THE MEAT TRADE.

Lyttelton Times, Volume CXVII, Issue 17661, 13 December 1917, Page 8

THE MEAT TRADE.

CANTERBURY FROZEN MEAT

COMPANY. ANNUAL MEETING. The annual meeting of shareholders in the Canterbury Frozen Meat and Produce Company was held in the Chamber of Commerce yesterday afternoon. Sir George Clifford, chairman of directors, presided. CHAIRMAN’S REPORT.

The chairman, in moving the adoption of the report and balance-sheet, of which a summary has already been published in the “Lyttelton Times, said:—

I am pleased, at a time when difficulties crowd upon the management of every business, to congratulate our shareholders upon having so far surmounted our special troubles as to enable us to present to them a satisfactorv record of the year's work. This is partly due to the absence of speculation in our system, and partly to the provision which has rendered us in some measure independent of the rising prices of many of our requirements. The balance-sheet and profit and loss account are sufficiently explanatory. It will be noted that tho hitherto unalloted ordinary shares have been taken up at the premium decided upon, which has been added to the general reserve fund. In pursuance of the policy hitherto adopted, a substantial addition has been made to the reserve funds of the company, which n,ow amount approximately to >SO per cent of our total share capital, sufficient provision being in sight for contingencies, including probable taxation.

Since we last met Mr Gough has letired from the directorate, solely on the ground of having reached what is, happily, a hale old age. For years his steady judgment has been of unvarying utility to tho company, and I .hope to propose a special vote of thanks to him for his prolonged and attentive services. Your directors have been fortunate in securing the' consent of Mr John Deans to join the board, of which bis father is remembered as a capable chairman. Your directors, after careful deliberation, decided that we ought to erect additional storage accommodation as a provision for increase of business, and against a possible shortage of freight. The buildings necessitated in consequence are almost completed at Belfast, and are well advanced at Pareora. This step in the interest of our farming clients had been contemplated nrior to the strong insistence of the Government, but naturally the suggestion of finanoial help from the Treasury was an encouragement to perseverance. Whether assisted or otherwise, we intend to maintain our tradition of supplying our clients with every facility possible for easing their position, and the first proof of our zeal in their behalf for the coming season lies in our present progress towards increased storage.

Storage, however, is only one of the needs to be faced. Many a producer may feel happy that his stock is safe in the cold chambers, insured, and an indisputable asset in bis accounts, but may notwithstanding have ample reason to prefer cash in hand. This Was given rise to a demand for purchase by the Imperial authorities on the hooks. I do not desire in these days to dispute with the British nation on any merely financial point, nor to press for this particular concession. Rather .1 should prefer, if any farmer wishes an early settlement, to arrange with him an advance after one month’s storage. In this way might perhaps bo solved the problem of serving two masters, bv removing a producers’ grievance, and saving the Imperial authorities from ungrateful pressure.

The air has been full of public awl private surmises and discussions upon the so-called Meat Trust, and I may be expected to refer to them. Our withers are unwrutig, Frozen meat we neither buy nor sell, nor fat stock for conversion into it. Therefore being under no suspicion we may speak out freely. As is well known, wo freeze for all and sundry so long as we have space available, and we do not allow the small farmer to be shut out if bo gives reasonable notice of his booking, while we glkidly accept larger lines from other valued clients who entrust us with their interests. Thus we have not come in contact with any operations which we can identify as a meat trust; that is, a combination to corner the meat market by driving out compeaitors preparatory to an ultimate depression of prices for its own aggrandisement. There seems, on the contrary, a healthy rivalry quite dangerous to the rivals themselves.

If you turn, however, to the 214 duff pages, of the. evidence given before the Meat Export Trade Committee, you will find no clear revelation of a trust, but an underlying dread of its existence based upon facts known to all, and of which no. Satisfactory or intelligible explanation is forthcoming. The harm of inflated prices is not always obvious to the receiver of them, but they bring an inevitable reaction, apart from the calculated greediness of a trust. I cannot honestly affirm that any trusts are in existence or in contemplation in this country, where their operations would be unusually difficult. Argentine experiences certainly suggest the possibility of danger. I do, however, claim this, that the Canterbury Frozen Meat Company has during its long and consistent career stood between this peril and the farmers of Canterbury. It has never speculated for its own profit in a single frozen carcase, and it has year in and year out enabled both tho big and the little man to secure his own .outlet, and escape any squeeze from too systematic an opposition. There was a time in the history of our company when its prosperity was questionable, when doubt existed whether it could resist circumstances threatening its liquidation and absorption. I repeat without fear of exaggeration what I have said ere this that if help from producers had not then been freely proffered and accepted, the value or rather the realisable price of sheep in this district would have been lessened for many years by some 3s per head. The capital loss in the value of land and stock can be calculated. Therefore it is that I annually ask the producers of Canterbury to stand by our company, not only on account of past benefits, but as a safeguard against evils which, whether at this

juncture real or imaginary, are the common talk of those who strive to forecast the future.

It would bo a futile task to attempt to forotoll the course of events as the adoption of the report and balanceaffecting our oompany. The fortunes of all are, being tossed about on tne changing surges of a raging conflict. All that the most prudent man can do is to go straight ahead with his business on the assumption of a favourable conclusion of the war. Any other termination is for the purpose of preparation quite negligible, because chaos would in that case overwhelm us all. I do not, however, anticipate any such calamity, having the strongest confidence in the ultimate success of the Allied armies in the field. What we have to dread is not the defeat of our gallant forces, but the effect of the puny jealousies and ambitions of struggling politicians and political factions. Given a cessation of such sordid and disheartening details, we can gather from the course of events the assurance of victory, and the restoration to the world and to our Dominion of its happy and peaceful life, which means prosperity all round, especially to such institutions as ours.

The chairman’s address was received with applause, and he formally moved sheet.

The motion was seconded by Mr John Grigg, and carried without discussion. Tho retiring directors, Messrs R. H. Rhodes and John Deans, were reelected. Mr W. H. E. Wanklyn was re-elected auditor. On Mr A. Kaye’s motion, an additional sum of £SO was voted to the directors. Sir George Clifford, in acknowledging the vote, said that from the inception of the company up to the present moment the directors had not. looked for any pecuniary reward. Their travelling and other expenses had quite eaten up any honorarium they had been given. » They had taken pride in the fact that they were working loyally for the great cause of the Canterbury farmer. The company had stood against any attack on the interests of the farmers of Canterbury. The men guiding the company long before his time had taken that view, and had given their labour practically gratuitously, and their successors had carried on in the same spirit, believing that no oppression of any sort from outsiders or otherwise should stand in the way of the man who desired to deal with liis own stock, sending it to whatever destination might seem fit. Mr John Grigg, in speaking to the vote, said that if the company continued as at present, prices would be maintained throughout the piece. If the farmers permitted the company to co back they would merely have to build up other similar companies. A vote of thanks was accorded to Mi James Gough, an ex-director of the company. A vote of thanks to the staff concluded the meeting.