MEAT EXPORT.

Gisborne Times, Volume VIII, Issue 496, 7 August 1902, Page 3

MEAT EXPORT.

A LEAN YEAR. By Telegraph—Press Association. Dunedin, last night. At the annual meeting of the New Zealand Refrigerating Company, Mr John Roberts, the Chairman, in moving tho adoption of the report, expressed regret at having to pass a dividend on the year of attaining a majority. Prices for frozen meat of all kinds in the London market during the latter half of last year were so very unsatisfactory, and resulted in a rather smart loss on tho unsold quantity and the early purchases of this year.

“ During tho last half of tho financial year,” he said, “we have dono a good, safe, and profitable business, and we have succeeded during that time in making a substantial reduction in the debit balance, and have closed the year after making full provision for all losses with a balance of £1561 9s Bd. Our experience has been by no means exceptional, and I am sure that most of tho Freezing Companies in New Zealand havo fared no better. Had the ordinary amount of work been put through we should safely have come out with a small balanco on the right side, but the

unusually wet season which has been experienced, and the consequent shortage of fat lambs, has prevented us making that profit which we had reasonably hoped for. We begin this year with almost a clear sheet as far as the outstanding risk of unrealised shipments aie concerned, so that with anything like an ordinary turn-over, we should be ablo to meet shareholders at next annual meeting with a much moro satisfactory profit and loss account. The Company’s works are now most complete, and in every way up-to-date.”