Canterbury Frozen Meat Co.’s Annual Meeting

Press, Volume CII, Issue 30057, 15 February 1963, Page 13

Canterbury Frozen Meat Co.’s Annual Meeting

The annual general meeting of the Canterbury Frozen Meat Company, Ltd., was held on Tuesday, February 12,- when the directors’ report and statement of accounts as printed were received and adopted and the directors’ recommendations for dividends were approved.

In speaking to the report and statement of accounts, the chairman (Mr L D. Cotterili), said that in recommending dividends the directors h'ad to remember first that there was a big annual expenditure in a freezing works and much of this expenditure was not deductible for purposes of taxation and had to be found out of taxed profits if finances were to be maintained on a sound basis. Second, the freezing industry provided a public utility service of very vital importance to the country and the considerable power for making profits must not be abused.

These factors had to be taken into account by the directors when considering what was a fair and proper dividend to recommend, and furthesiiMM*’, they had to keep before them the interests of their farmer suppliers, and it could not be argued that the company, was warranted in seeking profits on a par with those earned last season. Those profits were fortuitous, brought about largely by a most favourable killing season in New Zealand and a most unfavourable

stock rearing season in Western Europe. Profits, Dividends

Taken together, the last two yeans produced a net aggregate profit of £300.783. an annual average of £150.000. from which, including the dividend rt :ommended this year, £133.500 is being paid out. Mr Cotterill welcomed to the meeting Mr S. A. Chiaholm, the managing director of tba London lubaidiary—

the Canterbury Frozen Meat Company (London) Limited. This company is responsible for marketing in Great Britain, and Mr CotteriH commended the organisation built up by Mr Chisholm since the resumption of private trading in meat. In referring to promotion of export trade Mr Ootterill stated that at the present time Mr J. T. Fogarty, works manager from Belfast, was now in U.S.A, and would be going to Japan, the Philippine Islands, Maleya and Bangkok. Mr S. A. Ohiisholm had visited the Caribbean are<a and would be visiting Greece before returning to London.

In refering to the marketing of tallow, Mr Ootterill said that the company had recently made its first shipment of talow in bulk at the port of Timaru. It was anticipated that if half the tallow output of 2500 tons could be shipped in bulk there would be a considerable saving in costs.

The retiring directors, Messrs J. H. Grigg and M. F. Macfariane. were re-elected to tihe board.

The auditors, Messrs Stewart Beckett and Company, continue in office for a further 12 months.

Mr C. A. Fergusson moved a vote of thanks to the directors, management and staff. This was seconded by Mr W. J. Miller, and carried.

The chairman expressed his thanks on behalf of the directors, and Mr R. D. Hee. the general manager, on behalf of the management and staff—Extended report publitesed by amngamenh