CANTERBURY FROZEN MEAT CO.

Press, Volume LXVI, Issue 20102, 4 December 1930, Page 12

CANTERBURY FROZEN MEAT CO.

ANNUAL REPORT. AN UNSATISFACTORY Y EAR The 49 th annual report and balancesheet of the Canterbury Frozen Meat 30th has been issued. Tho annual meeting of shareholders will k q i,„ lrl on Thursday, December llth a t 230 p.m. Ihe report states:— ' 'lho directors in presenting the annual report and balance-sheet for the year ending November 30th la*t regret that owing to adverse conditions the operations of the company for the year have again shown an nnsatisfactory result.

The net loss for the year is £47,388 17s but alter deducting the profit received I ™ m .,B l V,' oal ,! ! i atio:i of the War Loan, «Cll,3(x> 14s 6d, and the amount carried forward fro m last year, and adding tho dividend paid at tho halfyear, the balance standing at the debit of profit and Joss account is £4l 750 Oa 3d. '

The directors propose to transfer the sum of £49,000 from the general reservo fund account to the profit and loss account, which will then show a balance of £7243 19s 9d, which they propose should bo dealt with as follows : £ a. d. To payment of a further dividend of 3 per cent, oil the preference shares and 3 per cent, on the ordinary shares ... 6,375 0 0 To carry forward ... 868 19 9 £7,243 19 9 Jt is with the greatest regret that the directors record the death in April last of Sir George Clifford, Bart. Associated with this cpmpany since its inception in .1882, He was elected a director in 1901, and in the following year was appointed chairman, which position lie held till his death. During his 28 years' service as chairman, he rendered invaluable and untiring ser- j vice not only to this company but to I tho New Zealand freezing industry generally, and his wise advice and , sound judgment aro much missed on the Board. The directors have also during the year lost the services of another valued member of the Board through the resignation of Mr George Humphreys, who has been a director since 1902. During this long period his keen interest in the company's business and his exceptional ability in financial and commercial affairs made his services of tho greatest value to his co-directors and the company. Mr Norton Francis and Mr Gordon Fulton were appointed to fill the two extraordinary vacancies on the Board. The directors to retire by rotation are Messrs John Deans and Herbert Klworthy, and they, beinc eligible, offer themselves for re-election. Mr .T. Mawson Stewart, the auditor, also offers himself for re-election. Balance-Sheet. C \PITAI. AND LIABILITIES. JC s d Capital—--15 000 ordinary shares at. £lO each •• 150,000 0 0 25.000 preference shares at _ £5 each . • • • 125,000 0 0 275.000 O 0 Issued as follows — 15.000 ordinary shares paid up to £7 10s each 112,500 0 0 20,000. preference shares paid up to £5 each . . 100,000 0 0 212,500 0 0 Crafts against company's interest in shipment* and creditors •• * 538,699 16 A General reserve fjinil '' cdvnti • -- 30,000 0 0 Insurance reserve"fated account . - ' » 80,000 0 0 Total reserves . ■ 110,000, 0 0 Renewals and replacements reserve account • ■ 3,902 0 0 Less expended this year 2,917 8 4 984 11 8 Balance per profit and loss statement - - 13,618 19 9 Less dividend paid at half year , . .. 6,875 0 0 7,243 19 9 £884,428 7 '9 ASSETS. By freezing works, plant, machinery, and land at Belfast, Fairfield, Pareora, otc. . . . . 308,189 1 7 Debtors . - . . 26,892 16 5 Value of interest in consign* ments unrealised, including; advances to owners of moat, etc., and stock at -works . . 529,346 9 9 £864,428 7 9 PROFIT AND LOSS. To balance of accounts— Loss on year's operations . . . . 47.39S 4 6 To balance . . . . 18,618 19 9 £61,013 4 3 By balance from last year after deducting dividend 642 2 3 By transfer fees . . 4 7 6 By amount transferred from general reserve fund account . . . . 49,000 0 0 By premium on realisation ot war loan .. .. 11,365 14 6 £61,012 4 3 Comparative figures in the last two years are as follows: — 1929. 1930. S. £ Liabilities —• Capital ... .. 212,500 212,600 Gen. Reserve Fund .. 79,000 30,000 Ins. Reserve Fund . . 80,000 80,000 Drafts against int. in shipments and ore- ' ditors .. 518,470 553,699 Assets — Freozing works, plant, otc. .. .. 812.684 308,189 Debtors . . . . 24,453 26,892 Value of interest in consignments unrealised .. 480,011 529,346 Appropriations— Net loss .. 48,414 47,388 Dividend, prcf. p.c. .. 6 6 Dividend —amount .. 6,000 6 000 Dividend —ord. p.c. b ' 6 Dividend —Amount .. 6,750 6,750 Reserves .. .. 163,544 114,544 j