THE CANTERBURY FROZEN MEAT CO. LIMITED

Press, Volume CIII, Issue 30364, 13 February 1964, Page 17

THE CANTERBURY FROZEN MEAT CO. LIMITED

Annual Meeting

The Annual General Meeting of The Canterbury Frozen Meat Company, Ltd., Was held on Tuesday, February 11, 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. Cotterill, said:— “As shown in the Chairman’s Statement the year s trading has not been an easy one.

“After taking into account our developmental expenditure which consists in replacement of obsolescent buildings and plant and which earns no additional income, plus the considerable capital expenditure we will have to face to meet overseas hygiene requirement, a conservative dividend policy is considered by the Directors to be in the best interest of shareholders. “Shareholders . will have noticed reference to the shipping streamlining committee. Until the full report of this committee is made known, probably in a tortnight’s time, it is premature to say much. “One vital point is the preservation of marketing connexions as they affect different classes of meat, and the preservation of existing connexions between seller and buyer. Meat cannot be success-

I fully sold in a mass. Each grade has its own particular ciass of buyer and there are grades which are normally marketed in particular areas. Disturbance of this complex marketing system built up over many years, eould have serious consequences. "Present talks between Commonwealth countries and the United Kingdom on the question of regulation of meat imports are of vital j importance to us. , "The United Kingdom Government has serious | problems—Common Market i —protection of the U.K. | farmer —formulation of an I import policy which will prei serve trade with CommonI wealth countries. I “There is in the World a I rapidly expanding population which needs an expanding food production, and on a long-range forecast, I cannot see how New Zealand's low cost production of meat could fail to command a market. “But nonetheless New Zealand must fight for all it can fairly ask for in competition with other exporting countries.

"The Chairman's Statement refers to the purchase by the Company of an interest in the London firm of Greatrex and Company, Ltd. This is an important development giving us as it does a new standing at Smithfield. “I think shareholders will be interested to know that one of our younger Directors, Mr John Fulton, has lately

been appointed to succeed the late Mr C. P. Agar as Chairman of the South Island Freezing Companies’ Association.” The retiring Directors. Messrs L. D. Cotterill and H. H. Elworthy, were reelected to the Board and the Auditors, Stewart, Beckett and Company, continue in office for a further 12 months. The Meeting concluded with a vote of thanks to the Directors, Management and Staff. —P.B.A