GISBORNE SHEEPFARMERS’ FROZEN MEAT COMPANY.

Gisborne Times, Volume X, Issue 1027, 21 October 1903, Page 4

GISBORNE SHEEPFARMERS’ FROZEN MEAT COMPANY.

Tlic following is the first report of the Gisborne Sheep farmers’ Frozen Meat Company The report and balance-sheet for the year ending 31st August, I'JO3 covers the first full year of this Company's operations. The stock offering for freezing showed a very large increase on anything previously recorded in this district. The consequent, pressure put upon the works was very great. To some extent this has been anticipated and provided for. Although the number of sheep frozen at Gisborne has been so large, the redactions in numbers of stocic held by farmers lias not been so great as in some other districts, and the season’s out-turn may therefore be equalled, if not exceeded, in the immediate succeeding •years, *■“ In accordance with the Company’s articles,\ and the line upon .which it was formed, the principle of co-operation, for the freezing and export of meat, and the manufacture of bye-products, has been maintained The Company, except within the very, narrow limits necessary for full utilisation of plant in manufacture of bye-products, is not a buying company, Foreign buyers know this, and now. look upon Gisborne as a promising field lor permanent operations.

“ The increase of plant, extra accommodation offered for freezing and holding stocks, and other structural alterations for economy in working, and for increased safety, halve absorbed £8303 12s s'd of the profits earned during the year. The shareholders now own fully-equipped works, which are capable, without further substantial expenditure, of efficiently treating from 200,000 to 250,000 sheep in a full season, at a rate of from 1500 to 2000 sheep per day. The additions and alterations have been so designed and carried out as ’to ensure reduction in the annual cost of working, as compared with the cost for the year just closed. , i

“• trices jor prcwuuis ui an juuua have been distinctly good, but these must not be relied on as normal. ,<* Two payments for the 7,0-ton Hercules machine, which is now fully ! installed, amounting to £3337 1-ls Id, fall into next year, and will be paid out of the earnings of that year. Cash in hand sufficient to meet these payments is, however, carried from this year, to provide for services in advance of receipt. “ Au interim dividend ot "a per cent, was given during the year, and it is recommended that 3 per cent., making up the maximum dividend permitted to be paid, bo now paid It is also recommended that the sum of about £750 be distributed as a cash bonus among shareholders, who are fully qualified, in proportion to the produce such shareholders havo brought in during the year. It is also recommended that £SOO be carried to permanent reserve for investment to provide for the depreciation in value of the Company’s lease by r,f Mmo

“ It is not, in the opinion of directors, necessary to write anything off the plant. All outof-dato plant has been superseded, and the wbolo plant now installed is efficient, « Next year it will no doubt be considered prudent to lodge a substantial sum to permanent reserve to provide for depreciation of the lease and of the plant, and

for contingencies. “ The profit for the year will thus bo disposed of: Interim dividend, 2 per cent., £326 16s 4d ; final dividend, 3 per cent., £495 ; bonus upon produce, £750 ; carried to permanent reserve, £SOO ; expended buildings, plaut. etc., £8303 12s 5d ; purchase of freehold, house and grounds occupied by the engineer, £932 ; additional stocks hold on hand, £llsO 2s 7d ; balance unappropriated, carried forward, £1437 15s 6d ; total, £13,895 6s lOd. Messrs F. B. Barker, J. Clark, and E, M. Hutchinson are the directors who retire by rotation, and all are eligible for roelection. " Other shareholders wishing to be nominated as'directors, or to nominate other shareholders, must send in their nominations to the manager, at Gisborne, on or before the loth day of November, otherwise such nominations cannot be accepted at the annual meeting. “ The auditors Messrs Andrew Graham and H. M. Porter retire, but are eligible forSre-election. “ G. A. DeLAUTOUR, “ Chairman of Directors.”