PATEA FARMERS' FREEZING COMPANY.

Taranaki Daily News, 16 September 1920, Page 2

PATEA FARMERS' FREEZING COMPANY.

ANNUAL REPORT. The following is the directors' report to he submitted to tho annual meeting of shareholders In the Patea Farmers' Co-operative Freezing Company, to ho held next month ' The quantity of stock treated shows a decrease in cattle of 352", and an increase of 13,03!) in sheep and lambs. Particulars are as follow: Cattle 11,789 8,232 Sheep & larabs .. 76,810 89,869 The decrease in cattle is accounted for by the absence of buying In the yards, as all available freezing space was required for shareholders' fat stock, and we are pleased to place on record that,' notwithstanding our strained freezing space, not one client had his stock turned away. The year's operations have been satisfactory, resulting in a net profit of £6702 Us lOd, after providing the sum of £4187 9s 7d for depreciation. This, together with the balance of appropriation account, makes a total' of £11,965 Is 6d, and your directors recommendTo pay a dividend of 10 per cent, £3779, and carry forward the balance, and recommend Inking fresh shares with tho dividend. Your directors again recommend on increase of capital from our existing £00,1)00 to £IOO,OOO, by 8000 £5 ordinary shares. Tills is necessary, as the price of fat stock has increased over old times so enormously that the company must have imore capital to meet the Increased price, as the farmer is now receiving nearly double on prewar prices. With this end in view, your directors urge present benefiting shareholders to double Ihelr shares and also Increase their shares in proportion to the value of stock treated.