A PROGRESSIVE COMPANY.

Gisborne Times, Volume XIX, Issue 1590, 21 October 1905, Page 3

A PROGRESSIVE COMPANY.

GISBORNE SHEEPFARMERS’ FROZEN MEAT CO. • The annual report and balance-sheet of the Gisborne Sheepfarmers’ Frozen meat Company are now in the hinds of shareholders. The report states

“ The anticipation expressed in last year* report that the prospeots for tho year 1904-5 were as good as the year then closed has been fully supported by tho business of tho year, The not profit upon tho yoar’s operations is £9OBI 2s 4d. / “ Gonoral Plant has boon thoroughly maintained, whilo additional plant to tho value of £1537 Os Id has boon put in. The business promisos lmvo also boon enlarged and mado more convenient, at a further cost of £1205 15s lid.

“ The lightering business, although in its infancy, is proving of commercial bonofit and of convenience to shareholders. Tho directors look upon an extension of this branch of operations as promising good iinanoial result. “ A substantial reduction iu freights for tho carriage of frozen moat has boon conoedod by the carriers The prosont contract, made upon tho initiation of tho Company, terminates on ;ho Ist day of Juno, 1907, after which t will bo necessary for the Company o make such new arrangements as hen may appear to bo advantageous. “One thousand five hundred pounds ave been paid off mortgage account out of the profits for the year ended 31st August, 1904. The principal mortgage now stands at £BOOO,

A sum of £17,917 14s nd has to be I dealt with. It is recommended that this I amount be apportioned to the extent of £11,204 os yd, as follows Reserve fund £SOOO, reduction mortgage £2500, depreciation plant (inclusive of lightering plant £1412, leasehold sinking fund £SOO, dividend £894 los, bonus £897 10s 7d. total £11,204 os 7d, and the balance of £6713 1 4s 4d to be carried forward. It will be seen that the plant has been written down all round at 5 per cent.

The directors to retire are Messrs Frederick Hall, John Murphy, and Philip T. who all offer themselves for re election. Any shareholder, other than the directors as above who retire by rotation, who desires tb be nominated as a director, or to nominate any other shareholder, must send in any nomination papers to the manager, at Gisborne, on or before the 10th day of November, 1905, otherwise such nomination cannot be accepted atr the annual meeting. The auditors, Messrs Andrew Graham and H. M. Porter, retire, and are eligible for re election.