CANTERBURY FROZEN MEAT COMPANY.

Lyttelton Times, Volume CXXI, Issue 15494, 21 December 1910, Page 5

CANTERBURY FROZEN MEAT COMPANY.

ANNUAL MEETING. The animal meeting of tho Canterbury Frozen Meat and Dairy Produce Export Company. Limited, was held at the Chamber of Commerce Hall yesterday afternoon, Sir George Clifford, chairman of directors, presiding over an attendance of about ten shareholders.

The directors’ annual report showed tho net profit for the year to be £45,803 Os 7d, which, with tho amount brought forward from last year, made tho amount at credit of profit and loss account £40,757 13s lOd. Of this amount £688(5 4s l id had been added to tho general reserve fund, bringing it up to .£40,000, and £5723 2s 4d had been added to the insurance reserve fund, bringing it up to £BOOO. Ail

amount of £10,972 bad been reserved for renewals and replacements in progress and authorised, and £BOOO bad been written off tho works. After deducting theso sums and the half-year-ly dividend, £9664 10s Id remained, which it was proposed should be devoted to the. payment of a further dividend of 3 per cent on preference and 5 per cent on ordinary shares, bringing the total dividend for the year up to 6 per cent and 8 per cent respectively. This would account for £7686 7s 7d, and it was proposed to carry forward the remaining £1978 2s 7d. During the past year 499.672 head of stock were dealt with at Belfast, 366,413 at Fairfield and 320,082 at Parcora, a total of 1,186.167, which was an increase of 275,899 on last year’s figures. The statement of liabilities and assets showed assets valued at £348,478 18s 9d. and a balance over liabilities of £9664 10s Id.

In presenting the annual report and balance-sheet, tho chairman said this was the ninth occasion on wiiich it had been his duty with varying degrees of satisfaction to lay before the shareholders the result of a year’s operations, and when ho looked hack upon difficulties surmounted and opportunities accepted during that period ho felt that the shareholders and their many friends otherwise interested in the prosperity of the company had solid reasons for self-congratulation. Jn 1901 their liabilities were in excess of their share capital, tboir total accumulated reserves was £9138, tho much canvassed extension to South Canterbury was in front of them, the amount written off their works was criticised as inadequate, and the payment of dividend as consequently unjustified. To-day they were no longer undercapitalised, their reserves wero £48,000, in addition to £II,OOO put aside for special purposes. They wore enabled to write their works down sufficiently, they had provided their clients throughout Canterbury with up-to-date appliances for freezing their produce, and they had introduced many improvements which had greatly assisted in the direction of economy nrd efficiency. In 1901 the stock slaughtered did not reach 670,000 head, as against nearly 1,200,000 for tho past season. Such a retrospective glance was occasionally useful as indicating progress far more clearly than tho usual comparison of tho current year with its predecessor. In the interim the process of reconstruction had been necessarily a gradual one, requiring perseverance and patience, and bo might say that their exercise of tho latter quality and their confidences during a period of reduced dividends and, in one dark year, of actual loss, bad been a continuous encouragement to those entrusted with the.guidance of their enterprise. The balance-sheet offered for their approval that day was to some extent an exceptional one, ns they bad been favoured by circumstances in the realisation of by-products and in other ways; but, after allowing for special advantages, it showed that they neve in a sounder position than nt any other period of their history. Jt must be borne in mind in estimating prospects that, except for the rise and fall in some minor commodities, they were a non-trading institution, and therefore not liable to heavy losses on a dropping market. They were, of course, similarly shut off from possibilities of large profits, but this disability was in bis opinion partly compensated for by tho confidence which their absence from competition afforded to their clients. Ho doubted, indeed, wheth v <'• , f ; ,-—_

eir. of Canterbury realised fully the benefits which had accrued and y. me still accruing to them from the policy which was first shaped for that purpose by their founder, Air John Grigg, and which had since been continuously and not without sacrifice pursued bv the company. It had iindeviatiiigJv maintained tho open door for the export of frozen produce, rnd it had ever refrained from purchase of stock for freezing and consignment on its own account? Theso were the grounds on which thev appealed to tho farmers of Canterbury for a somewhat wider support than they have heretofore gained and by support lie meant not only that the farmers should patronise their works or sell conditionally upon stock being frozen there, but that they should assist tho company in preserving low rates for freezing by using and extending the use of its excellent and carefully prepared manures, on the sale of which it so largely relied for revenue. He did not propose to enlarge upon the general aspects of the frozen meat trade. From the confined nature of their connection with it, its reform or alteration in its Homo management and its extension to fresh outlets was rather a matter for their clients than for the company, though any sympathy or assistance they could give would always ho cordially afforded. He would only touch briefly upon the accusations freely uttered recently as to careless and oven filthy handling of carcases in

London. He did not for one moment credit the accuracy of these reports. In tlio first place their complete truth was highly improbable, because there were a large number of importers, acute business men, who bad immense consignments and who might be trusted from their own point of view to guard against the deterioration of their property by reckless mismanagement so easily rectified. Secondly, the reports of the company’s own correspondents and commissioners tended to disprove tho allegations, and all the information they bad been able to obtain showed

that abundant care was taken consis- ’ tently with unavoidable expedition in > dealing with enormous bulk in limited (time. They wero always indebted to anyone who reasonably and temperately strove to improve the conditions of tile j trade, but the loud screams of the sep-sation-monger effected nothing and bis exaggerations were injurious all round. In concluding, he had to bear witness .to the exceeding zeal and energy with which the officers of the company had performed their duty, and, in an arduous year, much more than their mere duty, in promoting tho interests of the shareholders. He might congratulate his hearers on possessing a staff which was whole-hearted in working strenuously to get the best results from the many departments into which their operations are divided. It was because they were thus seconded that the directors were enabled to congratulate the shareholders on the statement they now submitted, and, if lie might venture on prophecy, upon tho prospect of not falling too far short of it in the immediate future. He moved tho adoption of the report and balance-sheet. I Tho motion was seconded by Mr 1 George Humphreys. 1 In reply to Mr \Y. IT. E. Wanklvn. ! the chairman said the company bad received many reports dealing with the question of the handling of meat in London. A representative of the com- j pany, in a letter received that morn- I ing, said that I)r Chappie’s report had : been discredited both in London and j in New Zealand, and it was intended j to widely publish a contradiction of Dr Chappie’s assertions. Mr Lysnar j had modified tho allegations contained i in his first report upon the conditions | at the Smitlmeld Market. Tf farmers’ lots of 100 carcases or under were branded with flic owner’s name, irrespective of grade, a great deal of "sort- j ing and handling could be obviated and cause for complaint avoided. ! The chairman added that be thought j this showed that the matter was only a small one and did not seriously affect the reputation of New Zealand meat. The motion was carried unanimously. The retiring directors, Sir George j Clifford and Mr James Gough, were re- | elected, and Mr AY. H. E. Wanklvn i was re-elected auditor. A vote of thanks to the directors, secretary and staff concluded the proceedings.