Those companies engaged in the export of frozen meat from
Argentina have had of late to face considerable diffi- culties, and in view of that fadt and the experience of a few years ago, the latest report of the Smithfield and Argentine Meat Company is an encouraging document. Some six or seven years ago, when the present Directors took office, endeavouring to repair an unsatisfactory state in the company's affairs, the Preference dividend arrears were funded into Income Certificates. During the ensuing two years, though losses were reduced to small figures and subse- quently profits were earned, the condition of the meat trade was such that Preference arrears again accumulated and interest on the Funding Certificates fell behind. These Preference arrears, however, were all cleared off last year and now the latest report" shows that profits have been earned on a sufficient scale to meet all accruing charges and clear off the remaining four years' arrears on the -Certifi- cates. The profit for the year was £105,474 against £77,570.
Previous page
