the company to cope with the greater quantity of produce requiring to be frozen and stored. “Marked increases in killings were experienced in pigs and bobby calves, a smaller increase in cattle and decreases in vealers, lambs and sheep; in the aggregate the increase was quite appreciable,” adds the report. “An increase in butter was again experienced, and a small increase in oheese. A greater quantity of fruit for local storage was also received. “The capital of the company was reduced in March last by special resolution of the shareholders, to the extent of the shareholding in the company of Messrs R. & W. Ilellaby, Ltd., viz., £17,700. It was considered to he in the best interests of the company that these shares should be cancelled, Messrs Ilellaby also concurring with this view. “After allowing for depreciation and estimated income lax, the sum of £24,123 4s 5d shows as profit for the year, which, added to the amount brought forward from the previous year, gives £20,603 Is to be dealt with. Your directors recommend that • a dividend at the rate of 6 per cent per annum be paid, absorbing £14,360 14s, and that £IO,OOO lie transferred to general reserve, leaving £5,302 7s to he carried forward.” Messrs E. M. Kdkins and J. G. Ritchie retire from the directorate by rotation and have been nominated for re-election. The report states that at llorotiu, Southdown and Mocrewa the following killings took place during the year: —Lambs, 359,807; sheep, 2 4,474; pigs, 165,055: calves, 1687; bobby calves, 270,897; cattle, 40,771.