PATEA FREEZING WORKS.

Taranaki Daily News, 1 September 1916, Page 7

PATEA FREEZING WORKS.

A GOOD YEAB. The annual report of the Patea Cooperative Freezing Works for the year ended July 31 states: — The balance-sheet, which accompanies the report, shows that a little over £•23,000 of the siibscribed capital 'has been paid up. The company has also £30,000 on deposits. The value of the freehold property (less mortgages, £0182) is £2132; buildingi? and machinery (less £23*73 for depreciation and scrapped plant) is £ 38/278; the steamer Waverley, ,£'2567; interest in s.s. Hawera, £2000; stock, manufactures, sales, etc., £07.564; sundry debtors, £3195. The profit and loss account shows that the manufactures, sales, stocks, :tc., amounted to £10,503, net profit from steamer Waverley, £4ll. The quantity of stock treated shows a slight decrease in cattle and a considerable increase in other stock, being as follows: —Season ended July 31, 1910: Cattle, 10,508j _ealves, 2583; sheep and lambs,' 43,704. "Season ended July 31, 1915: Cattle, 10,855; calves, 2497; sheep and lambs, 37,814. Decrease, 357 cattle; increase, 80 calves, 5850 sheep and lambs. Owing to the keen demand for the company's products, the year's operation's have again ended successfully, and which compares very favorably with other works, capital and quantity of stock killed. The profit and loss account, after providing the sum of £2032 lis for depreciation, amounts to £8502 19s 9d, making the total for appropriation £21,091 (is 2d. During the year considerable additions wci;e made to the freezing l and storage block, and a greater quantity of liieat was handled. In spite of our additions, however, our capacity is still inadequate for the needs of the district. With this in view, your directors recommend that after providing a sufficient reserve for income tax, the balance be allocated to the erection of further storage accommodation, and other working requirements. During the year, the 'company has purchased the coastal steamer Waverley, which has more than come up to expectations, and now enables all our meat to be shipped and delivered in good order. It has effected a great saving in freights, viz., between steamer and railage, besides showing a good profit to the company. The company has also purchased a fine block of land for the purpose of regulating stock into thß works. The thanks o? . the company are again due to your direcI tors, who, during the past season, have found £25,000 for the company's use as working capital. The directors retiring by rotation, and who are eligible for re-election are Messrs J. F. Williamson ond A. T. Wills.