CANTERBURY FROZEN MEAT COMPANY.

Press, Volume LVI, Issue 17021, 18 December 1920, Page 11

CANTERBURY FROZEN MEAT COMPANY.

ANNUAL MEETING. The annual meeting of the Canterbury Fro7.cn Meat and Dairy Produce Ksport Company, Ltd.. was lield in the Chamber of Commerco Bftill yesterday jifternoon, Sir George Clifford, chairman of directors, presiding over an attendance of about twenty 6b areholders. Annual Keport. The annual report stated: — The directors have pleasure in. presenting l-o tlie shareholders tho haliince-sTicct and profit and loss statement for tho year ended SOtli November last. Tbe net profit for the year is £43,330 •|. s lid, which, with the amount lnoiight forward from last year, makes the amount at. credit of profit and. loss account £49.238 4s Bd. Out of this, further additions have been made to tho various reserve funds, and after such apportionments, and deducting the dividend paid at the half-year, th(»re remains a sum of £19,6.54 18s Bd, which the directors propose should be dealt with as follows: — To payment of a further dividend of 3 per cent. on preference, and 6 per cent, on tho ordinary shares, making 6 per cent, and 10 per cent.

The directors to retire by rotation flr ,. Messrs John and Herbert Klworthy, and they, being eligible, offer themselves for re-election. Mr W. If. E. AVanklyn, the auditor, also offers himself for rc-election. Balance-sheet. The balance-sheet' "ivas as follows: —

| CHAIRMAN'S ADDRESS. | The Chairman, in moving the adoption of the report and balance-sheet, delivered the following address :— J ne«cl not dilate on the balnnceshcet and profit and loss account which the directors have had tho pleasure of submitting to the shareholders. It differs but little from those laid before you during the war years, when operations were simplified for us and for producers by the fixed prices paid by the Imperial Government, for commandeered produce. "We have been able to show you that during this period, while giving everv assistance in our small power to the Empire, wo havo succeeded in bringing our enterprise through troublous times unweakened —indeed, the increment of our reserves, including investment in "War Loans, should increase tho confidence of all who are interested in our prosperity. Our killings for tho past, twelve months were 149,599 in excess of those of the preceding season, and we have to thank our army of clients for the fidelity of their support during a time when we had fewer comparative advantages to offer than when busiuess was normal. It will henceforth regain its healthy state of free competition, in regard to which wo can reitorate our unique claim upon our supporters' goodwill, .inasmuch as we alono among companies operating in Canterbury have never been buyers of stock for export, and thus under our system have no other motive than to secure the best available return for our clients. "Wo arc now emerging from the perils of a world-wide conflict which has wrought historic changes in all the nations of the globe. Every sociat and industrial organisation has to review its position and its mothods in face of these altered conditions. At this point of new departure wo aro bound rather to lay stress upon' these fresh problems than to dwell upon the difficulties which we have successfully struggled to overcome in embarrassed past. "Wo may, howev a er, note in passing that our task was at tho same time, to supply tho requirements of the British authorities in feeding their'fighting forces and our

starving fellow-countrymen, while relieving as be-t we could tho overcrowded paddocks of our own fanners. In this endeavour we erected additional cold storage to hold 502.000 running carcases at a cost of approximately £SO,OCO. Much of this accommodation will not be needed hereafter. Its existence at least proves how wholeheartedly we strove on emergency to meet the double strain which was imposed upon us—tho demand for storage by the Imperial .Government and tho constant cry for relief from anxious sliecp-farm-crs. T am soniewhat reluctant to enter into discussion upon the prospects which the approaching years hold in their lap for us. The world needs the food which a bountiful nature eo 'jualifies this Dominion to supply, but It lias still to be tested whether an impoverished world can afford, to receive it at the enhanced price necessitated bv the sharp increase of the cost of production a lid manufacture. In the meantime, we have, to study how to meet the steep rise m working expenses with as low a corresponding increment of freezing and other charges as prudence will permit. Economy can best bo effected bv concentration of work, and it is a natural consequence that multiplication of factories will have the reverse result. There is, however, no need to labour a point which experience must quickly decide. Throughout the period ol- the commandeer we have studiously maintained the standard of our grading, and we havo reason to believe that tho reputation of our brands has thus been Kept steadily at the level so continuously aimed at- by our companv. Whatever be the rise or fall of the market, our friends will realise how potentlv assurance of this kind will assist in *.bo realisation of their'consignments. . It is fortunately not my dutv to try to forecast the effect which unsettled trading and financial conditions maze have upon us—such prophecies are apt to engender false hopes or undue despondency. It is evident that multitudes are crying out in Europe for sustenanace and that the populations requiring it are increasing; it is fairlv to be assumed that with the desire for peaceful existence a, return to a, less perturbed life wjll follow; and therefore we, fortified as we arc with reasonable reserves, and conducting our affairs on our accustomed safe basis, mav look forward to a continued, if | perhaps modified, prosperity. What-

erer betide, jn it.» main aspects our policy will be unchanged: wo shall not l>e our clients' competitors either in tiio sheep-vards of Canterbury or on the stalls of Smithfield: they may ici\ upon every assistance on our l n the freezing and marketing or tneir goods, and I venture to predict- tliw | much, that tbo results will not ; point them so far as our share m theso operations is concerned. , | Mr John Grigs, who seconded tno , motion foi' the adoption of the report, and balaiico-shcet, said the c ' l^ lrn , la . i liad spoken so fully and ?° there was no need for anybody cUe , i xav anything. . , ~ ! The motion for the adoption of t 10 : report and balance-sheet was tlicu put ( and carried. i Directors and Auditor. i The retiring directors. • Grigg and Herbert ]£hv*ortb> ; elected without opposition. i Mr AV. H. E. "Wanklyn was re-elected auditor. , . Directors Thanked. Mr "W. H. Clark proposed a vote of thanks to the directors. Pie with commendation tho splendid « ance-slieet .again put before sharchold is and said the company was to bo con- , grn.tulated on possessing :t Board or i ! Directors able to manage the business j so successfullv as the present " 0!l1 , , -Mr Henry Overton, wlio seconded the rote, said he was glad to sec the Directors Tiad decided to adhere to the grand lines their dear old friend. John Grigg, had laid down. I The motion was carried. | Mr George Humphreys, one of the 1 directors, in reply, said he did not think there was anything to say either to defend or commend tho directors. The ! business of the company had been put I well before the shareholders and the. company's clients, and ifc was very gratifying indeed to hear from both a farmer and a. shareholder that the policy of the directors had been acceptable. He the Board was unanimous in noldme the opinion that it would take a very Dig upsetting of the business generally to mako tho Board alter the present policy. Staff Commended. The chairman said the directors were very thankful to the shareholders for their appreciation, but no J3oard of I Directors could successfully carry out an undertaking of that sort unless they

ASSETS. £ S. d. By Freezing "tt'oika. Plant, TJacluuerv. and L-a.nd at Belfast. Kaii-field. Pareora, Hornby, Biccartoi'., YaldJjuTst, Southbrook, and Stvx .. ;'10,290 5 0 „ Debtors .. .. . .. .. .. .. " .. ■ 80,707 "J 11 „ Payments on behalf of Imperial Government to orrr.ers of meat, including value of Corapany'3 interest in Consignments imrsaiised, and Stocks at Works .. .. .. .. 513,037 17 2 „ War Loan Inscribed Stock £50,000 at £90 per cent. .. ... .. -15,000 0 0 ■£956,9!>5 6 3

PROFIT A>TD LOSS STATEMENT FOR TH E YEAR EXDIKG 30t1i 2vOVEMBER, 19-20.

4 £ e. d. By Kalanes from last year'after cfdrctiuf: Dividend .. .. .. 5,907 19 9 ~ Balance of Accounts after Deducting "Wages, Working Expsnsee, and malting (provision for Taxes .. .. .. .. .. 43,313 19 11 ~ Transfer Fees «* .. .. .. .. .. ig 5 o £49,038 4 3

- GIJORGE, CLIFFORD Chairman. D: J. SHEA, Secretary. y ' I hereby c-erlify that I liave examined fho Books, Touchers, and Accounts of the Canterbury Frozen Meat and Dairy Produce Export Company, Ltd., aud compared tbcm witli tie above Balance>-sh«et, and find same correct. ChristchuToh, 3rd December, 1320. W. H. E. WAJTKLTX', F.R.A., F.1.A., JT.Z., " Auditor.

were loyally supported by an efficient, staff. The staff at the present timo "as specially efficient. The company had a secretary who had derotod himself day and night to the work of the company, and who had proved himself to be u most successful secretary in aJI the manipulations of the business which he had to cariy through, and the directors were very much indebted to him for the i's«;.stance h« had afforded. The works managers also bad succeeded through troublous and difficult times in achieving v.'otfc which, involved problems that . r,rmMla '- Throughout tho whole staff it Mas nece-staiy to deal with which gave no precedent for the action the members of the staff wee • impelled tr> take sometimes at short notice, and he thought the company was indeed to be grateful to them for the jact that tho company had pulled through and in a great- measure satisfied ' lie clients in the difficulties they had to meet. Stores were blocked and the company eonld nr>t take in stock for "Inch thin- had ait exceptional demand, and it required a great deal of patience and tact to carry on operations without Jtn ing considerable offence to those who did not nearlv on every occasion tinderstand what, difficulties stood in the way ot those who were trying to serve them. Ihe present, was a special occasion, he when the company was more indebted to the staff than usual nnd he nad tho greatest pleasure in calling the attention of the company to what thev Had done and asking the company "to Piiss a vote of thanks to Iho staff for r splendid services during the past year. 1 The rote of thanks to the staff was can ted and Mr T). .T. Rhpa secretarv, eturiled t.ianks, saying the staff appreciated most, heartily the kind references made concerning them I lie meeting then closed. Extended Report PublisTied by Arrangement. '

respectively for the £ g. d. vcar ■ ••• 9,/o0 0 0 To payment of a bonus of 4 per ccnfc. on. the ordinary thares ... 4.500 0 0 To carryforward ... 5,401 18 8 £19,654 18 S

• CAPITAL AMD LIABILITIES. To Capital *' 35,000 Ordinary Shares at- £10 each .. .. .. 150,000 0 ft 25,900 Prcferonce Shares at £.> each .. •• •• J25,000 0 0 275,000 0 0 Issued as follows„ J5,000 Ordinsu-y Shares pa/3 uy. to £7 10s cach .. 112,£>00 0 n 20.000 Preference Scares paid ur> to £5 cash .. 300,000 0 0 ' — 212,500 0 0 Advances received from Imperial Uovexiun-e-iit on meat, " the property of Clients, Drafts _ against Company's • interest in Shipments and Creditors .. .. 619,810 7 7 , „ General ei~ve Account .. .. .. 125,000 0 0 „ Insurance Keseivo 'Fund. Account .. .. .■ 65.000 0 0 Total Keserves .. •• •• " 190,000 0 0 KenfriraIs and Picscire Account .. 22,919 14 11 " Le=s Expended this year .. .• •• 7,919 14 11 . . 15,000 0 0 Balance per Profit and Loss Statement .. »• 27,1'54 18 S Less Dividend paid at half-year •• 7,500 0 019,654 18 8 £955,995 6 3

£ «•. d. To Amount added to Gener.il Koseixe Fund .. .» 12,000 0 0 ,, Amount added to Insivrnnco Reserva Fund .. * -- •• 3,000 0 0 Amount added to Renewals Eeservo Fund »«: ® 0 . To Balance .. ... ' .. >•« .. S„15< 18 8 JE49j23S 4. 8 ,