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The association feels that these statistics, the accuracy of which cannot be contested, must have an enlightening effect upon all who are anxious to know the real conditions of the industry and to appreciate the strength of the workers' case for improved conditions. For this reason it has been decided by the association to circulate these statistics in this form for your information and guidance. We hope they will win your support for a request by the association for a Governmental inquiry into the position of the industry. Kaiapoi. H. C. Revell, General Secretary. (N.B. —The figures only are supplied by Mr. Stringer ; all comment is by the editor.) The Increased Interest Charge. Mr. Stringer's first table showed the increase in the interest charge on the capital invested in the industry between the years 1914 and 1924. In both eases he took the rate of interest to be 6f per cent. His table is as follows : — Annual interest charge on stock killed, at 6 J per cent. : — £ s. d. 1924 .. .. .. .. .. .. .. 346,297 10 2 1914 .. .. .. .. .. .. . . 118,143 18 3 Increase in annual interest charge .. .. .. £228,153 11 11 As it is certain that the rate of interest in 1914 did not reach the figure of 6 J per cent., the actual increase in the charge must have been greater than Mr. Stringer estimated. Comparison of Freezing Companies' Financial Position. Mr. Stringer's next table is on the face of it so informative as to require no comment:—-

It will be observed that the increase in the paid-up capital alone is equal to two-and-a-half times the total amount invested in 1914. This, of course, would not be serious if a corresponding increase in production had been possible, but as the output has been comparatively stationary, for the simple reason that no substantial increase took place in the flocks and herds, it is apparent that the industry is carrying a crushing burden. The most objectionable feature of this is that those responsible claim that the workers, who are quite innocent in the matter, should meet the cost, by loss of conditions and wages, of this wasteful and visionless investment. Stock killed. The evidence that the stock killed was little greater in number in 1924 than in 1914, despite the enormous increase in the invested capital, bank overdrafts, and buildings and plant, is contained in Mr. Stringer's next table. This reads :— 1914. 1924. Increase. Decrease. Cattle .. .. .. .. .. 134,545 215,001 80.456 Sheep .. .. .. .. .. 2,755,230 2,208,668 .. 546,562 Lambs .. .. .. .. .. 3,598,136 4,814,776 1,216,640 N.B.—Three sheep are equal in weight to five lambs. At this proportion between sheep and lambs, the decrease in the sheep in major part cancels the weight of the additional lambs. Hence the increased capital investment practically effected no appreciable change in the output. In confirmation of these statistics of stock killed, Mr. Stringer handed the following letter to the Court :— " Department of Agriculture (Live-stock Division), Wellington, 6th January, 1927. " H. G. Stringer, Esq., A.M.P. Buildings, Wanganui. " Dear Sir, —I have your letter of the 4th instant, and have pleasure in giving you the figures required :—■ Year ended 30th September, 1914. 1924. Cattle .. .. .. .. .. 134,545 215,001 Sheep .. .. .. .. .. 2,755,230 2,208,668 Lambs .. .. .. .. .. 3,598,136 4,814,776 " Yours faithfully, " J. Lyoss, M.R.C.V.S., Director of Live-stock." Finances of Individual Companies. The position of each company at present doing business in New Zealand was then given by Mr. Stringer as under :—

1914.

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j "Rank Orpditfl Buildings, Tntprpqt fit Nominal Capital. | Paid-up Capital. Overdrafts. at Banks. 6i per Cent. I I I [ I £ £ I £ £ £ £ 1924 .. .. 5,582,155 3,521,531 ! 1,034,034 84,260 5,327,654 346,297 1914 .. .. 1,605,670 | 1,002,620 j 188,891 37,745 | 1,817,598 118,143 Increases .. j 3,976,485 2.518,911 ! 845,143 46,515 , 3,510,056 1 228,154 I I

I 1 Mni „ nf Nominal Capital Bank „ , rwita i Va]ue <>' Property, Name of Company. | capital. . paid up, | Overdraft. Bank Credits. | Buildings, and Plant. £ £ £ s. d. £ s. d. £ s. d 1. Auckland Farmers .. .. 75,000 , 43,825 .. 1,093 6 10 51,271 11 8 2. Canterbury F.M. Co. .. 225,000 ' 183,870 .. .. 270,188 14 1 3. N.Z. Refrigerating Co. .. 300,000 173,254 .. 18,801 2 6 253,898 19 1 4. Gisborne Sheep-farmers .. 75,000 41,714 23,471 8 2 .. 114,096 2 6 5. Gear Meat Co. .. .. 146,000 92,000 .. 16,347 8 6 85,000 0 0 6. Hawke's Bay Farmers .. 70,000 j 44,119 18,783 18 0 .. 70,736 7 5 7. Patea Farmers .. .. 40,000 j 20,261 9,854 6 6 .. 20,546 12 10 8. Southland F.M. Co. .. .. 89,678 68,283 .. 1,503 18 10 127,079 4 9 9. South Otago .. .. 75,000 66,555 .. .. 70,615 1 1 10. Wellington M.E. Co. . . .. ! 200,000 105,766 50,794 7 3 .. 177,247 8 5 11. Wanganui F. Co. .. .. 100,000 52,617 28,519 0 4 .. 94,185 6 2 12. Wellington Farmers .. .. 60,000 47,747 43,663 1 11 .. 73,729 17 3 13. Nelson Freezing Co. .. .. 50,000 16,310 1,719 6 2 .. 22,218 11 1 14. Tokomaru Freezing Co. .. 100,000 46,299 12,085 17 7 .. 86,784 17 10 i 1,605,678 I 1,002,620 I 188,891 5 11 37,745 16 8 1,517,598 14 2 Estimated value of Birt and Co., Borthwieks, Nelson Bros., South B. and H.B., and Longburn .. 300,000 0 0 £1,817,598 14 2