CHRISTCHURCH MEAT COY.

Press, Volume L, Issue 14899, 12 February 1914, Page 2

CHRISTCHURCH MEAT COY.

ANNUAL MEETING OF

SHAREHOLDERS

The twenty-sixth annual meeting of the Christchurch Meat Company, Limited, was held at the offices of the company, Hereford street, yesterday afternoon, Mr H. A. Knight (chairman of the Board of Directors) presiding. REPORT AND BALANCE-SHEET.

The following was the report of the directors:— . The directors have pleasure in submittina the balance-sheet and nrofit and loss account for the year ended October 31st, 1913. The natural course of the season was considerably affected during the earlier months of the year by serious labour difficulties, which were, however, satisfactorily overcome, and the output tor tho year from the various factories of tho * company reached a total of 1.343.342 head, being only very slightly short of the quantity treated for tue previous season. •\s'usual, the company's five worlis have been well maintained out of revenue up to a high standard ' of emCle Exocllent progress has., on the whole, been made with the construction ol tho uew works at Pnkeuri, which are now rapidly approaches completion, and it is hoped that they will be ready for the treatment of stock at an early date during the present season. After making provision for depreciation on the various works and plant, the balance available for appropriation, as shown by . the accompanying accounts, h £43,30-5 4s Ud, which the directors recommend -should be disposed of as follows: — . £ s. d. To special reserve to meet '..„.-„ n expenditure at Pukeuri 20.UW *J « To pay a dividend of 4 per cent, for the halfyear, ended 31st Octoi.er.l9l3 (making 8 per cent for the year) ••■ u«t>o v " To pay.a bonus of 2 per cent, on the paid-up capital 3,333 0 0 Leaving' an amount to cari-v forward of -.- 13.10G 4 11

1:43.305 4 11 The.director retiring l>v rotation is Mr H. J. Berwick, who, being eligible. offers himself for ro-electioii. The joiiit auditors, Messrs K. Hill Fisher and Son. and Mr Tl. H. Modlin. also retire and offer themselves ! for re-election. H. A. KNIGHT. Chairman of Directors. The following balance-sheet for the year ended October 31st, 1913, was submitted:— BALANCE-SHEE? OF THE CHKIS'fCHUKCH MKAT COMPANY, LIMITED. aiet October, 191^- ; £ a. d. £ c. tl. To Nominal Capital "O,tWO £ hares >t, xio each .. aoo.ooo o o 25.000 eharee at M each •■ JOO.COO 0 0 -1 0 0 . Lets 9G3 share*. ur.aliott-ed at£lO . - • . .each . .. 9,630 0 0 Lcsa 13.250 shares unallotted at SH esch, ..• 53,120 0 0 0 i) ■ aaT/iao o a Lew uncalled c> pita I . -• C 5,041 10 0 IGJ,ISS 10 0 Add calls pa:d in sdTance at • . j per .cent. , • •.-.•■.. 4,0i'5 l> vi c'Joi^l«lipw«l ; 'up' ; ■'.:. ■V-t7.'f;iisc"-J"d-: 0 Reserve account... . <0,000 0 0 Equalisation of dividend account 13,000 «» 0 General aseurane-n reserve account • 30,00 > " 0 Sundry creditors • 5.i,47;' 1. I Amounts drawn URainsl forwaid sales and open or.rifiifnments .. 42.5F7 3 '•). Halanoe at credit profit- and Ikes account ..... ■ ■ <3,30S 4 1] • • • . ■ ' . £U7,532 13- 9 Cr. . ■ X *. d. By cash in hand ■• •■ 100 1-2 10 Balance at credit at Bank .- H,99i> 12 3 'Sundry debtor's •■ •• <7,220 (J 1 Land, building.', machinery, j plant, cottages, etc.,, at Is- I Jington, Smithfield, Picton, Burneido. Pnkcuri, .. *nd j chops end ■ offices,..' Christ• church .. - .... .2:>O,HC! 10 5 Forward Rales, conpignni.ents unrealised, Rnd Ptocks in worlcs .. ' .. ' •• 101,773 H 2 ■ ' £117,532 15 9 H. A! KNIGHT. Cbairnian of Directors. W"M. MURRAY, General Manager. '•W. O. CAMPBEUi, SecretaryWe hor<by certify that all our requireiuents ac Ai:ditora of the Christchurch Meat Co., Ltd, have.been complied with, end v.-o now report having examined the books and acoounte for the year ceded 31st October. 1913, and that the abovo balance-sheet is drawn trp in a proper form, und exhibits a truo and correct viovr. if the st-tte of the Company's affairs. Hβ shown by the books »nd duly certified stock eheets." We Lave seen thsit tho London accounts have . been - oerti.ied to by tho London Auditors, Messrs Ellea, Salaman Coat* and Co. R, HILL.FISHER and % SOIT. .F.P.A.N 7... R. H. MODLIN, F.C.A (Eng.), F.P.A.X.Z.. " Auditors. Chrytcljurcb, Sth January, 1314. • PROFIT AND LOSS ACCOUNT For the year ended-31st October, 1013.Dr - ' ■ . - • £ *. d. ?>■> general expensee (including renu, insurance,, bad debts written off, etc.) .. .. 9 4 Rates- and taxe« .. .. 7,715. ft 8 InttJOst and •exchange .. 4,260 8 1 Balance at credit proSt and loss .- »-. .. 50,071 2 5 i-38,331 8 6 C r . £ s. d. £ ». d. By balance brought forward from Inst year after payment of dividend and sippropria- . tions mithorised 12,311 8 il Freeiiug sales end miwiufactures, less depreciation and expenditure on Tenowale and re- •■ placements .. 76,012 4 7 Trsiisfer fees .; 7 15 0 JE88.331 8 6 By balance, brought i' down .. .. 30,ff71 2 3 Lees interim dividend to 30th • . April, 1913 • .. 6.765 17 6 £43,505 i 11 Audited and found correct. R. HILL FISHER and SON, F.P.A.N.Z., R. H. MODLIN, F.C.A. (Eng.), F.PJI-N.Z., . Auditors. Chrietchurch, Bth January, 1914. THE CHAIRMAN'S STATEMENT. Addressing the meeting, the chairman. Mr H. A. Knight, eaid:— Gentlemen, —Following our usual custom I will, with your permission, take the report and balance-sheet now iv your hands as read. ' Before proceeding to deal with the account* in detail 1 hare to congratulate you on tho continued success of the company as evidenced by the year's accounts. The past year has been in many respects a memorable one, and hae "in particular been cnaracterkjed by very considerable labour difficulties. When I addressed you last year I had to report a temporary dislocation of our business owing to labour troubles. at Home, and during the year which we are now reviewing; we had to faco another dislocation here ou account of the ill-adrised and unwarranted actioa of a section of the workers engaged in. tne meat export indosttr iirraasJiQux the

Dominion. The determination on the part of all concerned—not only the producers, but also all the varied and complex interests connected with the trade —to withstand euch an attack resulted, as you all know, in the meat export business being gradually resumed throughout Key.' Zealand under much healthier conditions. . Although perhaps it is hardly within niy province. I feel that I cannot allow this occasion to pass without some brief reference to the much more serious crisis through which the- Dominion has more recently passed. So far as our own business was concerned, owinss to the fact that the dislocation which was caused by the tempora: loekinrr-up of our ports did not occur until after our shippir and financial year had closed, we, in common with other freezing companies, only suffered indirectly to a minor degree. I am sure, however, that I am only voicing the views of all who have the welfare of the Dominion at heart when I express the hope that the year now ahead of us will prove free from these regrettable occurrences, which benefit none—least of all thosewho are responsible for bringing them about. I now come to review in detail, as usual, the "various items iv the accounts now presented for your consideration. On the debtor side the paid-up capital stands as before, at £173,18(>~ 10s. The various reserves stand unaltered, except that the amount specially established in connexion with our rebuilding operations in North Otago is naturally _ eliminated, the amount set aside having been absorbed during the year. Sundry creditors stand at £38,473 17s The item representing amounts drawn against forward sales and opeu consignments, namely, £12.0G7 3s 9d. is considerably larger than last year, when this figure or.ly stood at £14,227 Hβ. This is explained by the fact that owing to the very unfavourable state of the markets in the latter portion of last season shipments were considerably delayed so as to help to strengthen the weakness of the position, and we therefore- had much more open than usual at the date of closing our accounts. Turning to the credit side, the first item, cash in hand, £100 12s 10d, calls for no comment. Tho credit balance at our bankers shows £1-1., { J95 12s 3d. a considerable reduction on the £27.010 15s 8d twelve months ago. This is of course due to the fact that the construction of our new works in the Onmaru district was making inroads upon our funds from time to time. Sundry debtors stand at £-17,220 Gβ Id. a somewhat marked increase on the £21,482 lUs ~h\ in the previous year's accounts. This i» again due to our having much larger amounts outstand- j ing in connexion with consignments sold ! and selling on tho Home markets at tho balance date than is customary— owing to the later shipments above referred to. The excres has. however, since been eliminated, and I may add | for your assurance, if such is required, j that tho ordinary book-debts duo to the Company were never smaller or of sounder value than they are at the preeent moment. Our works and plant stand at a j valuation of £200.442 10s sd,.as against I C2ZJ ,091 8s 3d last year.' This con- | tinned reduction in this the most im- | porta nt item of our assets-will, lam j sure, be viewed with gratification and ! approval by nil shareholders who wish ! to see the Company thoroughly established on as sound a footing as possible. Tho' next item of £101.773 Us 2d. j which represents ill] tho outstanding trading risks,afloat or unrealised on tho Homo markets, and also.'''stocks in. . work$ v ..shoy.- a considerable increase Aβ eompii/ed-with■£72.9f)2 l KM iu ; the j previous balance-sheet. flew, again,] this is accounted for by the late ship- i menrs and consequent' Into, realisation i of consignments and stocks, to which-I 1 have already referred: As,, .apart- from l tho yaiiiiition of.our works and plant, i this iiem represents by far tlip greatest proportion of our aW.fs. I think it j only right- to assure shareholders that. I wherever possible nctua] ssafe values i havo .since been ascertained, and the ' biilnnce-slipot values adjusted accor- i dingly. and where this lias not been I possible, estimated values Imvo bvc.t ) very carefully made, and therefore the risk of loss on this item in our balancesheet iias boon redu-ed to a minimum. Turning now to the profit and low j iirconnt. general • oxponws (including! rents, insurance, bad dvbts, etc) stand I at £2<).203 9s -Id, being an appreciable reduction on the £23,177 I.3s*7d of the previous year. * Ratios and tuxes also show a decrease, the outgoings under this head being; £7716 B.s Bd. as compared with £8310 16s-7d last season. As t indicated when addressing you ! last year, the next item, nameiy interest ai:d exchange, shows oiilv a small reduction, the total outlay under this heading being £4560 8s Id.'against £HS7 2s lid in the last balance-sheet. The ctvdit side of our profit and loss account" show.s our gross earnings as .0.012 4s 7d, against £32,23-1 0s lid. These" figures snow, including tho amount b.ought forward from iast year,, and after-jiaying t'uo usual interim "halfyearly dividend, that the amount available for appropriation is £43,305 4s i-itl. wriicii it is recommended should be disposed of as follows: — £ s. d. To special reserve to meet expenditure at Pukeuri ... ... 20.000' 0 0 To pay a dividend of 4 per cent, for tho halfyear ended 31st October, 11)13 (making 8 percent, for tbejrear) 6.766 0 0 To pay a. bonus of 2 per cent, on the. paid-up capital ... ... 3,353 0 0 Leaving an amount to carry forward of ... 13,156 411 £43,305 4 11 The recommendations before you include a reservation of £20.000 for the now works at Pukeuri. and if the suggestion is approved by shareholders I may add that we do not anticipate that it will uo necessary to make any further special appropriation for tho completion of these works. it is also proposed to pay a 4 pior cent, dividend tor the haii-year (making 8 per cent, for the year;,, and wo arc also pleased to be once more in a position to recommend a bonus of 2 per These appropriations will leave a balance of i;i3,lo<j 4s lid to be carried forward, a sum slightly in excess of what we have been ablo to leave untouched during the last few years. 1 ani pleased to bo able to report that, in spite of many quite unforeseen delays arising through labour troubles at Home and here, and also in spite of the many unexpected difficulties which seem inseparable from the ertK> tion of largo factories, tho Pukeuri works are now almost complete, and we have been able to fix March sth as the date on which the works will bo thrown open for inspection, and although the actual date upon which the working operations will be absolutely commenced has not yet beer, decided, it is expected to be within a few days of that time. The works, on inspection, will prove to be a most valuable addition to the company's plant, and the improved facilities which they will afford to our southern friends will, I am sure, be appreciated, and will result in a considerable increase in business. Reviewing the general business cf tie j year, ire were unfortunately not able !to take advantage of the increased number of stock available, owing to our capacity for prompt handling being ! necessarily restricted through, the I slaughtermen.'a strike in the earlier [ months of rhy ESisac* and. on.

this account, therefore, the quantity actually, handled shows no increase on that of* the previous'season. The dislocation resulting r>olll the same causes also affected values on the Home markets in an artificial manner, and a somewhat anxious season was experienced in connexion with our m:\in product —frozen meat. The markets for our other commodities —wool, pelts, tallow, oleo, and premier jus—wore in the main very healthy, and all these have been onco more satisfactorily disposed of. • The .director retiring l>y rotation is Mr H. .1. RAswirk. who. being eligible, offers himself for re-election. The joint auditors also retire, and offer thenisplvts for re-election. Unless any shareholder wishes for further information on any point, which, if possible, I shall he glad to afford, I will now formally move that the report and balance-eneet. as printed and in yonr hands, be adopted. 'MOTION ATX)PTEI>. The motion was seconded by Mr H. H. Pitman, and carried unanimously. Mr H. J. Beswick was re-elected n director. Mr 11. H. Pitman proposed, and Mr A. Kayo seconded, that a hearty vote of thanks be accorded to the directors, manager and staff, for their work during the Inst year, which had been a particularly trvinc one. The Chairman (Mr H. A. Knight) and the General Manager (Mr William Murray) replied on behalf of the staff, and the meeting then terminated.