PRODUCERS' FREEZING WORKS.

Taranaki Daily News, 13 August 1917, Page 2

PRODUCERS' FREEZING WORKS.

ANNUAL REPORT. The annual report of the Taranaki Producers' Freezing Works Company, to bo submitted at the annual meeting on August 25, is as follows: — Your directors are pleased to lay before you the annual report t;ud balancesheet, showing tlio result of the past year's cperations. We commenced the year with a balance in store of 4001 boxes ,of butter and 11,272 crates of cheese. Of butter there were received during the year 140,092 boxes (being a decrease on the previous year of 12,050 boxes). Of these 97,820 boxes were pipped to London, and 20,070 to local aud other ports, leaving in store on June 30, 1017, 20,803 boxes. Of/cheese, there were received during the twelve months 111,OSS crates (being a decrease of 5148 crates on the previous year). There were 41,720 orates shipped to London, and 1000 crates to the west coast of England previous to January 10, 1917, the date of the Government purchase; 03,'122 were shipped on account of the Imperial Government, and 425 went to local and other ports, leaving in store on June 30, MM7, 13,803 crates.

Owing to the luck of shipping during the year, there, has been a congestion of produce, and the works have proved quite insufficient to cope with the large quantities of both butter and cheese which have been held up. In order to more effectually meet with the requirements in the event of a repetition of last years' delay in shipping, your directors have decided to erect a new concrete bniltlinjr for the storage of cheese, and this will be completed in time for the reception of the coining' season's cheese. In order to provide the capital required for the erection of the new building, it will lie necessary to increase the foominal capital of the company and to ask shareholders to increase their holding of shares. 'Xotice of motion providing for the increase of capital has been given, and will be brought before the annual meeting.

Tin; balance to credit of tlie profit and loss account is £1I}(K) lis 7d, ftutf your directors recommend that a dividend of £5 per cent, lie paid on shares fully paid up to June 30, 11)10, and that the balance be carried forward.

You are required to elect three director* irt place of Messrs .'f. Brmvn, ,1. Uurg&Sß, MI)J Arthur Morton, who retire in rotation and are eligible for re-elec-tion; also ith 'auditor in place of Mr Reimell, who again oli'eis hjs services.