SUCCESSFUL YEAR

Waikato Times, Volume 127, Issue 21229, 27 September 1940, Page 2

SUCCESSFUL YEAR

INCREASE IN PROFITS MORE STOCK KILLINGS FARMERS’ FREEZING COMPANY The successful operations of the Auckland Farmers’ Freezing Company, Limited, were reviewed by the chairman of directors, Mr H. E. Worsp, at the annual meeting of the company to-day. The profit of the company was £28,916 2s 7d and was higher than last year by £7780. With the amount brought forward, the total available was £32,892 17s 2d. The directors , recommended the payment of a dividend at the usual rate of 6 per cent, per annum, which would require £16.061 5s 2d. They also recommended that £12,000 be carried to general reserve, the balance, namely, £4331 12s to be carried forward. “During the year,” said Mr Worsp, a number of additional farmershareholders was admitted and others increased their shareholdings from small to more substantial figures. The result is an increase of £19.681 in the amount of subscribed capital. With the increase of £12,000 now recommended the general reserve, all of which is invested within the company, will amount to £162,000. Bank Overdraft “The bank overdraft is £42,000 higher than a year ago and closely approximates the higher figure shown against buildings and plant. “Sundry creditors were higher than last year, as also were sundry debtors. This is accounted for by the fact that liabilities for which provision was required, were higher than a year ago, and amounts due to the company were also greater. Increased business during the year resulted in higher balances at the end of the year. Records Established “A greater number*of animals was killed for export at the company’s three meat export works than in any previous year, records being established in cattle, sheep and lambs. There was, however, a noticeable reduction in pig killings. Vealer calves were in slightly less supply and bobby calves, although killed in greater numbers than the previous year, were not up to the record kill of 1935-36. “The numbers of each class of stock killed for the year are as follows: Cattle, 81,406; sheep, 154,575; lambs, 557,349; pigs, 135,785; vealer calves, 5354; bobby calves, 311.142. “In addition, we killed at Horotiu works for consumption in the Hamilton abattoir district, 8348 cattle and vealer calves, 23',676 sheep and lambs and 2695 pigs. “The season was a particularly good one as far as climatic and feed conditions were concerned. On account of the good fattening conditions, it was possible last season to kill a considerable number of cattle which normally would have been carried into Jhe following year. Dairyfarmers also culled their herds more freely than usual. Old ewes fattened well and were killed in very large nuipbers. Season’s Prospects “One can hardly expect that last season’s records in cattle and sheep killings will be maintained, although we hepe to sustain the lamb figure and to improve on the pig killing. A particularly good lambing season has been experienced and with reasonably good weather, fat lambs will again be available in large numbers. “Indications point to a larger production of pigs. Farmers are using their best endeavours to increase the numbers by the provision of supplementary foods and we can therefore anticipate an increase in killings of this class of stock as compared with last season. Dairy Produce “The quantity of butter received at King’s and the new export cold stores was 3,975,420 boxes, and cheese 298,571 crates. These figures represent increases of 430,644 boxes and 81,812 crates over the previous year’s receipts. “Although there was a substantial increase in butter production as compared with the previous year, the quantity was considerably less than the record of 1936-37 when 4,326,966 boxes were received. Approximately half the increase in cheese resulted from the fact that last season five Waikato factories, which previously manufactured casein, changed to cheese. The above cheese total represents a record, the previous best figure being 1933-34 when 293,689 crates were handled. Protection of Shipping “Fruit received amounted to 214,000 cases, which was slightly more than the quantity received the previous year. “The quantity of primary produce shipped from New Zealand last season was, in spite of war conditions, greater than that of the previous year. This happy condition was due ' to the favourable production season | and the afforded to the ! overseas carrying steamers by the Navy and Air Force. We can hardly : expect that quite such favourable conditions will continue, but we can be assured that the farmers will do their best to maintain production and we also know that the Services will never let us down.”