FARMERS’ FREEZING CO.

Sun (Auckland), Volume III, Issue 780, 28 September 1929, Page 12

FARMERS’ FREEZING CO.

A SATISFACTORY YEAR SOUND FINANCIAL POSITION j Increasing activity in most depart- ' ments was recorded by the chairman of directors, Mr. J. E. Makgill, at the 1 annual meeting of the Auckland Farmers’ Freezing Coy’., held yesterday afternoon. In his annual report the chairman : made reference to the loss suffered by ; the company during the year by the j deaths of Messrs. T. Bassett, C. Xisbet ! and J. Ambury. All three gentlemen | had rendered fine service to the eom- ! pany and the community, said Mr. Makgill. The chairman said it tvould be noticed in the balance sheet that the whole of the issued capital was now fully paid up. The general reserve was increased by £26 17s Sd, carried direct from unclaimed dividends account in terms of powers under the articles. The unclaimed dividends account had increased by £9l 43 for the year, despite their efforts to get in touch with all shareholders. The bank overdraft had again been reduced by the substantial amount of £26,976 14s 2d. The sundry creditors account showed an increase of about £4,650. This account included certain deposit moneys in hand which had been reduced during this year by £471. It also included various internal provisions, such as provision for incometax, and bonus to staff. On the assets side, it would be seen that land, buildings, and plant were reduced by £20,049, the company j having maintained its usual policy of ; making full provision for depreciation. • Stocks and stores showed an increase of about £ 3,895. The working profits, after providing for depreciation, showed an increase of £4,248 19s. It was pleasing to show this result in face of reduced storage on dairy produce, through the policy of very prompt shipment, which was evident throughout the season, and which had been reducing revenue a box of butter materially for the last few seasons. Also, the reduction of their rates at Moerewa to the same level as at the other works was brought into operation during the past season. The profit for the year showed an increase of £l,BlB 10s 11d, | amounting to £16,679 8s sd, which, with th© amount of £5,091 0s 1d j brought forward, gave £21,771 8s 1 6d to be dealt with. : The dividend proposed is again 6 per cent., requiring £12,339 17s 3d, and it was proposed to carry £5,007 9s Id to the general reserve, making that account the exact £60,000, thus leaving £4,424 2s 2d to carry forward. INCREASED EXPORTS “We think we can justly claim that our company" is now in a very sound financial position,” said the chairman. “We must not, however, forget that tho time is coming very close again when considerable extra provision will be required to provide for the expected continued development of the dairy industry. If the percentage of increase continues—and it seems probable that it may easily do so—the figures of boxes of butter and crates of cheese to be handled by the end of three or four years, even, will mean very greatly increased storage capacity and improved facilities for handling such an immense total of packages as will be involved. ‘‘You will, I think, realise that we must very r shortly make further provision. This is having the careful con- | sideration of your board, and before j long we expect to bring before you \ proposals for making this provision, ! and means of financing it. This position has no bearing on the stockkilling facilities which our company possesses, which are by no means fully used as yet, and which represent a capacity' well ahead of the demands made upon it, even, considering tho in- : creased output of lambs and pigs now being produced in this province.” The actual estimated freight carcase output of meat from all the freezing works of these districts for the past season only showed an increase of 13,807 freight carcases. This included } the large increase in pigs dealt with, j and also bobby” calves and lambs, each | of which showed an increase, but was j offset by a very considerable reduc- | tion in beef output and a decrease in j veal and mutton. ! “ As already mentioned, our killing jof cattle was a much reduced one, { showing a reduction of 6,162 head on ; the previous y'ear, and veal calves a | reduction of 2,06 S head,” said the chair- } J* 13 - 11 - , "This reduction has seemingly” j been felt in all districts, as the total 1 e -]*Port of beef showed a large redue--1 tion as at June 30 last, as compared j with the previous year. : POTATO MARKET DULL POSITION IN CANTERBURY Press Association CHRISTCHURCH, Friday. The potato market has been dull during the week. Merchants are waiting to see what quantities are going Xorth by the month-end boats- The "\\ ingatui took 1,400 sacks from Timaru and is due to sail tomorrow from \ By'tteJton "with approximately 5,000 j while the Kurow, leaving Timaru’ on j Tuesday', is expected to take about a I similar number from that port. Op- • ai *e marking time awaiting • * he actual quantities. Values are bettei than at the mid-week, Septembers being quoted at £3 5s and Octobers K S £ :°- b - However, there Ir,/ y ht }’ buslness at these figures «ind very tew potatoes are being purchased from farmers. Oats are firm, but business is next door to a standstill, a grade art* worth 3s 9d to 3s lOd Fowl Wheat Is a shade harder, being quoted at 5s Xljd. th?,?*?.? a ": e , moving slowly. The weasowing delaying orders tor spring FOREIGN EXCHANGE RATES British Official Wireless T ,„ RUGBY. Thursday. ane lollop rates on foreign exchanges are current today, compared with the cabled quotations on September 24 and par:—

s Montreal, do!. ept. 26. 4.S9 •Sept. 24. Par. Nev. - i ork, dol. 4.87 7-lb 4 S4 27-3 Paris, fr 123.865 Brussels, belga . 34.S75 Geneva, fr Amsterdam, fl. .. 12.095 Rome, lire .. .. 92.695 Berlin, r.m Stockholm, kr. IS. 105 18.105 Oslo, kr Copenhagen, kr. 18.205 IS.215 \ ienna, sch. 34.425 Prague, kr 163g 1632 Helsingiors, mrk. 192 7-8 Madrid, pes. 32.795 32.sis Lisbon, eseu 10S.25 Athens, dr 375 Bukarest, lei. 817 816* Rio de Janeiro. Buenos Ayres, dol. 47.27-32 Calcutta, rupee . 17 22-32 lSd Shanghai, tael .. Hong-Kong. dol. 22| 222 *S okohama, yen . 21 11-16 192 Batavia, fl 12. Ilf — 12.10