GISBORNE SHEEP FARMERS’ FIOZEN MEAT CO.

Gisborne Times, Volume XXVI, Issue 2327, 21 October 1908, Page 6

GISBORNE SHEEP FARMERS’ FIOZEN MEAT CO.

ANNUAL REPORT

The annual meeting of the Gisborne Sheep farmers’ Frozen Aleat Co. Ltd. will be held in the company s office on Saturday, 28th prox., - *at 11 a.m., when the annual report am. balance-sheet will be submitted. qne report reads as follows: Tilts stock treated for the year-were —Sheep 128,303, lambs 56,543, cattle 3573, calves 78. Concessions to clients and shareholders have been allowed to the aggregate of £2414 Os 7d, and are payable oil the 31st. January next. The large scheme of plant extension authorised, costing approximately L 15,500, has been completed. The year has been a difficult one, in consequence of the rapid decline ol market rates in leading lines of products. It- has been the policy of the directors during the year to give back to clients every advantage which could be given with safety. It is recommended that the profits of the year should be appropriated as follows Balance preliminary expenses, Alessrs Kennedy and Evans, Bit 6 lOs; leasehold sinking fund, £7OO ; depreciation lightering and carting plant, 5 per cent, £6»4 3s; bonus at i|d per sheep, or equivalent, £B6l 7s lUd; dividend on ordinary shares at' 6 per cent-, £1175 Is; dividend on bonus shares at 2 per cent, £364 5s 3d; and the balance of £2O L 7s 3d to be carried forward. *

As .about £ISOO has been expended j during the year on repairs and renewals;, out of income, in the new ex- j tension of plant, it is not considered j necessary to further -write down the j machinery The directors to retir/o j are Messrs F. Hall, C. J. Parker, and i Oil as. Gray, who all otter themselves for re-election. Any shareholder who desires to be nominated as a Director | (other than the Directors as above j who retire by rotation), or to nominate any other shareholder, must send in the nomination paper to tho manager, i&t Gisborne, on or before the i3th day of November, 1908, otherwise such nomination cauuot be accepted at the annual meeting. The auditors, Messrs T. A. Coleman and O. S. Watkins retire, and are eligible for re-election. Tho balance-sheet discloses a very .satisfactory state of affairs. According to the profit and loss account, the profits from freezing, felling, which" f'ires, sales, lightering, cartances* rabounted to £13,424 12s 9d, ies, amomi®? rldn S expenses, insurducted, leaves'^., * nd n f l[ 'f ‘2s lid. This amo\9’ 2% ,p s ance profit at 31st °f, , J , £7863 6s 2d, makes a tot t on 7^ 991 9s Id. ’From this is ducted dividend and bonus, 3ist.Jp ust, 1907, £2657 13s 4d; depr eciatu v machinery, general, lightering, ana carting plants, £2085 8s 6d; accident reserve fund, £1000; leasehold sinking fund, £500; s.s. Kotare, £340 2s; preliminary expenses, written off, £l3O 16s 3d; office f urniture, written off, £ll4 19s 8d; leaving a total balance for distribution of £4132 T4s 4d.