BRITISH-NEW ZEALAND MEAT COMPANY.

Press, Volume LXVII, Issue 13939, 12 January 1911, Page 5

BRITISH-NEW ZEALAND MEAT COMPANY.

A NN UAL MEETING. The seventh annual meeting of the shareholders of the British-New Zealand Meat and Produce Company was hold yesterday at tho Chamber of Commerce, the chairman of directors (Mr M. C. Orbell) presiding over a good attendance. The report and balance-sheet (of which a precis has been published already) were taken as read. The reporr> recommended that the balance to credit of profit and loss account, £3594, should bo dealt with as follows:—Payment of dividend at 8 per cent, per annum £1705, reduction of patent rights defroster £1250, to be carried forward £639. Tho chairman, in moving the adoption of the report and balance-sheet, said he felt sure it afforded pleasure to shareholders to know that tho directors wero able to meet them with a satisfactory credit balance. In consequence of the expansion of the business the company had increased its capital by £6000 during the year-by'the dis- • posal of new shares. The conijpany was daily gaining support and increasing its j business, and if they found it necessary they would not hesitate to strengthen its finance by the allotment of more shares. During the year it was found necessary to obtain an additional stall on Smithfield to provide for the efficient management of the business. "It affords mo much pleasure." the chairman continued, ''which will no doubt be equally shared by you, to know that we have no liabilities—tint our capital is all liquid and conld be all realised at short notice. This is certainly a matter upon which we can look with 'satisfaction—especially aa when wo consider the many difficulties, that surrounded the company when we first introduced ourselves to the London market. To Mr H. F. Recce, with the able assistance of our manager Mr Charley, is due the credit for having brought the company to its present position. It now ranks among (he leading firms engaged in the frozen meat trade, and our prospects wero never better. The number of consignments entrusted to us has greatly ex- ' cseded our anticipation, one feature be--1 ing that we have 'handled moro car- ' cases for non-shareholders than fr r shareholders in the company, which indicates that it has the growing confidence of the general body of sheepowners, and, notwithstanding the stat3ment so repeatedly made that it does not pay to consign, I am able to report that practically the whole of our clients have been thoroughly satisfied with their returns, which showed a net ' profit through the year from par to 4s per carcase above local pTices at time of shipment. Our experience goes to show that owners who consistently ship all their stock through the season invariably reali.se a substantial profit upon colonial prices. . "During the year prices remained very steady, and were undoubtedly influenced by the improved national condition of trade, and also by the regular and not excessive shipments at any one -period. It will be remembered that during 1909 meat was shi,r/ped in huce quantities during April and May, which gave rise to a panic in the trade, lne same fatal mistake would have beer, repeated in 1910 but for unlookedfor circumstances that resulted in a shortage of freight during the usual heavy months of shipment, lhis undoubtedly saved the market./ The export being more evenly distributed steadied prices and prevented the abnormal conditions that prevailed during the preceding season. Tt tends to prove that my contention at our last annual meeting upon the important Question of regulating supplies is not impossible. My suggestion at that time met with disapproval. It was argued that there was not sufficient storage—that increased storage would have to be provided, and that farmers must at all risks get rid of their stock when ready, especially in a dry season. Now. what happened in consequence of shortage of freight? We experienced a very dry season. Owners were not seriously inconvenienced by having to hold their stock. The freezing companies did their best to meet tho situation, and did so successfully. Some inconvenience but no serious difficulty was experienced at their works, and storage was provided contrary to expectations. ' A glut in London was prevented and, as if by accident, thousands of pounds were probably saved to owners "as well as speculators. Let it bo understood that the pressure is confined to two or three months only — probably only two—and a system that permits <5f a glut of meat at one time upon the market and a famine at another has nothing to commend it. To niv mind, the regulation of shipments is'one of the most important questions connected with the trade, and one that we have a right to ask the freezing and shipping companies to

help ns to overcome, because, without their assistance, nothing can be done. Th© prospects for the current season are decidedly favourable, provided there is no flooding the market through badly regulated shipments. Tho London stores were practically clear of mutton and lamb last month, and. although shipments from Australia have been heavier than last year, they are being steadily sold upon arrival. * Therefore, there is not likely to be an accumulation of their stock. Our own shipments will bo somewhat later, and by the time we have any important cargoes arriving the market will probably bo clear or "ill not meet severe competition. In review-in-*-; present prospects. I am reminded of the number of pessimist's we had among us at this time last year who predicted disastrous prices and that we had reached the limit of consumption of frozen meat. It may be information to some of them to know that the imports into England of frozen mutton and iamb in IDIO exceeded that of tho previous year by a million and a half carcases, and that prices were 30 per cent, higher than in 19Cfl. This should convince them that with good national trade it is difficult to say whero limitation of consumption comes in, provided there is a proper system of distribution and organisation for regular suiiplies. "One of the chief points of interest for 1911 is centred in the Continental market. There is no doubt that tne attention of large cities on the Continent is being drawn more and moro to frozen meat. Our London manager writes: '1 have received letters from Italy asking for information, and there has beon a deputation from Austria to make enquiries and gather information.' He adds: 'Sooner or Inter these Continental markets seem likely to open up, in spite of the strong agrarian opposition. It will take time for them to equip themselves, and when they have done so I think it more likely they will take South America and Australian meat than New Zealand. But whatever class they buy., it will, in a mcaure, relieve the pressure on this market. "The lato Vienna Conference will, no doubt, make an impression upon tho mechanic and working classes throughout tlie Continent, and tho strong agrarian interest in Germany in keeping up tho price of meat will, it is anticipated, lie materially weakened at the approaching elections in that country by the Socialistic element, whicli is so rapidly increasing and becoming a force which agrarians will havo to reckon with. It is inconceivable that millions of peoplo should be denied, through such an influence, tho privilege of procuring meat in consequence of their inability to pay three times its cost to their neighbours in England when only a narrow striD of water divides them. It is a position not likely to be maintained much longer. At the present time frequent shipments of frozen meat upon a. comparatively small scale are being sent into Italy, and you have heard of the consignment of about fifty tons into Austria, for which there was such an unprecedented scramble at enormous prices. "1 have frequent!y been called an optimist upon the frozen meat question, and I am still sanguine enough to believe that we are within a measurable distance of its introduction to all of the Continental countries, and, as its production by the various producing countries increases, a market will be always found.for it at remunerative prices. * I look upon Canada, also, a country that possesses less than three million sheep, as anothor market to look forward to. The freight question is an obstacle to opening a trade with that country in tlie meantime, but it will assuredly come. Events move very rapidly in tho present age. Difficulties of all 'kinds are swept afido in the interests of commerce, the influence of which governs, directly or indirectly,- all things. From what 1 have said you will learn that I am very hopeful of a future market being always found for one of the chief staples of food, and, as tho supplies increase, the demand will prove its equivalent; Our business is to keep up tlie quclity of our meat, grado it well, and regulate shipments. .- If we do this 1 do not think wo shall have any cans© to complain." . •Concluding, the chairman said, that the thanks of the shareholders wero due to Mr Heece; Mr Charley, and tho whole of the London staff, and also to Mr Webb, the secretary, who, he was sure, had done their utmost to bring about the result shown upon the bal-ance-sheet. At all times they appreciated their efforts to promote, not only the company's interests, hut those of its numerous clients, which, of necessity, entailed a good deal of responsibility, and, ho had no doubt, very often anxiety as well. Mr John" O'Halloran seconded the adoption of the report and balancesheet, which was agreed to. The retiring directors, Messrs Orbell and Cow, were re-elected, and Mr Claude Sawtell was elected to fill a vacancy on the board of directors. Mr G. W. Hulme was re-appointed auditor. A vote of thanks was accorded to the staff, and was acknowledged by the secretary, Mr E.R. Webb.