FREEZING COMPANY.

Lyttelton Times, Volume CXVII, Issue 17935, 31 October 1918, Page 2

FREEZING COMPANY.

, —* — ; ANNUAL MEETING. The third annual meeting' of the ebarehold* ! ers of the North Canterbury fehcepfanners' , Co-operative Freezing, Export and Agency Company was held in the Chamber of Commerce Hall yesterday afternoon. Mr G. I), ; Greenwood, chairman of directors, presided, and there was a largo attendance. In movmg the adoption of the report and [ balance-sheet (which have already been published), tho chairman said that, like other freezing concerns, the company was leaning heavily on its bankers. Had not the Im- , perial Government come to the assistance of , the banks to the extent of ±’3.000.000, the money market would have been in a very different position to-day. The chairman prol ceeded to refer to tho company's reserve • powers, and the valuable stocks held. Additions had been mado to the works during the year, costing £lß,ooop £7500 of which was ' lent by the Government, and thus the eom- ' pany had been successful in meeting the requirements of clients. There were severs,' additions still, to be made, which would inaki the works complete. The storage capacity ir New Zealand was 7,000,000 carcases, and ii was estimated that by December 31 there would he 3,500,000 carcases in store. In order to lift this eighty ships would be required and only five .were in sight. Referring k> New Zealand’s part in the war, the chairman expressed the opinion that the time had arrived when a producing country like this should utilise its men in growing what the Allied armies required. When the other Allies had contributed men in as high a proportion of population as New Zealand had, New Zealand could go on sending men again. The commandeer of New Zealand wool was stated to be solely for ilia use of the troops. Now, however, a great part of’this wool was used for general manufacture. He was not aware of any wool in New Zealand that they could not scour here. He was treading on delicate ground in touching on this matter of commandeered wool. He might bo accused of being unpatriotic, but no one had tried to do more than he had for patriotio purposes. The 9,000,0001 bof wool being released by the British Government was being used in private trading.. The manufacturers were gef-' ting that wool from the British Government at a low price, and they were making .enormous profits out of it. Wool producers uTere quite satisfied with the price they were getting, but they wanted to know what tho British Government, was doing with it. Mr J. A. Frostick seconded the motion. He suggested the advisability of considering the extension of cold storage facilities, and spoke of the danger of the market being controlled to the detriment of farmers later op, Eftrnv ers should co-operate for both production and sale, If the country was to be pn.« gressive they had to see that everything sent out of tho country was exported at its highest possible value, and that every part possible of that value should be created in the Dominion. He concurred in the viewexpressed by the chairman that all wool should bo scoured in tho Dominion. After considerable further discussion and answering of questions, the motion was carried. Messrs J. H, Blackwell and C. O. Rutherford were re-elected directors, and Messrs A. A. M’Kollar and R- L. Hicks were re-elected auditors. Mr Frostick gave notice to move at flit next meeting that tho remuneration of th« directors should be raised from £359 to £550, and that the voto should be mado retrospective. 9 '■ After passing hearty votes of thanks to the staff, especially the manager, and the directors, an extraordinary general meeting was held to consider amendments to the articles of association. ..