FARMERS' MEAT CO.

Hawera & Normanby Star, Volume XLI, Issue XLI, 13 August 1921, Page 10

FARMERS' MEAT CO.

ANNUAL MEETING

The annual meeting of the Taranaki Farmers' Meat Company, Ltd., was held in New Plymouth on Friday, Mr J. T. Quin (chairman of directors) pre- ] siding over an atehdance of about 1501 shareholders. After commenting on the report and balance-sheet, the chairman, in speaking of foreign markets, said: "I had hoped, as foreshadowed in my last address to you, to be able to inform you that foreign markets had been opened up for the profitable disposal of our produce, but" up to. date such has not been the case. "On the other hand, as you are no doubt aware, large' quantities of lamb and mutton which were! shipped to the United States of Ameri- j that the matter of the German indemed Kingdom, whilst the"~stocks of Im- j pexial Government beef, which were purchased for disposal on the Continent, were also diverted to the same quarter. These conditions, of course, had1 a depressing effect on the Home market, more particularly with regard to beef. In view of the fact, however, that* the matter of the German indemnity has been sttled, I hope that before long the Continental markets will be available to us, not only for frozen meat but also canned meats, wool- and tallow. Without in any w»r attempting to prophesy, I am hopeful tnat the ensuing season will be brighter and more profitable to growers than that which has just ended. Ido not, however, think for one moment that values of. ■wb«l, tallow, pelts and hides will soar to the heights thev-reached during the 1919-20 season, and I would impress upon growers the necessity for exercising due care in their dealings. The high values referred to were false, being Created by a purely speculative demand, and large sums of mOney were lost by these speculative buyers, with the rsult that "during the past year many of them have not J^een operating, and those that have been were not prepared to offer the true market value of the various products, this, of course, in an endeavour to retrieve a. portion at least of their losses during the previous year. In view pf this your directors decided to consign practically all by-products, and up to the present time results have fully justified such action." Touching on the question of manures,, the chairman said that during the ?astseason they had received most gratifying reports as to the value ibis. product.. They had therefore decided to put uo. the same standard this year, but at a reduction of about £2 10s: This would not show much profit; but the directorate thought the move would be in tbe interests of shareholders. Taxation- on companies was briefly touched on, the chairman remarking on the heavy rates levied in this connection. He said at' present there was a tax of 8/9J against companies, and this as could he seen, was penalising the individual shareholders. ■ It collected a levy on the same basis from both small and large shareholders. There was a movement to have the incidence of this tax altered. Efforts would be made to secure an amendment of the Act next session in order to give relief to companies. While well aware that the taxation had to be paid they believed that it should be levied on a fairer basis than that which penalised small shareholders. In the discussion, following the chairman's address, Mr W. J>.Gray inquired if the company had taken into consideration the matter of grinding Nauru i phosphates r The chairman replied that the company was not in a position to put .nn a I plant, which would* cost between £50;----iOOO and £60,000. They had, however, made^ arrangements with an Auckland fertiliser company for any supplier required. Mr Morton, referring to the manufac tu re °i ~anure3, informed the meetine that the directors had before them th< question of reducing the price in view of very strong competition by othei sellers of manures. The previous sea. sons output,„which had been sold tc farm shareholders, had been so satis factory that it was deemed inadvisable to reduce the standard. They had low. ©red the price, however, but this woulc mean a reduction in the company's margin of profit and not in qualit y oi the article. Last season's output oi ow tons had all been disposed of H< f i j°t thinH .*^ at this year the total would be as high. -Several shareholders testified to th« good results obtained from the company s product, and one speaker said tbe manure was the best he had had since he commenced farming. Mr J b Connett expressed the opinion thai other manures sold at much reduced prices could only be marketed profitably by a breaking down process. Answering Mr. Hughes, the chair_?Lf a„. the. comPany had not experienced ihe slightest trouble in connecNew^m^tE:llß^ 611 thG POrt °f The motion for the adoption of the report and balance-sheet * was subsequently carried unanimously. A motion was passed declaring a dividend of sis per cent, on paid-up MPI a -■£ l_* e*W? *° *Ws motion, Mr. A Morton said that while last year a dividend of 8 per cent, had been paid, the season just passed was an entirely different one for the frozen -eat^ business. He thought every shareholder could be congratulated on the way tbe- company's business had been managed during the year, and on the excellent report and balance-sheet. Un the motion of Messrs W. T Gray and E. Marfell, the chairman wa£ voted an honorarium of £250 for his services. Appreciative references were made as to the work done by Mr. Quin tor the company, his interest in the knoifed' hk valuable Practical The retiring directors, Messrs M. Fleming, J W. H. Martin, A. W. Budge and S. E. Meredith, were reelected unopposed. . A hearty vote\ of thanks was passed to the manager and staff for the loyal way they had served the company I throughout the year. . . ! .A T.ote of thanks was also accorded the directorate for their work durine the year. & Mr. E. P. Webster was reappointed M At* subsequent meeting of directors Mr. _ Qum was re-elected chairman.— Abridged from News.