MEAT EXPORT COMPANY.

Daily Telegraph (Napier), Issue 3504, 29 September 1882, Page 3

MEAT EXPORT COMPANY.

The adjourned meeting of intending shareholders in the above company was held iv the Criterion Hotel this forenoon for the purpose of receiving the provisional committee's report, also to receive applications for shares. There was a fair attendance of sheepfarmeis present, Captain Russell occupying the chair.

The Chairman explained the action that bad been taken by tbe committee subsequent to their appointment at tbe last meeting of promoters. By way of explanation of the report that he would now read, he might mention that a subcommittee, consisting of Mr Ormond, Mr Murray, and himself had been appointed to visit tbe Tomoana works and examine into the figures. &c, provided by Messrs Nelson and Williams. That duty had been done, the latter gentlemen affording all necessary assistance and information to tbe sub-committee in their researches. Mr Nelson had supplied them aleo with full particulars of tbe working proceedings of the firm for May last, when 3700 sheep, some indifferent, some fair, and some good, had been worked up, with a result highly satisfactory. Of course the sub-committee would not feel justified in divulging the details, as such action in the meantime would not be either to the interests of the present proprietors or the proposed future company. The Chairman then proceeded to read tbe report as follows, also the accompanying prospective balance-sheet: —

Your committee having examined into the results of the working of the Tomoana establishment is of opinion that tho present businesss can be conducted with fair results as compared with the present prices derived from the sale of frozen meat in the colony, and that the works will be the means of converting to profitable account a large number of stock not suited for freezing operations. Tbat the capital of the proposed company be £50,000 in 5,000 shares of £10 each. That £4 per share be called up, i.e., £20,000 as follows .—On application, £1 ; on allocation, £1 10s ; in six months, £110s. That a loan be raised of £20,000, leaving the dormant capital £10,000. That the present proprietors of the Tomoana works be allotted 1,700 shares on the same terms as other shareholders. That Messrs Nelson Bros, and Co.'s offer of their works, patent rights,_ etc., for £30,000, bo accepted, and your directors be

authorised to arrange the terms of payment. That the accompanying pro forma balance-sheet be adopted. That with the present uncertain information as to what may ultimately be the best mode of freezing, the committee do not recommend doiftg more this season than endeavoring to secure two more vessels fitted with refrigerating machinery. A comparatively trifling expenditure may enable the stock to be slaughtered and prepared for shipment afc the present works, and the committee think this much should be done. That one hundred shares be the qualification for a seat on the board of directors. That a share list be opened, applications to be made to the acting secretary, and that such share list close on the 16th October. W. R. Russell, Chairman. Napier, September 29,1882. The following balance-sheet shows the prospective working account for one year: —

— With respect to the balance-sheet, Captain Russell explained that care had been taken in compiling it to keep well within the mark. The committee also considered it necessary, be might state, to combine the preserving with the meat freezing industry, as, although a sbeep 80lbs weight was worth B£d more as frozen meat, than if it were boiled down and preserved, the question of indifferent animals had to be considered, and it was decided that none bat the very best should be frozen. In connection with the report he had received a letter this morning from Mr Ormond, which he would read. It was a follows: — To the chairman general meeting of Meat Export Company. Dear Sir, —Will you kindly convey to the general meeting fco be held on Friday my regret that I cannot be present. As one of the committee appointed by the last general meeting I should have attended if possible, and should have stated to the meeting that, after carefully considering the whole question, and having examined into the results of the working of the Tomoana establishment for the past year, I am of opinion the present works can be profitably used both by the company and sfcockowner in the disposal of that large class of stock not suitable for exportation as frozen meat; also that I consider the frozen meat business can be most successfully carried on by working ifc with such an establishment as the Tomoana.—

Yours faithfully, J. D. Ormond. Napier, September 27fch, 1882. Mr F. Sutton asked if anything had been done towards endeavoring to bring about an amalgamation between this company and one which it was understood was being floated in London by Hawke's Bay settlera there ? The Chairman said nothing definite bad been done so far as he was aware. A telegram, he believed, had been sent from here. He was under the impression, however, that those gentlemen at home knew by this time at least what was being done here, as Mr Nelson had some time ago communicated with his brother in England on the subject. Mr Sutton then wished to know if any person had been authorised to deal with the gentlemen interesting themselves in the matter at home ? If the share list for the present company were closed on 15th October, as proposed, it might result in complications of some sort. Mr Miller suggested that any probable difficulty in that respect might be met by the postponement of the allocation of shares until the directors here would have heard from England as to whether those settlers now at home were willing to amalgamate with those out here. Some considerable discussion on the question took place, the report being ultimately adopted. Mr Sutton moved that the former provisional committee, including the names of Messrs H. Gaisford and J. Chambers, jun., be appointed provisional directors, with power to give effect to instructions. —Carried. Mr Birch moved, and Mr Gaisford seconded, that it be an instruction to the committee to send a cablegram, at a cost not to exceed £30 to the settlers now moving in the matter of forming a company similar to the present in London informing them of the action taken here, and asking what number of shares they will be prepared to take up.—Carried. The Chairman said he had just been informed that a gentleman present had received a telegram *which might be interesting to them if the receiver of it would let them know tne contents. Mr Chambers, jun., said he had received a wire to the effect that the promoters of the company at home had nn objection to amalgamate with that proposed here on certain conditions, and subject to the approval of prospectus now on the way out. Mr 0. C. Murray moved tbat, in the allocation of shares, a greater number than one hundred shall not be allotted to any one person, provided a sufficient number of shares is applied for to complete the capital of the company. Mr Miller seconded the motion pro Jorma, and it was carried after a short discussion. The meeting then adjourned.

EXPENDITURE. £ s d £ s d 50,000 sheep ") 300 bullocks [ 36,433 6 8 800 sheep ) Expenditure on ditto 10,111 10 10 Salaries, &c. ... 2,200 0 0 48,744 17 6 Balance 5,812 12 6 I £54,557 10 0 RECEIPTS. Meat, tallow, wooi, manure, hides, rents, &c 54,557 10 0 £54,557 10 0 The following is the prospective capital account: — LIABILITIES. £ s d £ s d Paid up capital 20,000 0 0 Borrowed do. 20,000 0 0 Interest on do. 1,200 0 0 15 per cent dividend on paid up capital" ... 3,000 0 0 44,200 0 0 Balance carried forward ... 612 12 6 £44,812 12 6 ASSETS. Plant, land, &c, £30,000; less depreciation, £1,000 ...29,000 0 0 Freezing plant (possible) ... 5,000 0 0 Stock 5,000 0 0 Balance of working account... 5,812 12 6 44,812 12 6 £44,812 12 6