S.C. REFRIGERATING COMPANY.

Temuka Leader, Issue 1519, 30 November 1886, Page 4

S.C. REFRIGERATING COMPANY.

The fourth annual general meeting of shareholders of this company was held on Saturday afternoon. About 28 shareholders were present,, and Mr, Edward. Bhvorthy (Chairman of ptesidad. The annuel report for the year ended, the 31st October (the first year of active operations) showed that the net profit, x after protiding '£loll 15e Ad lor the Iset year’s deficiency, £54 Ifir'Sd' for lecbnd Vehr’s contributions towards th* Mextinguiehibent of of preliminary expenses, and £9OO 8s for depreciation of machinery, buildings,, etc., amounts to £579 8s Id, which they recommended should be carried forward to next

year. ' The number of carcases frozen at the works and shipped duribg the year was Sheep 61,752, lambs 6579, total 61,331, being greatly in excess of the number anticipated at the commencement; of the present year. The whole of the consignment up to date had been arranged at lid per lb. The Shaw and Albion Co., however, had insisted upon making a charge of Ifd per lb for all engagements up to the 31st May next. The Directors had exerted every effort to avoid the payment of this rate, but without avail, and ,they had engaged at that rate apace for 24,500 carcases, and 11,000 caresses by the Opawa at lid pei lb, making their total arrangements at present for the summer months 35,500, ' The unfortunate loss of the Lyttelton had prevented the Directors making arrangements for ths despatch of tha frozen meat from the port of Timaru. The ship Opawa would load a cargo m January next, and the remainder would have to be shipped at Lyttelton, the cost to the shipper not exceeding 4id to 5d per carcase. The report concluded by stating ! that Messrs M. Jonas, E. Acton, C. N. Orbell, H. Ford, and B. H. Rhodes, junr., directors, retired in accordance with the Articl-s of Association, but wore eligible for re-election. It would be also necessary to elect auditors in the room of Messrs Sims and Davidson.

The Chairman spoke at some length, explaining'the report, and ■ was followed by Messrs A. M. Clark, J. Page, E. Acton, and P. Warning, who spoke very highly of the work performed by the directors during the year, and advised the adoption of the report. Mr Wareing recommended that a premium of 10s per share ‘ should' be charged on all shares now issued.

The‘ .report ; and balance-sheet were then adopted unanimously. Mr Wilson, of Allandale, spoke of the disposal of sheep in sheep in London, of prices and 'insurances, which be-held were not satisfactory to shareholders. The Chairman said that some . shipments had not turned out as satisfactory it they could wish. As to the meat sent by the Matsurs., it bad been proved that through the neglect of the ship’s officers a valve had been left open, and on the ship's arrival in dock 3ft of ice had been found in her chamber. Some of tbe meat bad consequently been damaged ; the whole Ist was sold on the “pot system,” and" stops were now being taken by the Company’s London agents to have all claims settled. Tbe agents were also looking after the insurances. At the request of Mr Jonas (agent for tbe South British Insurance Co.) tbe Chairman stated that tbe Directors had just received a telegram from the Company named agreeing to cover all riskt for the Company at an 80s rate'frein this colony. The Chairman added that their London agents’ instructions as to the disposal of meat were clear and specific. They had to sell each individual parcel on its merits.

The retiring Directors were then re-elected, and Messrs Fraser and Granger were elected auditors.

The next annual meeting was fixed for the la»fc Saturday in November, 1887. On the motion of Mr Bourn, seconded by Mr Page, a hearty vote of thanks was passed to the Directors, and the Chairman having acknowledged this the meeting terminated.