CANTERBURY FROZEN MEAT CO.

Press, Volume LII, Issue 15773, 14 December 1916, Page 2

CANTERBURY FROZEN MEAT CO.

JLXNUJLL MEETING

The annual general meeting of shareholders of the Canterbury Frozen Meat and Dairy Produce Export Company, Ltd., was held in the Chamber of Commerce yesterday, Mr George Humphreys presiding, in the absence of the chairman, Sir George Clifford, who is at present confined to his home through a 6udden attack of illness.

In moving the adoption of the annual report and balance-sheet; -which have already been published, the chairman spoke as follows : —

"Before proceeding with the business of the meeting, I would like to explain why I am occupying the chair to-day. As you h&vo %een by the papers, Sir George Clifford is confined to his house through a sudden attack of illness, which prevents his being here and delivering to you personally his usual lucid review of the company's affairs. However, you and his many friends will bo glad to know that his illness is not of a serious nature, and that in all probability he -will shortly resume his many activities. In the meantime we extend to him our sympathy in his temporary suspension from those duties in which Le takes so wholehearted an interest. Sir George has addressed the following letter to the shareholders: —

"'Fellow shareholders, —I greatly regret that, owing to a sudden attack of influenza, 1 shall be unable to be, with you at our annual meeting, or even to present to you my usual summary of tho p&st year's proceedings, and forecast of the future.

"The halance-sheet, however, is very explicit, and will convey to you that we have had a favourable season without undue inflation of profits attendant on tho w&t. I should like to bear testimony to the generous liberality of tho British Government to the "New Zealand pastoral interest. That there have been found representatives of the industry to cavil at the prices offered, has been to me, and many others, a source of regret.

"I wish to thank the staff of the compjvny for their loyalty under certain trying circumstances, and I have confidence that, in spite of the increasing competition in" front of us, our farmer friends and other clients will continue to recognise the enormous benefits which have accrued to them from the operations of our company since its foundation."

"I would now make mention, the chairman continued, of another absent member of our Board, Mr John Grigg. As you no doubt are aware, Mr Grigg has been away for some time past on a visit to England, but I understand he is now on his way back to New Zealand, and will shortly be actively amongst us. On his return he will probably give us some account of the many phases of tho meat business at Home as they have passed under his active notice during his stay in England."

Referring to the report and balanceshet, Mr Humphreys said that the results of the year's working again showed a very substantial amount to the good, and after considerably adding to the strength of the various reserve accounts, and duly providing for depreciation in works and platit ; i£ was proposed to pay the usual dividend on the preference and ordinary shares, also t-o pay on the ordipary shares a bonus of 3 per cent. It might be said that the adidtional consideration now extended to the ordinary shareholders (many of whom took up their shares under a 30s premium) could have been paid out of the previous year's ample balance, but at_ that time the outlook was so uncertain that the Board considered it wise to defer such! a payment for a still more confirmed position of the company's finance. This hoped for position Shad been fully attained by the past year's transactions, and consequently the Board now felt quite justified in distributing the moderate bonus amount referred to. To many shareholders. largely dependent for income upon their investment in the company, the sum now proposed to pay them would no doubt bo espcially welcome in these times of higher cost of living. As to tlie general policy of the company, the Board was continuing the prudent course it had hitherto followed, and in these times of abnormal disturbances, it considered it wise to in no way after that policy. The interest of the shareholders would, of course, always be the primary duty of the Board; at the same time the Board would keenly bear in mind the interests also of the producer in every -way possible. Each of the company's factories had been considerably added to in the matter of storage, and all of them were now thoroughly equipped to efficiently _ de&l with clients' stock, and to maintain the high reputation the company's brand had always held in the Home markets.

The chairman concluded by expressing generally the Board's recognition of the loyal and strenuous services performed by the staff during the past very trying year. Various causes had increased alertness and energy, and this had been willingly accorded in every direction. For these loyal services the Board wished to express its thanks." The motion to adopt the report and balance-sheet was seconded by Mr R. H. Rhodes and carried, after a very bri c f discussion, in which one shareholder expressed the opinion that a round sum of money should bo invested in such a way as to be immediately available if required.

Mr W. H. E. Wanklyn was appointed auditor for the ensuing year. It was decided, on the motion of Mr J. H. Hall, that the directors be authorised to contribute moneys for patriotic purposes out of the funds of the company to such an extent and in such a manner as they might deem advisable."

A vote of thanks was passed to the directors for their work during the past year, and the meeting also expressed in a vote of thanks its appreciation of the invaluable work of the staff during the past year. The retiring directors. Sir George Clifford and Mr George Humphreys, were re-elected, there being no other nominations.