FREEZING COMPANY.

Waikato Times, Volume 118, Issue 19674, 6 September 1935, Page 8

FREEZING COMPANY.

THE AUCKLAND FARMERS. GOOD YEAR REVIEWED. A satisfactory trading year is revealed in the 31st annual report of the Auckland Farmers’ Freezing Company, Limited, for 1 110 year ended June 30. The net profit was £22,328, a reduction of £1795, but £5713 higher than the 1933 earnings. The dividend has been maintained at G per cent, and £IO,OOO is transferred to general reserve, which is Increased to £90,000The report states that the dairy produce receipts showed a decrease. The company handled Increased numbers of pigs, sheep and lambs, but owing to certain restrictions on export, the killings of cattle and bobby calves were lighter. On account of the diiflcult season there was less fruit available for export and local storage. During the year, the company successfully prepared and exported shipments of chilled beef on behalf of clients. Various improvements were carried out at the company’s works, and the company had commenced the remodelling of the Southdown works, which had provided continuous and efficient service since 1905.

Comparison of Results. The directors slate that the profit is shown after allowance for depreciation mid estimated income tax. The retiring directors are Messrs H. E. NVorsp and A. Orr, who arc available for re-election. Following is a comparison of Hie company’s results for the last three years:— 1933 1934 1035 lit rnnvard £3,588 £5,510 £5,305 Act profit . 10,015 54,153 55,328 £50,203 £20,003 £57,030 To reserve — ■ to.ooo 10,000 Dtvt. 0 P-C. 14,003 14,30 1 14,950 Car. for. . £0,540 £5,302 £2,710 With the transfer this year, the o-eneral reserve is now over one-third of paid capital. The further drop in (lie bank loan makes a total reduction of £37,000 in two years.