WELLINGTON MEAT EXPORT COMPANY.

Evening Post, Volume XLVI, Issue 52, 30 August 1893, Page 3

WELLINGTON MEAT EXPORT COMPANY.

The fourth ar.nnal mooting of tho Wellington Meat Export Company (Limited) was held in the Chamber of Commerce thU afternoon, Mr. W. C. Buchanan, Chaiiman of Directors, presiding 'I be Chairman, in moving the adoption of tbe report and balance sheet (the contents of which have already been published), said tho directors regretted to meet the shareholders with such an unsai isfactory statement. The quantity of stock roceived from Btoekowners for freezing on their own account was so small that the directors found it iin. possible to declare n diiidond from that sonrce. Iho Hoard elected to go into tbe market and purchase, ninl although that policy bad not reMiHod sati factorily, tbe Board bad been justified in adopting such a course. The policy was one which tbo directors felt mu«t he adhered to. The purchasing of stock iv tbo colony bad now become tbe rule w ith mo-t eoinpnnies. There had been a greet drop iv prices at Home, and ho did nor think it was surprising to find that last yc.r's opeiationß bad not been a suoocsb. The present stiteof things could not continue. A company must buy at a price which would leave a margin to itself. The company 'fl plant was Eccoud to none in tbe colony, and ho folt certain that they would get a fair share of work, Last year the company purchased for shipment over 100,000 sheep, of which only 3561 were bought from the directors, the price paid to tbe latter being as favourable as that paid to other persons. The plant at Ngahauranga was too large for present requirements, but be maintained that the company bad been justified in going in for large works. During tho past three years there had been an increise in stock in tbe Wellington and Wc>,t Coast districts of 1,200,000 bead, and he felt sure that the time waa not far off when the whole plant would bo wanted. The ammonia process had been a success, and the plant would, when requited, do ample justice. During the past few years £24,00 1 odd bad been written off for dejireciition, fo that the dividends had not been paid without making due allowance for wear and t ar. Very satisfactory arrangements had been m.dc for the shipment of meat to London, uud the business of carcase bnichcring which bad been adopted since loft meeting wns proving very successful. Mr. C. Pbarazyn in seconding tbo motion, said he thought the prospects of the eomr pany very good. Tbeie was in the history of np.i ly ever' company a time when things were not particularly prosperous, and the shareholders of the Wellington Meat Export Company should not feel discouraged because last year's operations had been un. successful. At this stage the annual mooting was adjourned, and an extraordinary meeting was held, whon the Chairman moved a resolution to make the number of Directors as provided for in the articles of association " not lc"S than five, nor more than seven." The motion was seconded by Mr. C. Pharazyn and agreed to. On the annual meeting 1 being resumed, the report and balanae-sheet were adopted, after somo further disousaion. Messrs. C. P. Powles nnd D. T. Stuart ro-clectod auditors, at £21 each. Tbe election of directors was deferred poudme confirmation of the amendment of tbo articles but the remuneration of tbo futnre directors was fixed at £250. A vote of thanks was passed to the officer". The meetina was then adjourned until the 19th nit., when the extraordinary meeting will aUo bo hehl.