WELLINGTON MEAT EXPORT COMPANY.

New Zealand Mail, Issue 705, 4 September 1885, Page 21

WELLINGTON MEAT EXPORT COMPANY.

The annual meeting was held at the Chamber of Commerce last Friday. There were about thirty shareholders present. The chair was occupied by Mr W. C. Buchanan, M.H.R. REPORT AND BALANCE-SHEET. The Secretary (Mr Henry Wright) read the report as follows :—“ Your Directors now beg to lay before you the accounts for the year ending 30th June, 1885. It will be seen that, inclusive of the balance of £1514 93 lid, carried forward at tbe credit of the profit and loss account for last year, that account shows now a debit balance of £565 19s 2d. This loss has not been produced by losses upon freezing, but is attributable to the damage to the Company’s shipments of sheep by the Shaw, Savill, and Albion Company’s steamers Florida and Coptic, which were in both cases landed in very bad condition. Claims against the vessels, amounting to about £3600, have been duly made, and action taken at law to recover tbe amounts. In the case of the Florida, Messrs Shaw, Savill, and Co. admit a partial liability, and that a considerable part of both losses may yet be recovered. The want of support from country producers has forced upon your Directors the subject of amalgamation with the Wellington Meat Preserving and Refrigerating Co. (Limited), and this question has been for some time under consideration. It is hoped that before long some proposal with this object may be agreed upon which will be mutually satisfactory to the shareholders of both Companies, as experience has gone in the direction of showing that meat freezing can be carried on to better advantage in connection with meat preserving and a limited proportion of ordinary retail butchering business. Messrs Buchanan, Nathan, and Beetham retire by rotation from the directorate, and, being eligible, offer themselves for re election,” The balance-sheet showed that 2884 shares had been subscribed out of £4OOO, representing £14,420— less £623 unpaid calls. The valne of the works and plant was set down at £11,190 43 Sd. The working expenses, including wages, rent, salaries, etc., for the year amounted to £3894 11s Id. The gross profits for the year were set down £7729 6s lOd, The losses were set down as follows :—First shipment by Florida, £BO6 9s 7d ; second do., £445 17s 8d ; Ruapehu, £SBO 13s lOd ; Coptic, £3528 9s Bd. The balance to credit on 30th June amounted to £1514 9s lid. Tbe Chairman, in moving the adoption of the report, entered very fully into all the details of the transactions of the Company from the commencement. Speaking of the Company’s losses, he said the steamers bad been very careless. In tbe Lady Jocelyn great carelessness had been shown. In the Coptic there had been deficient insulation, and great damage had been done in landing the sheep at the dock. The following figures from the London returns would show how badly the cargo had been looked after ; —Out of 12,300 carcases, 1167 were landed in dirty wrappers, 205 in blood-stained wrappers, 134 in torn wrappers, 123 in char-coal-stained wrappers, 308 with shanks broken, 53 with shoulders broken, 116 with grazed skins, 172 soft and badly blood-stained, 63 soft, 27 with flesh torn, 8 with legs broken, 3 without wrappers, and 115 had been condemned. The Company, as well as other companies interested, had made very strong representations on the subject, but so far with very little result. The conference which met in Christchurch had succeeded in getting the freight reduced from 2d to lfd, and he hoped they would yet succeed in getting it reduced to 1 Jd. With that end in view, he had supported the direct steam routs when the question came before the House. With regard to the Coptic, the London agents had made no claim against her till she left that port. They found, when the vessel arrived here, that the cause of damage was defective insulation. The evidence of the crew had been taken, and a Commission had been sent Home to take evidence, and he felt confident they would be able to recover from the agents or shippers. He believed the future prospects of the trade were encouraging It was said the Elderslie had been secured by the Otago Company at a freight of l£d, If that was so, it would give them a lever to work upon. With grain, wool, tallow, and every article produced by the farmer at such low prices, the vast importance of the trade to the Colony could not be overestimated. Tallow had fallen from 43s to 28s. During the year ending 30th Jane the Colony had sent Home 500,000 carcases. Wellington was about equal to Otago, and had exported 134,000. He hardly knew what the position of the settlers would have been had it not been for the development of this industry. With regard to amalgamation with the Wellington Meat Preserving and Refrigerating Company, and the circular sent out by Mr Hawkins, to the effect that shareholders . would be placed in a worse position than they ' were at present, he (the chairman) pointed

out that country shareholders would have themselves to blame if they did not exercise the powers they possessed, as they held by far the largest number of shares. The Directors were of opinion that if amalgamation took place further calls would be unnecessary, unless increased works or plant were required. That was not the time to go into financial matters, but by-and-bve he would move that a committee of shareholders be appointed to confer with the Directors. . Mr Nathan seconded the adoption of the report and balance-sheet. Mr Hawkins said he wished to moved an amendment. Going to law was a very serious affair for the shareholders. Although by the amalgamation they made themselves liable for £14,000, they were told they would not be called upon to pay any more calls—“ unless.” But it was th 3 “ unless ” that always caused trouble, His experience was chat he bad always to meet any liabilities he had entered into. To discuss their affairs, or that of the other Company, whose credit was as inviolable as their own, was out of place at a public meeting. He moved that the meeting be adjourned till a future date, and that in the meantime a committee of shareholders should be appointed to confer with the Directors and report to a future meeting. Mr Peat seconded the amendment. The shareholders he represented had not enough information to go upon. Mr Booth contended that it would only be a matter of courtesy to adopt the report. They had heard similar arguments urged with the same energetic volubility at the initiation of the Company, and they had been debarred from doing work during the most profitable time since the industry had been started. They had done all they could to coax and conciliate the West Coast settlers — God knew they could do no more, —and if the whose expenses were paid, failed to come to their meetings, and become possessed of all information, is was not the fault of the Directors. It was purely in the interests of stockowners that they had engaged extra space at a time when freight was at a premium in other parts of the Colony. Promises had been made about the large number of sheep that would be sent down for shipment, but as they were not sent, the Directors had to fill up the space themselves. The two Companies must enlarge their business, or both must suffer. By amalgamating, a strong Company could be formed, and there would then be two strong companies in the place. With the East and West Coa3t at their back, there was a grand future for two strong companies. In reply to Mr Anderson, ths Chairman explained several items in the balance-sheet. He said the shareholders had at last meeting voted £IOO per annum for distribution amongst the Directors, but: they had not taken anything for their services this year in consequence of the position the Company was in, (Applause.) Mr Beetham, M.H.R., could not see the slightest reason for the amendment, seeing that the Chairman had indicated his intention of moving for a Committee of shareholders to consult with the Directors on the question of amalgamation. Mr Nathan said that when a shareholder took it upon himself to send out a circular, as Mr Hawkins had done, he ought to have shown them that there was something in his brain to guide them. If the amendment were carried, he, as a Director, would tell the shareholders to manage their own business after their own fashion. He bad only continued on the DirecSory at the earnest request of the members of the Board. He had, against hi 3 convictions as a business man, consented to the freight engagements over which they had lost so heavily, because of the promises held out by country shareholders as to the space that would be required. They refused, when the market fluctuated, to give tbe promised support to tbe Company which they were led to expect. The growers of mutton, if they had not profited directly, had done so indirectly. It was the shareholders in the town who received no benefit whatever. The Chairman said, no matter what action was taken at the meeting, the question of amalgamation would have to be dealt with afterwards. He had given time and money ungrudgingly in furthering the interests of the industry both before and after the formation of the Company. Mr Nathan pointed out that three days’ notice of amendment should have been given, according to the articles of association. The Hon R. Pharazyn doubted whether any body of Directors could have done better. He trusted the amendment would not be carried, because it might result in putting out the Directors, and placing men in their places who would have to buy their experience. Mr Hawkins expressed his willingness to withdraw his amendment, provided tbe question of going to law was referred to the Committee of shareholders as well as the question of amalgamation. Mr Izard said it seemed to him they were only fighting abont straws. Leave was refused to withdraw the amendment, which was then put, but nobody voted for it. The report and balance-sheet were then adopted. The retiring Directors, Messrs Buchanan, Beetham, and Nathan, were unanimously reelected, and Mr Powles was re-appointed auditor. The following shareholders were appointed a committee to consult with the Directors : Messrs J. Martin, junr., R. S. Hawkins, W. Barton, J. Donald, W. H. Beetham, and D. Peat. Tbe meeting then adjourned.