WANGANUI FREEZING WORKS

Waikato Argus, Volume XI, Issue 1049, 16 September 1901, Page 4

WANGANUI FREEZING WORKS

Ar the annual meeting of the Wanganui Freezing Company held last Wednesday, the annual report was adopted and a dividend of 6 per cent, was declared. The Chairman in his remarks regretted that he had not this year reason for congratulating shareholders on the result of the year’s operations. He pointed out that had they received for their wool this year the same rates as last year, it would have made a difference to them of £5821 an amount sufficient to pay 20 per cent, on the paid up capita). There were a number of causes to account for the low prices at present ruling for wool. One of these was the great falling of in the importation of manufactured woollen goods by America. In the first six months of 1897 the value imported into America was £3,028,000- In the first six months of the present year it was only £477.000 or a falling off of seveneights. This serious drop was possibly due to the tariff imposed by America on our wool. Another cause possibly was the enormous increase of coarse wool grown and Jthe consequent decrease of merino wool, due no doubt to farmers going in more for frozen mutton as against merino sheep. The prospects for the wool trade were not bright as all the stores, warehouses and factories were crammed up with raw, unmanufactured goods. With regard to the increase of the company’s plant and buildings the balance-sheet last year showed that the account stood at £35,000. This year it was £39,000. They had expended on new plant, buildings and labour saving machinery, which were absolutely necessary to carry on their increasing business, a sum of £7678. Besides that, £I3OO had been spent in maintenance, and the works had been kept in first-class order and were now thoroughly up-to-date. Since they had started operations the value of buildings and plant had been written down by £15,000, equal to 25 per cent, of the total cost. Actually on its face value the shareholders had 20s in value for every £1 represented. During the year 2577 cattle, 118,493 sheep and 14.840 lambs had been put through the works.