S.C. REFRIGERATING COMPANY.

Temuka Leader, Issue 1977, 3 December 1889, Page 3

S.C. REFRIGERATING COMPANY.

The seventh annual meeting of shareholders was held on Saturday last. The attendance was good, and Mr E. Acton, chairman of directors, presided. The annual report stated that there remained at credit of profit and loss account the sum of £6726 5s sd, including £3824 3s 5d brought forward from last year, from which director* proposed to pay a 10 per cent, dividend upon the paid-up capital, absorbing £1235 9s Id ; and a bonus of one penny per head to shippers upon sheep shipped during the year, absorbing a further £251 14s lOd ; leaving £5239 Is 6d to carry forward to the new year’s account. The total number of sheep and lambs frozen during the year were 63,853, of which 58,329 were sheep, *nd 4230 were lambs. Of this number 3435 sheep were purchased by the directors (but sold again before shipment) 20,232 were frozen upon terms for outsiders, leaving 40,186 frozen for guarantors for shipment on their own account. The figures show a decrease of 6823 n compared with last year’s work, attributable mainly to accidental delays of steamers and scarcity of tonnage. There was during the year a period of fully three months during which the works were not employed. The average weight of sheep frozen during the year, after allowing the usual 1-Alb per carcase for shrinkage, was 62.651bf0r sheep, and 36.141 b for lambs, as against 59.66 and 36.1 lib respectively last year. During the year the directors introduced a new line of steamers to the port of Timaru, namely, the “ Colonial Union Steamship Co." This was brought about in connection with the contract entered into with the combined Steamship Companies for the output of the works after satisfying .the Shire Line contracts. The want of support from producers made it necessary for the directors to enter into this contract to insure the employment of the works and consequently a dividend to the shareholders. Directors have to report that arrangements have been completed for making considerable extensions to the output, and in a few months they will be in a position to freeze 250,000 sheep per annum if occasion requires. The manipulation of over 100,900 carcases has been secured for three years. The balance-sheet showed a total paid up capital £12,469, capital uncalled £4119, Value of freehold £2489, of buildincr and machinery, after allowing nearly £9OO for depreciation, £12,572, fixed deposits, £2750 ; other assets made up a total of £2°,056. The profits on freez'ng for the year were £4978,, and on purchase of sheep £ll2, other receipts £156 ; general

aeoeral expenses, with directors’ fees and depreciation allowance, £2344. The chairman in reply to Mr I. L. Morris said that when the works were enlarged they would be able to freeze from 200,000 to 250,000 sheep per year. Their present arrangements were for 102,000 ; therefore the company could do with another 100,000 a year.

The report and balance • sheet were adopted. Masers H. J. LeCren, W. Grant, A. M. Clark, and T. Teschemaker were re-elected directors, and Messrs M. Gray aud F. Cargill appointed auditors for the ensuing year, the fee of the latter being fixed at £7 Ta each. It was resolved to hold the next annual meeting on the last Saturday in November, 1890, and a hearty vote of thanks having been passed to the chairman and directors the meeting terminated.