MEAT EXPORT COMPANY.

Dominion, Volume 1, Issue 276, 14 August 1908, Page 9

MEAT EXPORT COMPANY.

ANNUAL MEETING. THE YEAR'S BUSINESS AND THE FALL IN WOOL. '■ 'The'nineteenth annual meeting of the Wellington Company, Limited, was hold at the Chamber of Commerce yesterday afternoon, Mr. W. G-'. Foster, Chairman of directors, being in the chair. The. Chairman apologised for the unavoidable abscnce of Mr. W. C.' Buchanan. In his speech, tho Chairman referred to the heavy declines in valuo of two important items of their trading operations, wool and pelts. He continued:—"During rcccnt yqars, London markets' have shown steady advance, and it is easy to understand tho satisfactory profits which were made under such conditions, but such conditions could not be expected to continue indefinitely. Values aro now at such a level as is not likely to be further lowered, and with tho rocognised shorter margin between supply and demand, it is not unreasonable to hope that, the present financial stringency in American and Home trades and the consequent manufacturing disquiet once removed, a recovery may ensue.

"lour directors have watched with tho greatest care and anxiety the course of the company's business for the -year, but desiring to avoid anything liko panicky reductions in prices paid for stock to tho producer, and bearing in mind the possibility of "recovery of Home values, coupled with the strong financial position of the company, have in spite of the, at times, gloomy outlook, purchased stock at figures which, considering tho declines in wool and pelts, bear close comparison with preceding years. That your directors'' policy has been appreciated is evidenced by tho increased numbers of stock put thrdugh, the figures being for the years ending June 30, 1907, an eqiiiva-i lent m sheep of 530,696; Junp 30, 1908, an' equivalent in sheep 'of 545,899; increase/ 15,20.1 Of this number, 545,899. an lent in sheep to 127,099, have 'been frozen by owners, who in so doing have in most cases had the specific desiro to support tire company, which, originally purely a farriers' company, still has a wide and influential conncction in the country. \ " A number of our clients this year decidcd to take the risk of shipping their own stock, and in this direction, their support has bhon of considerable valuo to tho company, and is highly appreciated" by "your directors, j "The prominent question of the dayi has not been without" its'effect upon the cosis of tho .company's working. An estimate oI the advances iii wages, etc., during the (past eighteen months, can scarcely bo placed at loss than per cent., and on this basis, tho extra amount paid out. by the coiipany to the worker"during the twelve months ending June 30 would exceed £3500. Notwithstanding this, owing to tho improved appliances and extensions, _ your directors decided not to make any increase in freezing or other charges, 'jvhich, in a year such as lately past, would have been severely felt. "The outlook -for wool and pelts/ is still far from encouraging. The present unsatisfactory condition would appear to Ibe due more to a widespread manufacturing stagnation than to special financial stringency. Much has beon said as to the substantial' advanco in values at tho opening of Jtho July series:- 1 So far as can bo ascertained, the' wish must have been , largely 'father to the thought.' The advance was almost confined to the classes of wool (fine-and light conditioned) of which our production is in very much tho smaller proportion, land it is questionable whether any appreoiablo improvement has occurred which .'materially benefits this Dominion. Considerable difference exists in the opinions held as to probable course of values. Wool is heavily held over which, when placed ou tho mar-1 kot; in view, of the hew clip, ~prerajt r anything liko strong recovery. In any'cage it "is" Idle to forecast'when, from causes of which at this end we know very little, the market may turn cither way- . " Tlio 1 company is indebted to the staff for able and assiduous efforts in its interests during the past season." Tho motion for tho adoption of the report and balance-sliect (already published) was seconded by Mr. W. Watson. x Mr. KobbeU hicntioned that the company .was true to its colours, for it looked after the interests of the farmers moro than those of the shareholders. He lioped that when the next vacancy. occurred' in the directorate, a town shareholder would be elected. Dr. Knight agreed. He thought that moro than half the shares were ' held by people in town; tho Gear Company had possibly not more than a single farmer on its hoard, and he suggested that if some now blood, was put on this company's directorate/even hetter results would take place. The. chairman remarked that when this company started, the Ge/ir Company had all plums ou.t of the pudding, and the comparison could scarcely be made. The'report and balance-sheet wore adopted. Tlio retiring directors, Messrs. J. W. Marshall and W. H. Bectham,. were re-elected. Tho directors' remuneration was fixed at £800 for tho coming year, the same as last year. Messrs. D. T. Stuart and O. S. Watkins, auditors, were re-elected. Votes of tliahks were accorded the chairman and staff.