H.—3o

95

APPENDIX M. £ s. d. £ s. d. To Canning-expenses .. .. .. 272 15 2 By Freezing .. .. ~ .. 22,332 12 0 Power .. .. .. .. 11,969 4 0 Hides .. .. .. .. 166 7 3 Repairs and renewals .. .. 1,003 1 1 Storage .. .. .. .. 4 8 1 Steam expenses .. .. .. 946 18 7 Cooperage.. .. .. .. 251 211 Working-expenses .. .. .. 2,090 14 10 Offal .. .. .. .. 7,630 0 11 Frozen sundries .. .. .. 1,772 4 2 Wool .. .. .. .. 3,762 18 1 Pelts .. .. .. .. 1,048 5 0 Rejects .. .. .. .. 446 15 2 Balance .. .. .. .. 21,188 19 11 Stock Account .. .. .. 57 0 0 £37,471 13 7 £37,471 13 7 Accident insurance.. .. .. 373 16 0 Balance .. .. .. .. 21,188 19 11 Auditors'fees .. .. .. 110 0 0 Discount .. .. .. .. 95 17 3 Fire insurance .. .. .. 823 13 8 Marine insurance .. .. .. 9 16 11 General expenses .. .. .. 670 1 1 Rent .. .. .. .. 408 5 11 Interest .. .. .. .. 9,383 10 0 Transfer fees .. . . .. 12 6 Land and income tax .. .. 64 14 4 Legal expenses .. .. . . 50 16 11 Mortgage interest .. .. .. 2,100 0 0 Rates and taxes .. .. .. 84 9 4 Salaries .. .. .. .. 3,504 10 3 Stamps, stationery, and telegrams .. 416 17 7 Travelling-expenses .. .. 299 7 0 Balance .. .. .. 3,822 6 4 £21,704 2 6 £21,704 2 6 Loss on consignments, 1921-22 .. .. 3,024 11 6 Balance down .. .. .. £3,822 6 4 Loss, Imperial Government supply .. 2,192 5 6 Depreciation—" Admiral Codrington " .. 5,958 14 2 Directors' fees .. .. 576 8 0

APPENDIX N. The Gisborne Sheep-farmers' Frozen Meat and Mercantile Company (Limited). Head Office, Gladstone Road and Eeads Quay, Gisborne, 24th June, 1921. Circular-letter to Sharebrokers.—7\-per-cent. Mortgage Debenture Issue. We enclose copy of prospectus just issued in this connection. We have instructed our publicity agents, The Charles Haines Advertising Agency (Limited), to forward you a bundle of these, together with a supplementary lot of application forms, and we shall be glad if you will write direct to them if you want any further supplies. The mail services are so infrequent from Gisborne that it was thought desirable to distribute all literature from Wellington. It is perhaps unnecessary to emphasize the advantages to investors regarding our debenture issue. Considering the class of investment the return is high, but under special circumstances existing at the present time we deemed it advisable to raise additional capital by this issue, rather than issue preference shares, which would have to carry a high rate of interest and which would be a charge on the company for all time. You will notice that the term is definitely fixed at ten years, and that the company does not propose to exercise any option to pay off these debentures within that period. This makes the investment a much more attractive one, and no doubt you will emphasize this to your clients. We would stress the fact that these debentures are secured by first mortgage on the freehold property, plant, and equipment of our company. They are also free of debenture-tax. The issue is definitely limited to £300,000, and the security offered runs into £615,263 4s. 4d., which is a conservative valuation. The commission to affiliated members of the Stock Exchange of New Zealand is 2| per cent., and this can be deducted when forwarding your applications, which are received free of exchange. For record purposes we have arranged with Mr. W. Lissant Clayton, broker, of Gisborne, to handle all brokers' subscriptions, and we believe that Mr. Clayton has advised you to telegraph him each day the amount of money received. We believe that the prospectus is quite clear concerning all pertinent information, but if there are any further particulars desired please communicate with us. Thanking you in anticipation of your appreciated co-operation, The Gisborne Sheep-farmers' Frozen Meat and Mercantile Company (Limited), C. A. de Lautour, Chairman of Directors. W.A.