PROFITABLE YEAR

Sun (Auckland), Volume IV, Issue 1056, 21 August 1930, Page 13

PROFITABLE YEAR

FARMERS’ FREEZING CO. BREAKS RECORDS INCREASED OPERATIONS A profit of £ 15.259 8s for the year is disclosed in the annual report and balance sheet of the Auckland 1* aimers’ Freezing Compan>. Ltd., to be presented at a general meeting of shareholders on September 26. There was a record number of iambs handled during the year, and several factors have together assured a most successful year, with a prospect of a maintenance of the considerable improvement shown. At an extraordinary general meeting of shareholders, which took place in January last, proposals regarding the conditions under which a further issue of B shares were to be made available to dairy companies were approved. This resulted in applications being received from dairy companies for a further 53,128 shares in the company, which were allotted in due course. The goodwill of the leasehold land and buildings on it adjoining the company’s property at the King’s >» hart was acquired from J. J- Craig, Ltd. This purchase made possible the development of an efficient system of internal railway sidings, which wa® essential to the expeditious handling of the increasing output of dairy produce and fruit, for which it had become necessary for further accommodation to be provided. l n shunting is done by the companj s own locomotive. A new six-storey building, to have a capacity of 100.000 boxes of butter, is also under construction at King’s Wharf, and the additional refrigerating plant required has been ordered from England. At fc-outri-down two new boilers and an additional refrigerating machine have been installed. - Since 1925. when the number of lambs killed for export was 110,404. the total has increased each year, and last year was 192,217, 15,221 more than the preceding year. More than twice the number of sheep than in the preceding year was killed last year, the total being 18.413. Other classes of stock also show an increase, with the exception of pigs and bobby calves which dropped slightly. In dairy produce, butter again snows a large increase. The 2,500,000 box mark has been passed, the increase representing approximately IS per cent, over the record output of the previous season. In cheese also, a new record was attained, the 200,000 crate mark having been passed, the increase being approximately 8 per cent. The particularly favourable weather conditions experienced during the season undoubtedly influenced this great output. Fruit also shows a large increase, the quantity exported being greater bv 24,000 cases and local storage figures by 35.000 cases as compared with the previous year. The profit and loss account shows a. profit for the year of £18.289 6s, an increase over the previous year of £1.609 17s 7d. The amount to be dealt with, including the £4.424 2s 2d brought forward from the previous year, is therefore. £22.713 Ss 2d. The directors conclude by recommending the payment of a dividend at the rate of 6 per cent. They also adi vise that, of the balance, £4.981 16s 6d j should be carried to the general reserve, making a total of £65,000 in that account. „ It is suggested that the balance of I £ 5,199 16s Id be carried forward-