FARM AND DAIRY.

Taranaki Daily News, 10 December 1919, Page 2

FARM AND DAIRY.

BACON AND MEAT PACKING CO. The report for submission to the annual meeting of the New Zealand Farmers' Co-operative Bacon and Meat Packing Company, convened to be held at Wellington on Thursday, stated: The year has been a very satisfactory one in spite of the fact that there has been a very considerable falling oJT in pig production throughout New Zealand. The policy of the directors in enlarging the scope of the company's operations in the handling of beef and mutton has assisted in bringing about the satisfactory position revealed in the balance-sheet. The directors also have to record their appreciation of the support given the company by shareholding suppliers. Considerable extensions to our cold storage accommodation and other departments at our Ngahauranga Works (Wellington) were necessary. The alterations and additions to our Frankton Junction works will enable the company to handle a greater quantity of pigs and give the Waikato growers an outlet for larger numbers to be slaughtered in their own district. The erection of an up-to-date building and installing of a meat preserving plant at the Eltham works should be of considerable assistance to our Taranaki shareholders. These additions have involved a large expenditure of money, and in order to assist in. financing the company the sum of £12,537 10s has been called up on the ordinary shares. The works throughout have been well maintained and kept in a thorough state of efficiency. The balance available for appropriation, after making due allowances for depreciation, bad debts, income tax, etc., as shown by the balance-sheet, is £9435 3s 10d, which it is recommended should be dealt with as follows: To declare a dividend of 6 per cent, on the "A" and "B" preference shares and ordinary shares', €7200; to add to reserve fund, £1000; leaving an amount to carry forward of £1235 3s lod.

The balance-sheet showed tha't the assets of the company are valued at £298,837. The gross profit for the year was shown to be £57.500 29 2d; the net profit, after providing for sundry expenses, land and income tax, maintenance and depreciation, was £8484 13s lid.