SHEEPFARMERS’ FROZEN MEAT COMPANY.

Gisborne Times, Volume XXV, Issue 2214, 18 October 1907, Page 1

SHEEPFARMERS’ FROZEN MEAT COMPANY.

Following is the report of the directors to lie presented at the annual meeting of the Gisborne Sheepfarmers’ Company, to bo held on November 30, next:— “The output from this factory is steadily increasing. The stock treated for the y'ear were: Sheep 138,724, lambs, 43,368, cattle 3700, calves 325.

“The profits for the year are £7803 6s 2d.

“Concessions and rebates to clients and shareholders have been allowed to the aggregate of £2737 0s Id, and are payable on the 31st January next.

“Tlie nominal capital of the company has been increased to £75,000. Five thousand shares at par have recently been offered to sheepfarmers, of which 4594 ha\’e been subscribed.

“A conditional bonus of £1 per share has been granted to all .shareholders oirt the register on the 31st day of Starch last, and bonus shares of 20s each, 10s paid up, have been, issued. Of these 32,964 have been taken up. Any balance of the conditional bonus not accepted by the 31st December reverts to tho Company. The bonus has absorbed the sum of £7837 17s. carried forward from last year, and lias reduced the reserve fund to £9836 17s. On the other hand, uncalled capital to the value of £16,482 lias been created, and the Company has been substantially strengthened. “Plant and buildings Are being, steadily increased.

“It is recommended that tho profits for the year should he appropriated as fololws: Proportion of preliminary expenses of Alessrs. Kennedy and Evans’ business £l3O 16s 3d; office furniture £ll4 19s 8d; loasehold sinking fund £500; depreciation of machinery, general lightering, and carting plants 5 per cent., £2085 3s 6d; reserve accident fund. £1000; bonus £1405 12s 6d ; dividend at 6 per cent., £1153 0s lOd; and

the balance £1473 13s oil to be carried forward. “The directors to retire are Messrs. AY. K. Chambers, AY R, Barker, AA r . I). Lysnar, and C. A. DeLautour, who will offer themselves for re-election. Any shareholder who desires to bo nominated as a director (other than the directors above, who retire by rotation), or to nominate any' other shareholder, must send in any nomination papers to tho manager, at Gisborne, on or before the lotli day of November, 1907, otherwise sucli nomination cannot be accented at the annual meeting. The auditors, ATessrs. T. A Coleman and O. S. Watkins, retire, and arc eligible for re-election.” The report is signed by Messrs O. A. DeLautour. ’Chairman of Directors, and John Carle, director.