S.C. REFRIGERATING COMPANY.

Temuka Leader, Issue 2132, 2 December 1890, Page 4

S.C. REFRIGERATING COMPANY.

The eighth annual meeting of shareholders of this company was held in Timaru on Saturday, Mr E. Acton, chairman of directors, occupied the chair, and there was a good attendance of the shareholders. The annual report stated that after making provision for depreciation on old buildings and plant to the extent of £l2lß 9s Bd, and last year’s authorised dividend and bonus, there remained at credit of profit and loss account the sum of £7830 8s sd, which includes £5271 15s 5d brought forward from last year, from which the directors pro posed to pay to shareholders a dividend equal to eight per cent, on the paid up capital, absorbing £IOB4 14s 4d, leaving £6745 14s Id to carry forward to next year’s account. The total number of sheep and lambs frozen during the year were 86,035, of which 76,249 were sheep, and 9786 lambs. These figures included 3790 sheep purchased by the company, on purpose to fill engagement for the s s. Nairnshire, 26,428 were frozen for outsiders by contract, leaving 55,817 for guarantors for shipment or sale on their own account. The figures showed an increase of sheep and lambs compared with last year’s work. The average weight of sheep and lambs for the year.after deducting per head for shrinkage, was 57.85 for sheep and 35.77 for lambs, against 62.65 and 36.141 b respectively the previous year. On Monday, 22nd September, the directors took over the new buildings and plant from the contractors,Messrs Palliser and Jones, who faithfully carried out their contract and placed the company in possession of first-class appliances for manipulating a very much larger number of stock than they had hitherto done. The report dealt at length with the additions made, and pointed out that whereas the former output did not exceed 70,000 per annum they would require to turn out about 209,000 per annum if they wished to be as successful as in the past. Directly the new machinery was got to work the directors reduced the rate of freezing direct to f of a penny, and abolished the charge for primage which hitherto had been retained by the company. In moving the adoption of the report the chairman drew attention to the fact that £l2lß had been allowed for depreciation, as against £9Ol last Tear, and since the starting of the company the large sum of £4654 bad been written off for depreciation, although it could hardly be said that either buildings or machinery had suffered to a considerable extent from wear and tear as yet. For this year £6745 was carried forward, as against £5271 last year. The total cost of the enlargement had been £19,000, The reports and balance sheet were adopted unanimously. Messrs E. Acton, F. LeCren, Orbell, Rhodes, and Jonas were re-elected directors.

Messrs Ziesler and Granger were elected auditors, the fee being fixed at £lO 10s each. It was decided to hold the next annual meeting on (he last Saturday in November 1891, and,votes of thanks having been passed, the meeting terminated.