BACON AND MEAT PACKING COMPANY, LTD.

Evening Post, Volume XCVI, Issue 139, 9 December 1918, Page 2

BACON AND MEAT PACKING COMPANY, LTD.

ANNUAL GENERAL MEETING.

The second annual general meetinjr of the New Zealand Farmers' Co-operative Bacon and Meat Packing Co., Ltd., was held at the offices of the company Bethune's Buildings, Featherston-street, on sth December. The Hon. J. G-. W Aitken, chairman of directors, presided! Keport and Balance-sheet.—The following was the report of the directors: We have.pleasure in placing before shareholders the balance-sheet and profit and loss account for the year ended 30th September, 1918. The year has been a very satisfactory one. The progress payments made throughout constituted record, rates, and the declared prices fir the various periods were such as to enable the company to distribute an aegrci gate sum of £8000 amongst shareholding suppliers. The company's operations were extended to the handling of beef for canning and freezing, but our extensions were not available until practically the end. of'the season. Tho installation of additional freezing machinery and the acquisition of property adjoining the Ngahauranga Works has placed the company in a position to satisfactorily handle all daises of fat stock. The total number of pigs slaughtered shows a slight decrease, attributable to the lessened production as compared with former years, but we are pleased to say that any diminution in the supplies of pork has been more than compensated for by the quantity of beef handled. The loyal support accorded, us by .our shareholders has assisted the company in the year's operations. The balance available for appropriation, after making due allowances for depreciation, bad debts, income tax, etc., as shown by the accompanying bal-ance-sheet, is £8377 14s lOd, which it is recommended should be used as follows:

JOSEPH BARUGH, W. D. POWDRELL, Directors. COLIN MONRO, Secretary. S. C. BARON, General Manager. We have examined the books and vouchers of the' New Zealand Fanners' Co-operative Bacon and Meat Packing Co., Ltd., and have comp&redi them with the above balance-sheet. We certify that in accordance with the Companies Act, 1903, our requirements as auditors have been complied with. In our opinion th» above balance-sheet is so drawn up as to exhibit a true and correct view of the company's affairs as at 50th September, 1918, as shown by ite books and from the information supplied to us. Stock sheets certified to as correct by the general manager have been produced to us. GOLD AND ARCTJS, F.I.A. (N.Z.), Auditors. Wellington, Ist Nov., 1918. Chairman's Statement. —Addressing the meeting, the chairman (the Hon. J. G. W. Aitken) said :— "Before proceeding with the business, gentlemen, I presume that you wilLagree to the report .and balance-sheet being taken as read. The past year, being the. second during which the company has been operating, has, I am pleased to say, shown a satisfactory out-turn, and I must congratulate shareholders on the results achieved. As I pointed out at last annual meeting, the presence of the company would tend to bring about a regularity of prices to the producer, which is such a necessary factor to enable him to determine on the course to adopt in regard to the marketing of his pigs. But I would point out that it is impossible to assist the producer- in this respect unless he is prepared to avail himself of the equipment offered. Iff the desirable position is to bs gained, it is for the individual to recognise the responsibility resting upon him. Great results can be obtained as the. result of co-operative effort. It ia very gratifying that we have such a large body of fanners true to th« principles of co-oper-ation and loyal to thp company to which they belong, and it is largely, owing to their support Out such satisfactory results have been attained. There, of course, have not been wanting a few whose estimate of co-operation is valued by a trifle offered by, opposing interestf for the purpose of breaking down this spirit of co-operation. TOi© success of the concern depends to a large extent on the measure of support'given it by its shareholding suppliers. The result of our operations was such that in declaring our prices for the year we were abl« to distribute an aggregate sum of £8000 to suppliers to bring the prices up to the rates declared, particulars of which ■ shareholders have already been

advised. The killings of pigs hay« shown a alight decrease, owing to scarcity of labour and the" tendency to turns milk products into cheese. The inclination to take up the manufacture of dried milk has also in no little mejjgurt affected the production. 'It is of regret that the fastening of pigs is not more vigorously prosecuted, 'but there is no doubt that with the closer settlement near at hand 1 and the return of many of our men to the land, a considerable improvement may be expected in the future. As indicated to you nt oui' last annual meeting, the company had embarked on the beef industry, and I am pleased to say that oiir activities in this direction have been highly., satisfactory. Our presence as operators in the Taranaki district appears to- have been much appreciated by the growers of that district,, as indicated by the vary satisfactory support the company received. Our Eltham works have operated to their fullest extent, and substantial improvements and alterations to those ■ premises have been made; The company has been successful in acquiring that valuaable property adjoining its works at Ngahauranga, consisting of ■ 48, acre§ Toil land, also slaughterhouse and yard&^so that its operations can now be extended to the handling of all classes of fat stock. Its meat preserving plant has been considerably improved, and a most up-to-date fertiliser plant is now ready for working. At Eltham the purchase of a farm near the works will give the company good accommodation paddock*. The installation of additional freezing machinery has enabled -the- company to make very satisfactory extensions to the cold storage. Turning to the accounts : There is very little in the figures placed before you to which any special reference is necessary, with the exception perhaps of the amount, shown under the heading of tangible assets of the company. The increase in this item is represented by the expenditure on the extensions made at all our works to enable us to extend our operations. The other items—sundry "debtors and stocks^— are larger as compared with last year's figures, but a fairly conservative estimate of these has been made. The increases are attributable to the accumulation owing to lack" of shipping, but a very large proportion was,-at the date of our balance, held on account: of the Imperial authorities. These items naturally are reflected in the. increased amount under the heading of "• sundry creditors and the consequent larger pVet> draft. You will, however, be pleased to learn that the bulk of our stocks have been cleared since 30th September, and already a considerable portion ofjtheboole debts have been liquidated; I,regret to have to advise you that the company-has suffered a very severe loss in the d«ath of Mr. W. M'Caffery, rlate works manager at Frankton Junction. Mr. M'Caffery was a man in whom the company had the utmost confidence, l and he,wia» one of the most reliable'cutters in New Zealand. His loss will be severely felt, and I am sure it is your wish that the sympathy jof the directors' and shareholders of the company be extended, to his widow, and at the same" time I would like to place on record an appreciation of the services Mr. M'Caffrey has rendered the company." The Chairman then formally moved the adoption of the report and balance-sh,est, and congratulated the directors on the progress which was being made in the business. On being put to the vote the balance-sheet and report were unanimously adopted. , Election of Officers.—Messrs. '■ S. Bolton, W. D. Powdrell, and T. Patterson, who retired by rotation, were re-elected as/ directors. Messrs. Gold [and Areas were reappointed auditors for the ensuing year. ' A hearty vote of thanks to the management and.staff was earned .unanimously.

■ ' ' ' * S. 0. To pay a dividend of 6 per cent, on the "A" and "B" ' preference shares and ordinary shares 663112,11 To add to Keserve Fund 800 o. 0 Leaving an amount to carry „ forward of 946 1 11 £8377 14 10 The directors retiring are: Group .1, Wellington district, S. IJolton; Group 2, Taranaki district, W. D. Powdrell; Group 3, Auckland diistrict, T. Pateraon; who^ being'eligible, offer themselves for re-election. Tpe uiuditors, Messrs. Gold and Arcus, retire* 1 and offer themselves for re-election. LIABILITIES, v£ » A Authorised capital—2oo,ooo 'shares of-20s ..: „... ,200,000 0 0 Unsubscribed capital—ss,344 shares of 20s ............. 55,344 0 0! Subscribed Capital—9o,6s9 A proferenco shares, £90,659; less uncalled, £15,536-14s; less'calls paid-in advance, £1286 76,408 6 0 31,362 B preference shares, £31,362: loss uncalled, £1321 12s 6d; less calls ] ' paid in advance, £94 10s —£1227 2s 6d; lees unpaid calls, £552 17s 3d... 29,582 0 3 22.635 ordinary shares, £22,635; less uncalled, : £18,108; less calls "paid in advance, £262- 10s— £17,845 10*; less unpaid calls, £21 15s \ -4,767 15 0 Paid-up capital.; 110,758 1 3 Sundry creditors 177,321 2 10 K4serve fund 850 0 Q Profit and Loss Appropria-. tion Account — Balance from 1917, £533; add net profit for 1918, £7444 14« lQd 8,377 14 lft. •■ £297,306 18 11 •; ASSETS. Land, buildings, machinery, and plant, receiving stations, furniture and Citings, horses-and rolling stock at Wellington, Ngahauranga, Eltham, Frankton Jctn-, Otahuhu, Auckland, andTe Aroha> :134,954 13 7 Sundry dobtom :... 93,012 14 0 Stocks on hand 64,339 11 4 £297,306 18 11 Profit and Loss Account for 12 months «nded 30th September, 1918. . ' £ » d 1918—30 th. September: To. sundry expenses, bad' debts, depreciation, Income Tax 45,756 15 4 Net profit 7,444 14 10 £55,201 10 .2 1918—30 th September: By Sross profit 53,201 10 2 £53,201 10 2