NEW ZEALAND REFRIGERATING COMPANY.

Otago Witness, Issue 2319, 11 August 1898, Page 15

NEW ZEALAND REFRIGERATING COMPANY.

The seventeenth annual meeting of shareholders in the New Zealand Refrigerating Company was held at the Chamber of Commerce on Friday afternoon. Mr A. C. Begg occupied the chair, and there was also present—Messrs A. Todd, J. Reid, R. Wilson, P. Pattullo, A. S. Paterson. W. Ilislop, E. B. Cargill, T. Callender, T. Finnic, T. W. kempfhorne, Tompson Lamb, R. Crawford, T. Ohalmer, and John Allen.

The Chairman, in moving the adoption of the report and balance sheet, said : I would first express my regret that our chairman, Mr John Roberts, is unable to take the chair at this meeting, in consequence of 'his absence in the North Island. Mr Roberts expected to be able to preside at this meeting, but unavoidable circumstances have prevented his doing so. You will notice with regret that we have lost the advice and assistance of our old friend and colleague, Mr Thomas Brydone, who has gone to the old country for a lengthened hoJiday. The directors have appointed Mr P. Pattullo to fill Mr Brydone's place on the \ board, and hope that the appointment will have the approval of the shareholders. Shareholders will be pleased to note that the results of the working of the past year have been so satisfactory— the profits made enable us to write off the last of the debit balance which has been standing for some years and to pay a small dividend of 2s per share, besides providing for depreciation of machinery to the extent of £1000. When we look a,fc the position of the company four years ago, when we had a debit balance of £5359 caused by the reckless competition of Southland speculators forcing this company to buy sheep at high prices to fill up shipping space which had been engaged, and when we consider that notwithstanding considerably reduced charges this is now all paid off and the company again put on a dividend-paying platform, I think the shareholders have good reason for satisfaction. As staled in the 'report, the new machinery al Oamaru has been doing very well, the saving both in coals and repairs has been very great, and the freezing capacity of the works has been materially increased. In view of this, the directors have decided to erect the same class of machinery at Burnside, and also to increase the storage capacity there, in order to provide accommodation for all the requirements of the district. Although this will involve considerable outlay, it will greatly tend to efficiency and economy in working, and enable us to overtake much more work than we have hitherto been able to do. The greatest attention has been paid to the question of grading all the meat frozen at the company's works, and this lias already had an appreciable effect on the reputation of the company's meat on the London market. Complaints have sometimes been made by stock-owners that too much strictness is observed in this matter, and that in some cases rejections have been too numerous ; but the directors are convinced thab only by the most rigid care in this respect can they hope to hold their own against the very severe competition in this trade. A new feature in our business has been the enormous increase in the rabbit-ex-porting industry during last year. The directors anticipate that if proper precautions are taken this export will be a permanent one, but it will be necessary that greater care be taken in the matter of packing and classifying. Many complaints have been made of the faulty condition in which shijjments of rabbits have been arriving in London, and several parcels have been condemned by the authorties. This arises partly from the custom of packing the rabbits in the country districts, and sufficent care not being taken as to their quality and condition, and partly from Hie unsatisfactory arrangements made by the railway authorities for carrying to the works. If the weather is at all warm the system of throwing the rabbits in heaps into the railway trucks, and sometimes without any protection from the weather, is simply > ruinous. It would be very easy to have arrangements for carrying the rabbits in covered trucks, such aa are used Cor stock, and having the rabbits hung on

! crossbars, so that they might have a circuit tioa of air about them. What would, be thought of a system of carrying mutton whera the carcases were simply thrown down in a heap and trodden over by the persons loading them? If the railways carry rabbits at all they should do so in a way that will not damage or ruin them for the purpose for which they are sent. The directors are providing facilities at the works for classifying and packing rabbits, and intend to arrange that all rabbits frozen shall be inspected and packed there. Tho question of the rates of harbour dues of this port still continues to bo agitated, and has been taken up by the Chamber of Commerce and the various agricultural and pastoral societies. While admitting that the Harbour Board must have sufficient revenue, there is no reason •? hy | frozen meat should be exceptionally p raished for tho benefit of other imports and .»sports. When I mention that the ra;es charged here on frozen lamb are 22£ times as great as those charged at Lyttelton, and on frozen mutton 15 times the rates charged there, and that the rates charged in Dunedia on butler and cheese are 3s a ton, while thi? rates on lamb and mutton are 7s 6d and si| respectively, it is quite evident that a gross injustico is being done to the frozen meat trade of this port. A promise has been made that these rates will be revised at the end of the current year, and stock-owners and exporters should see to it that the matter ib not allowed to rest where it is.' The exceptionally dry season in North Otago caused a large .'reduction in the number of fat sheep and lambs available in that district, but the prospects for the coming year are much better, and we expect the supply of 6tock to be at least up to that of previous years. During the year we have erected a plant at Oamaru for working up the by-products into mamires, etc. There has not been time to prove how this will pay, but we anticipate that it will be a source of profit to the company. After this haa been tested, and we find the result satisfactory, we propose to erect a similar plant at Burnside. At our meeting last year Mr Brydone emphasised the necessity for our stock-owners and others interested supporting our local works to the utmost of their ability, and I would again urge on all concerned their duty in this respect. Tho directors are doing all in their, power to provide facilities for dealing with stock at our own works; and if stock-owners are so blind to their own interests as to allow these works here to languish for lack of cordial support they need not be surprised if they find that they have seriously damaged both local demand and local prices. With tho cordial support of our stock-owners, dealers, and shippers, we have no fear as to our future. Since writing these remarks I thought it desirable to say a few words on a subject that has been occupying public attention lately — that is, the question of sheep railed from Otago and Southland to Canterbury.. And in that connection 1 think I might read an extract from a report of Messrs Henry S.. Fitter and Sons, of London, dated June 18, which bears on the subject: — "The most remarkable feature in the New Zealand mutton trade just now is the great difference in price between Canterbury mutton and most other brands (Southdowns excepted). The cause of thin is the scarcity of the former. Buyers are getting tired of paying a large difference in price, and many of them are giving up buying Canterbury mutton, and they are more inclined to do this in consequence of the poor quality of many of the sheep lately to hand." • It is quite evident that there is very little, justification for the large difference which has been paid in the past for what is called " prime Canterbury mutton." Wo know verywell that a good deal of that prime Canterbury mutton goes from Otago, and I think' that the mutton ought to be sold upon it 3 own merits, and as I have said already the directors of this company have taken care that only prime mutton shall co from Otago and the grading be so carefully attended to that tho brand shall stand upon its own merits. The demand and prico' for Otago mutton have been improving of late — principally, I believe, in. consequence of the very strict grading. With regard to the general question of the excellence or otherwise of Canterbury mutton, I hold in my hand a report by Mr H. C. Cameron, inspector of produce for tiie New Zealand Government in London. The report; is dated about the 20th of September, 1697 — about 10 months ago— but it applies to the present time just as well. He said with regard to the different qualities of mutton : — Why Australian merino mutton, which is often so palatable in tho colonies, should be dry, tough, and tasteless here I do not profess to know, but s6 it is. I have eaten merino mutton here, which has been about aa agreeable as a slice of red pine wood, the colour of which it somewhat resembled. There is no question of the general superiority of our meat to that of Argentine mid Australia. There are exceptions, but on the average ours is distinctly bettor— not picked exhibits— the . Argentine meat notwithstanding. _ Where these meats are supplanting ours it is not owing to their quality, but from three causes— (l) cheapness, (2) energy, (3) fraud. We have found within the last few weeks that one cause why sheep have been railed north has been that charges have been a little less in Timaru than they have been here. In order to meet this the directors have decided to make a reduction of £d per lb on freezing charges hero in the meantime with the view of leaving no excuse for sheep passing our works. Wo think it is wise to do so, and while, with the present machinery at Burnside, it may not pay very well, as soon as the new machinery is m working order, the price will pay well enough. We felt that we were bound to do something to show that we can at any rate do work as cheaply as they could in Canterbury, and we have decided accordingly. I don't know that I have anything further to touch upon, but if any of the shareholders have any questions to ask I shall be glad to answer them to the best of my ability.

Mr John Reid said: I rise to second tue adoption of the report. It requires no special words from me to recommend it to the meeting. If our directors can, in one fear, with fairly eood times show a credit of iciUUU, 1 think we have great reason to be satisfied. The extreme competition which prevailed tor some time past is, I hope, a thing of the past, and it will be bettor for all concerned in the freezing trade.

The motion for the adoption of the report was carried.

ELECTION OF DIRECTORS.

On the motion of Mr A. Todd, seconded byMr R. Wilson Messrs Begg and Cargill were unanimously re-elected directors. Mr T. Callender was also unanimously reelected as auditor. *

VOTE OF THANKS.

Mr Reid moved thab a very hearty vote of thanks be conveyed to the directors who had

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lecn the means 'of bringing .about such a happy result of tho year's operations.

Mr K. Wilson seconded the motion, which was carried unanimously, and the complimont having boon duly acknowledged by the Chairman, the proceedings closed.