S.C. REFRIGERATING COMPANY.

Temuka Leader, Issue 2587, 28 November 1893, Page 4

S.C. REFRIGERATING COMPANY.

The eleventh annual meeting of the South Canterbury Refrigerating Company was held on Saturday. There was a large attendance of shareholders, and Mr E. Acton, chairman of directors, presided. The directors reported as follows ; —“ Your directors have pleasure in reporting that the accounts for the past year show a more satisfactory result than the preceding one. There were 98,426 sheep and 48,375 lambs manipulated during the year, to which has to be added 10,944 hares. These figures show an increase of 21,490 sheep and 25,091 lambs as compared with the previous year. s he average weight of sheep shipped was 62.571b5, and of lambs 36.931bs each, after allowing for usual shrinkage. Although the amount of work done is fairly satisfactory, yet it falls short by about 50,000 of the number of sheep which, in the opinion of your directors, should be put through to ensure the payment of a reasonable dividend at the low working rates forced on us through competition by the northern companies. The Company’s present indebtedness is £8,254 17s 9d as against £11,850 8s 9d, showing an improvement of £3595 lls during the year, which must be considered as satisfactory, Turning to the balance-sheet, it will be seen that the net amount of profit earned for the year, after allowing for outside debts, and also £1,489 lls 3d for depreciation, is £1,084 13s sd. Out of this sum your directors propose to pay shareholders a dividend at the rate of 6 per cent., which will absorb £BO7 6s 9d and carry the balance, viz., £277 6s 8d forward to the next year.” The balance-sheet showed that the paid-up capital of the Company is £13,570, and other capital sums are debentures £4OOO, deposits £1413, and bank advances £2017, balance of profit and loss brought forward £9366. The assets include land, buildings and machinery £28,302, and material, etc., bring up the assets to £32,276 3s Bd. The working expenses were at the works £9706, office £453, rates and taxes £285, general £213. Receipts were for freezing fees, and offal, etc., sold £13,033 13s 9d, commissions, etc., £220 lls 6d ; total £13,254 5s 3d. £1489 was written off for depreciation on buildings and plant. The works expenses were wages £4627 12a 2d, coal £2483 6s 6d, railage and 10ad£1345 lls 3d, interest£747 16s, insurance £4lO 13s, oil £B2 12s 3d, lighting £l2 4s 2d. After a slight discussion the report and balance sheet were adopted. Messrs Elworthy, Clark, Grant, and Teschemakor were re-elected directors, and Messrs Fraser and Cargill auditors. The meeting then considered offers from Nelson Bros, and the Islington Company for the lease and purchase of the works. After considerable debate, during which Messrs Guild and Oldfield expressed the opinion that the company should purchase sheep themselves, the chairman said it was his duty to support the recommendation of the directors, and he would therefore move, whatever the res -It might be made by the directors in their circular of the 17th inst., to arrange for the lease of the works to Messrs Nelson, be approved.” Mr H. J. LeCren seconded this pro forma. Mr Teschemaker moved, and Mr F. LeCren seconded as an amendment—- “ That the question of the disposal of the company’s works be adjourned till Saturday, December 9th, pending receipt of a satisfactory offer to purchase right out, and that Nelson Bros, and the Islington Company be approached on the subject.” The amendment was carried by a large show of hands, the chairman only voting against it. The meeting then adjourned to December 9oh.