A PROSPEROUS YEAR

Dominion, Volume 8, Issue 2537, 11 August 1915, Page 8

A PROSPEROUS YEAR

WELLINGTON MEAT EXPORT CO.

ANNUAL MEETING

> Tho twenty-sixth annual meeting of shareholders of the Wellington Meait, Export Company was held in the Ohomber of Commerce yesterday, Mr. W. G. Footer, managing. director, presiding. .The report and balance-sheet (already published) was taken as read, and was adopted without discussion. In moving the adopliion. of the report and balancesheet, the chairman mid:— "Tho. results of the year's business has been satisfactory ,and in fact is a 'fat' one. It is desirable that reference should be mode to the factors specially contributing to this, and Bret in order I may place the realisation of the unsaid etocks at June 30, 1914. In the ordinary courso satisfactory surpluses over draft values were .confidently, anitiicipoted, but these were greatly excelled as the result of war conditions. "Tho company's assets during its existence by depreciation appropriations have been written down from £371,148 to £171,132 or nearly 50 per cent.', and it is considered that the amount recommended to bo applied this year Is ample. The reserve funds will be materially added to, and will, apart from the £6165 carricd forward, aggregate £85,231.' With 6uch substantial additions to reserve it was felt that it is due to shareholders to suppleliuent the' usual dividend on . the share capital by way of a bonus of 2 per cent. The work for the year has not been carried out without very considerable difficulties. Insulated tonuaee was materially reduced by. withdrawals of vessels for transport service, and for needs of the Imperial Government at Home and elsewhere. The demand upon insulated shipping space. was also augmented by tho dry weather and consequent dearth of feed experienced during the season. I&rge . quantities of meat aro still in store in New Zealand, but suppliee in most districts have ceased, end no' further increase of stored meat is likely. With the shipping facilities provided ahead stores should be well cleared before the new season starts.

"I should periiaps not close my remarks without referring to the item in 'proposed .appropriations'—'further contributions to war funds of £500.' In view of the satisfactory results of the year jour boaTd hopeo this will be approved, and it is also tooped that your directors may feel it is the wish of' shareholders to continue to do their share by -way of funtlhor contributions at its discretion. Our permanent staff has not been backward in enlistments. and the officers eo'doing have been assured of the keeping open of their positions pending return, and the maintenance of their then salaries" whilst absent on service. The work of the remaining fttnfT has in consequence been muoh increased, but the extra strain has been well and nmgrudgiingly met without impairment. This has been recognised by a recent bonus of 10 per cent, on saJaries to office staff, including those who'have en.listed, and 5 per cent, to the permanent staff of the mechanical section." The report was adopted. Messrs. J. Campion and Edward Newman were Te-eleoted directors, and it was ; de- ' aided - that the services of the directors for the past yoat should be remunerated to the. extent of £600. Messrs. O. 8. Wotkims, W. S. Wheeler, and E. W. Hunit were elected auditors for the ensuing year. The chairman stated that throughout a strenuous year the staff had put its shoulder into the collar. remarkably well, and he thought he would be voicing the feeling of the shareholders in moving «, hearty vote of thanks to the staff. This was sec- ; onaed by Mr. J. Ilott and-canned.