HAWKE’S BAY MEAT EXPORT COMPANY.

New Zealand Times, Volume XXXIX, Issue 6698, 5 October 1882, Page 3

HAWKE’S BAY MEAT EXPORT COMPANY.

(Ilavi'u't Bay Beraltf, StpkmUr 30.)

The adjourned meeting of intending shareholders in the Hawke’s Bay Meat Export Company was held at the Criterion Hotel yesterday morning, Captain Russell in the chair. The Chairman stated that the Provisional Committee appointed at the last meeting had appointed Mr Ormond, Mr C. C. Murray, and himself as a Subcommittee to go to the Tomoana works and examine the offer made to the company by Messrs Nelson Bros, and Williams. Every information they could possibly desire was supplied by Mr Nelson. He might mention that the working proceeds for the month of May showed that 3700 sheep—some indifferent, some fair, and some good, were dealt with, and though the Committee did not feel they would be justified, having regard to the interests of the present proprietors, as well as the iiitereL s of the proposed Company, in ; divulging to the public the exact details, he might say that the results were absolutely satisfactory. The Committee went most fully into the questions they were directed to investigate!, and the result was that the following report was drawn upl

“Your Committee having examined into the results of the working of the Tomoana establishment, is of opinion that the present business can be conducted with fair results as compared with the present prices derived from the sale of frozen meat in the colony, and that the works will be the means of converting to profitable account a large number of stock not su-'ted for freezing operations. That the capital of the proposed Company .be £50,000 in 5000 shares of £lO each. That £4 per share be called up, t.e., £20,000, as follows. —On application; £1; on allocation, £110s; in sixmonths, £llos. That a loan be raised of £20,000; leaving the dormant capital£lo,ooo. That the present proprietors of the Tomoana works be allotted 1700 share's on the same terms as other shareholders. That Messrs Nelson Bros, and Co. ’s offer of their works, patent rights, &c., for £30,000 be ao-. cepted, and your Directors be authorised to arrange the terms of payment. That the accompanying pro forma balance-, sheet be adopted. .That, with the present uncertain information as to what, mayultimately be the best mode of freezing, the Committee do not recommend doing, more this season- than endeavoring to secure two or more vessels fitted with 1 refrigerating machinery. 1 A compara-; lively trifling expenditure may enable the stock to be slaughtered and prepared for shipment at the present works, and the Committee think this much: should be done. That one hundred shares be the qualification for a seat on the Board of Directors. That a share list be opened, applications to be made to the acting secretary, and that such share list close.on the IGth October.”

The Committee, after going most carefully into figures, came to the conclusion that the results, as he had said, were entirely satisfactory, and would yield largo profits to the shareholders of the company, and to stockowners also. Taking the estimate of the results obtained by freezing, and the results shown by canning, there was a difference of only Bjd per 801 b sheep in favor of, In other words, an 801 b sheep boiled down would yield 14s fid, and by freezing 15s 2£d. This was exclusive of the fleece. The Committee went into the question of freezing, and the evidence went to show that it was inexpedient to freeze anything but the very best meat, and to dispose of the large quantity of second-class stock in the market it was imperative :o carry-on tinning operations ’in conjunction with freezing. Mr Ormond was, unfortunately, unable to be present, but he had sent a letter to be read to the meeting, expressing his entire concurrence in the report of the Committee. The Committee estimated that 50,000 sheep, 300 bullocks, and 800 pigs would be worked up in the year. The cost would be £36,433. The mutton was averaged at twopence per pound. The expenditure in ,wqrking up would be £lO,lll, and salaries, independent of contract works, would'-be about £2200. On the other side-there would be, in addition ,to the sale of meat, the proceeds of the sale of hides, tallow, etc.-, which would bring up" the total to £54,557. The Committee had endeavored to put the . minimum valu)o. on everything—in. fact, the estimates were below the present actual j results. As an instance of this, tallow, had been taken as worth . only 30s per cwt., which was much below the present market price. Scoured wool was put down at Is per pound. In estimating the expenses, the Committee had taken the cost of working up 100 sheep, and had multiplied that, but he need hardly say that, when large numbers were being dealt with at once, the cost should be: lower than for small quantities, and that would give a larger profit to the Company. The profits were put down at £5812. After paying interest on £20,000 borrowed capital at 6 per cent., £I2OO, there would.: be a balance' left sufficient to pay 15 per cent, dividend on the paid-dp capital, to provide £IOOO for depreciation, and to leave £612 to be carried forward; After some discussion the motion for the adoption of the report as presented wascarried. . ~ ■' ' ; ' • A motion that the . Provisional Committee be the Provisional Directors was carried on the understanding that if any gentlemen named-failed to take up shares they bodld not- act. ' 1 j It was decided thin an amount not exceeding £3O be spent in sending a tele-" gram to the Directors of the Home undertaking, asking how,-many , shares they would take in bulk. ,

There was then a discussion upon the best method of Jimiting, the number;of shares to be held by single individuals.Finally, the following motion was passed;: “ That in the allocation of shares a greater number than 100‘ shall not be allotted to any one person, providing that j a sufficient number be applied for.” The meeting then adjourned with tho usual vote of thanks to the chairman.