MEAT AND PRODUCE CO.

Wairarapa Age, Volume XXVIII, Issue 8107, 30 March 1906, Page 7

MEAT AND PRODUCE CO.

annual report.

CHRISTCHUKCH, March 29. The annual meeting of tho British New Zealand Meat and Produce Company was held this afternoou. The directors, in submitting the balance-sheet and profit and loss account for the year ended 31st December, 1905, regretted that the expenditure upon the defroster prevented them placing a more favourable report before the shareholders. Owing to the anticipated values put upon the machine by many shareholders and the vendors, it was considered imperative that every effort should be made to make it profitable, but so far that had been found to be impossible. The agree ment with the vendors had been cancelled, and no further expense under the original conditions would be incurred. The company was therefore relieved of a heavy responsibility. The total amount included in the balance and expended on the machine was £994. Had it not been for that expenditure the balance-sheet would have shown* a credit on the year's working. The company's business was now thoroughly established on the Sinithfleld market, and was daily becoming more valuable. Consignments were assuming large dimensions; the sbops were making fair returns; and the contracts with the armv and public institutions were proving very satisfactory. The company was making good progress through farmers and others giving it loyal support. Under those conditions it was considered that the prospects justified the directors'in anticipating a prosperous year. The balance-sheet of the London office showed liabilities £12,663 18s 9d, which included Ohristchurch office £8.651, bills payable £450, sundry creditors £945, Bark of New Zealand £2,585; and assets £11,806, which included advances against shipments £5.845, and outstanding accounts £3,232, thus leaving a debit of £856. The amount on the debit side of the profit and loss account was £2,139, and on theoredit £1,282, leaving a balance of £856. The Christchurcn office balance-sheet showed liabilities £17,519, which comprised 16.580 shades issued. £713 sundry creditors, and £225 bank overdraft; and assets which amounted to £16,691, including £3,000 patent rights of defroster. £2,275 drafts against consignments afloat, £6421 London office, £3,110 cash and interest, leaving a balance of £B2B 4s 4d. The debit on the profit and loss account was £llOO and the credit £272. The Chairman said one of the chief difficulties had been the defroster the expenses in connection with which amounted to £998. The machine did its work well enough, but the public would not buy the meat, preferring to hnve it in ita frozen state. The debit on general account amounted to £B6B, and had is not been for the defroster the accounts would have shown a credit balance on the year. The report and balance-sheet were adopted.