SOUTH CANTERBURY REFRIGERATING COMPANY.

Temuka Leader, Issue 1821, 27 November 1888, Page 4

SOUTH CANTERBURY REFRIGERATING COMPANY.

The annual meeting of the shareholders *of this Company was held on Saturday afternoon. There was a large attendance, and Mr B. Acton (of Pleasant Point), chairman of directors, presided. The annual report showed the net profit for the year, including £2142 3s lOd, balance brought forward from last year (after providing for last year’s dividend and bonus), and allowing £95115s 6d for depreciation, amounted to £5384 Os Id, which the directors proposed to deal, with as followa: Jbirst, to the payment to •baraholdera of 10 per cent, upon their paid-up capital, which will absorb £1231 18s; second, to the payment of a bonus of 31 per head to shippers, absorbing a further £262 8s 6d (£455 13s 9d being already allowed by way of concessions in freezing), leaving £3899 13s 7d to carry forward to the new year’s account. An item ef £1751 9s fid appeared on the balance-sheet as profit upon Company’s parchases. Shareholders would remember that the engagement between the Company and tbe “ Shire ” line of steamers was for 12 voyages of 8000 carcases each. Eight of these voyages had aiill to be provided for, of which only a small proportion had' been guaranteed by shippers. Any one or more of these voyages might result in loss to tbe Company, and the directors proposed to set aside the sum mentioned to a special fund as circumstances permit to meet possible losses in the future. The total number of sheep and lambs killed daring the year were 70,676, of which 67,133 were sheep, and 3543 were lambs, Of this number 30,111 were frozen upon terms under special arrangement, and 13,948 were purchased by the Company, leaving only 26,617 for manipulation upon owners account. The figares show a decrease of 3539 sheep as compared with last year. The average weight of sheep killed daring the year, after deducting l£lb per head.for shrinkage, was 59.661 b, and lambs 36.111 b. The. output would have been larger bad tbe s.s. Fife shire not been unavoidably detained lest January, by which six weeks’ wotk was lost. The actual profit on the year’s freezing operations was about £I7OO, eo that there was ne openisg for concessions beyond those already made during the year. If the capacity of the works, however, was doubled, and a corresponding amount of work done, further. obnoessidns in the direction of freezing charges cculd safely be made. The owners of the steamers Fifeehire and Elderslie had intimated that in fulnre they wouid not' make the rate more than that made by the regular liners —Albion Company and tbe New Zealand Shipping Company. A change had com* over the prosptets of the frozen meat trade since the early part of the year, add there appeared to be indications of a ’permanent and steady demand for their produce. The directors trusted that under these improved circumstances producers would oome forward with stock, and render it .unnecessary for the directors to enter the market as buyers—a position they should not bold as a freezing company. In a lengthy address,'the chairman moved the adoption of the report, which wee seconded by Mr A. M, Clark. Tbe latter expressed a strong hope that the stockowners would ceme forward, and guarantee cargoes. It seemed very extraordinary that at Christchurch.-ykQgfl Jhhac wanted 108,000 .L»op, they had no difficulty in getting guarantees, while at Timarn they only get guarantees for the miserable number of 26,000. Speaking of the expenses “at the other end,” he said they should look minutely into them. Some shippers were charged commission and brokerage ; be only paid on ene of thejn;; Then, again, th* railway charges on, aheap were tbo high—in fact, they were exorbitant—and shareholders should take steps to have them reduced. He was averse to enlarging the works. Mr Trevehna, said he was not against the bonus, but be though in a position to guarantee stock, shut out from participating in it. •He had offered to guarantee 260 head of cattle, but the directors bad refused it. - Ha had put hie money into shares, and he objected to them making fish of ene and flesh ef another.’’ He did not think it right for tbe directors to only taka in sheep. They should suit themselves to circumstances — not out'him but from tbe bonus and leave stock an his hands. At an outlay of a few pounds the works could so be altered that cattle could be taken in. Mr Ford, one of the directors, said that the directors sent out a circular to catt’eowuers between Rangitata and Wftitaki asking for guarantees of stock, Only two replies were received, and under the circumstances the directors did not feel Justified in going, to; an outlay of £SOO. Mr Page thought that if the works were altered cattle would bs forthcoming. The Chairman promised that the matter, would be 1 reconsidered. The report and balance-sheet were unanimously adopted. The retiring directors, Messrs Acton, LeCren, Rhodes, Orbejl, and Jonas, were re-tlected,. A vote of thanks was passed to Messrs Turnbull, Marlin add Co. for reducing the freights, and also to the Company’s employees. Messrs C. S. Fraser and W. Ziesler were elected auditors at a fee of £7 7s. Tbe secretary was instructed to com-municate-with other companies and stock agents with the object of combining to get the railway charges for conveying stock reduced. Mr Balfour mentioned that he waa charged £4O for conveying 8000 sheep by rail from St. Andrews to Washdyke. A heaity vote of thanks to the chairman terminated the meeting.