"TOO MANY WORKS."

New Zealand Herald, Volume LX, Issue 18563, 22 November 1923, Page 8

"TOO MANY WORKS."

FROZEN MEAT INDUSTRY. ,i

■■ '.. ~ ■■■■■. ■ • • ■ •-■••:. .' ..> • . ' • " COMPANY'S DIFFICULT TIME,

NO DIVIDEND THIS YEAB.

tSX IK.BGKAPH.— COBBBSTOKDMrf.f '% .-.; WELLINGTON. Wednesday. The annual meeting of the shareholders of the Wellington Meat \ Export Company, Limited, was held to-day. \ TheH chairman of directors, Mr. Elgar presided, The chairman expressed regret thai ft the results of the year did not permit "of § ! the payment of a dividend. The com; pany's liabilities to the Bank .of ' New Zealand, as shown on the balance-sheet, had been reduced to £140,312, as against ? £173,421 aC the same period last year \ To-day the balance . was less than 4 £100,000, and with prompt shipping fact- -' lities it* was expected to maintain the account at a fairly low level daring the year. All meat stocks had been realised and the other unsold stocks, especially of wool, showed a tendency to improve in i value, so that the realisations for the year should show a margin above the balance-sheet values. The directors had considered it prudent to write £50,000 off ' the buildings and plant, this amount having been taken from the reserves for the I purpose. _ The total depreciation written a off both plants since 1920 now amounted * : to £95,000. Working expenses were 1 being steadily reduced, but there was a limit to the savings in this direction. v >•; The item, " interest exchange and -" discount," continued the ' chairman," 5 was largely composed of discount*;- 1 0.-. British ; bills which had < re- > ; mained at the very high rate -of"; 42s 6d per cent, for 30 days v drafts. Thia | was a serious handicap to export trade S but until the volume of imports mow 1 nearly approximated the exports they ; v could not expect a great deal of improve-. ment in this item. The directors were § of opinion that the worst period of the V reorganisation of the industry was over. There was, • however, the" unfortunate fact, Mr. Elgar went on to say, : that there were too many freezing works which ' might at any time lead to dangarous trad- -- ing. The directors had fully considered * the question of amalgamation. The only 4 works of the company now running; were m those at Ngahauranga. The position of £ the Wellington Meat Export. Company was sound financially, although they did not show a profit, their position was, absolutely sound. He had been a member of M the board for 6ome 40 years, and for 37 ~§ years out of the 40 fairly good dividends & we're paid. It was only during the last two years that they, had not paid dividends. For many years they paid 10 per cent, and for years and-years 8 per cent?? The amount ' they had written -off their works had been enormous. The report and ;. balance-sheet' were --1 adopted, '- and the retiring : directors, Messrs. Elgar and J. W. Marshall, werp re-elected. ", -/'"\ 'i On the question that the remuneration? of, the directors be the same as last year, namly £800, an amendment was moved by a shareholder that the amount' be re-- * diced to £300 • until the company was :ia";l a better position. This was negatived, •V and the motion was carried. \ -•