WAITAKI FREEZING WORKS

Evening Post, Volume CX, Issue 138, 9 December 1930, Page 12

WAITAKI FREEZING WORKS

Mr. J. E. Austin presided at the annual meeting of shareholders of Waitaki Farmers' Freezing Company, Ltd. Reviewing the operations for the past year he stated that a profit was shown of £6108 ss, which had been transferred to the appropriation account, less £5120 7s 6d written ofi as depreciation on buildings and plant, and £500 written ofi to extinguish preliminary notation expenses. In view of the fact that most other freezing companies had shown losses for the past year, shareholders, Mr. Austin said, should be greatly satisfied with their operations. It was pleasing to note that the difference in their favour between their liquid assets and sundry creditors was £17,500, as against £11,000 last year, a gain of £6500. Satisfactory arrangements had been made which would enable the company to offer to its shareholders and clients the highest market rates for their mutton and lamb, and at the same time incur no speculative risk. This arrangement had worked satisfactorily, and as the company froze only on purchasers' account, had ensured a profit in a year which had proved a particularly trying one for companies which had had to buy stock at prices not warranted by the London market. The killings for the past season, 348,163, were 68,859 above those of the previous year, and were a record for the works. Economies had been effected in operating expenses. The works had been maintained in a good state of repair out of revenue, and would be opened for the killing of stock when sufficient supplies were available. " Although stock was backward, and the lambing generally not as good as that of last year, the prospects for the coming year were that the company should again have a good killing and make a reasonable profit. The directors were warmly congratulated on the manner in which they had conducted the business of the company during the trying times experienced last year. The annual report and balance-sheet were adopted, and the retiring directors, Messrs. R. Hamilton, J. M'Culloch, and K. W. Trotter, were re-elected to the directorate. The shareholders expressed apreciation of the services of the manager (Mr. J. I. M'Ewan) and staff.

TALLOW STOCKS.

L (.Received 9th December, 11.15 a.m.) LONDON', Bth December. Talk)^- stocks are 1463 casks, imports 4," deliveries 601.