NEW ZEALAND FROZEN MEAT AND STORAGE COMPANY.

Waikato Times, Volume XXVII, Issue 2209, 4 September 1886, Page 3

NEW ZEALAND FROZEN MEAT AND STORAGE COMPANY.

The annual meeting of the shareholders of the above company was held on Tuesday, when the following report and,balancesheet were read and adopted : — The directors beg to submit. to the shareholders the accounts of (he company for the period ending 30th June, 1880, and to express their regret that the operations of the company have resulted in a loss of £15,421 25) Gd. This loss has mainly occurred in the freezing, shipping, and meat-preserving departments, and may be ascribed to the following cau&es : — 1. During the first quarter of the financial year the works were newly opened, and were in many respects working at a disadvantage. 2. The company commenced operations about three or four mouths prior to the great fall in the value of frozen meat, tallow, and preserved meat in the home market. Consequently the purchases of stock were largely upon the basis of former values, resulting in heavy losses on realisation. The prices now being paid for stock are more in accordance with the reduced values of the company's manufactures.

BuTfER Business.— The progress of this business has been fairly satisfactory, considering that in many ways it was worked to a disadvantage during a first year's operations. About 22H tons of butter have been dealt with at a net profit to the company of £(540. A tinninpf plant, suitable for the requirements of this business, is now on the way out from England, and every effort will be made for the further development of this industry.

Acid and, Manurk Works.— This branch shows a net profit of £145 17s Id, but during the last four months of the financial year the siles were at a minimum, the energies of the department being dnccted to the manufacture of manures, in readiness for the approaching season, of which a stuck of about 800 tons is now on hand, t.hn profit* on sale of which will appear in the accounts of the current year. It should, however, be stated that the question of piesent profits has been subordinated to the determination to manufacture manure of such intrinsic value, and at such cost, as to entirely preclude competition by the imported article. The testimonials received, which will be found in the company's illustrated price list lately issued, show that this result has been attained.

Waitaba Works.— The manufacture of preserved meats has been in full operation, and it is to be regretted that the continued depression of preserved meat and tallow in the home markets tends greatly to hamper the successful working of this branch. Notwithstanding the keenness of competition in preserved meats, the superior quality of our manufacture is steadily producing the denired results, as evidenced by the fact that our sales of the past six months show a steady and important increase. Our brand on the London market commands an equal price with that of Libby, McNeil and Co., and is higher than the rates quoted for meats of the Armour Company and other well-known American brands.

Sydney Ice Company, Pyrmont Sydney. — Your directors regret to state that the operations of this company during the past season proved unsuccessful, the machine having 1 broken down at the commencement of the summer season, when the demand for ice at enhanced prices was active. A new board of directors has been formed and a fresh manager appointed ; whose report is appended, while after advices state that there about 700 tons of ice on hand. In conclusion, the directors con-ider that in the present depressed condition of the markets ot the world, a newly established company of this description can hardly hope to do more than hold its own. It i.s believed that this has been done during the past six months, and that the business has been carried on during" that period without loss. Your directors are strongly impressed with the impottance to the community of the company's industries, and will continue to use eveiy exertion for their successful development.—Arthur Bull, Chairman.

BALANCE-SHEET. Du.— Capital issued, 20,303 shares at £5, £101,815 : less unpaid calls, £420 10s ; capital paid up, £101,388 10-s ; unclaimed interest, £l 17a 2d ; accounts owinpr by company, £0,727 7s Sd ; bills payable, £1,080 10s 7d ; Bank of New Zealand, £28,301 Is 2d ; N.Z. Loan and Mercantile, £28,483 2s 9d: total, £100,882 9s 4d. Ck. -Freeholds, £34.133 5s lid; leasehold property, £04,230 7s Od ; machinery svnd plant, £11,438 0a 3d ; working plant, £078 10s 6d ; accounts owing to company, £10,881 3s 2d ; bills receivable, £859 9« Id ; ThameM profit and loss account, £2,095 13a sd ; butter department, profit and loss account, £039 2s 2d ; petty cash in hand, £14 2s 8d ; Waitara cash in hand, £55 14s 3d ; Bank of New Zealand, Waitara, £304 12s sd; stock in hand, £31,502 10s 6d : balance, £10,019 2s 6d ; total, £100,882 9s 4d.

PROFIT AND LOSS ACCOUNT. Db.— Charges and expenses, £9,790 11s 6d ; wages and salaries, £12,186 Is lid ; I freights and wharfage, £5,166 4s 5d ; discount, £2,016 18s 2d ; interest, 63,409 4s 8d ; directors' honorarium, £250 ; audit, [ £50 ; insurance, £104 10s ; Waitara rent, £95 6s lid ; fodder account, £174 0s 9d j Waitara rates and taxes, £78 18s ; rates ' and taxei, £441 16s 6d ; rebates, tallow, £184 4s ; bad debts written off, £1,178 8s [ Id ; frozen meat to England per Aorangi, Tongariro, Doric, and Coptic, £2,891 Is Id ; depreciation on machinery and plant written off, £1,112 10s Id ; total : £39,129 12s od.

Ck. — Balance at 30th June, 18S5, £0,372 ; rent, £37 8a 4d ; fees, 12s (id ; commission— shipping, £1 19 17s 8d ; Thames profit for year, £361 19s 8d ; butter department for half-year, £039 2s 2d ; gross profits ; £22,559 9s 7d ; balance, los 3, £10,049 2s 6d ; total : £39,129 12s od.