BRITISH AND NEW ZEALAND MEAT COMPANY.

Otago Witness, Issue 2913, 12 January 1910, Page 9

BRITISH AND NEW ZEALAND MEAT COMPANY.

ANNUAL MEETING. CHRISTCHUBCH, January 5. Ths sixth annual meeting of the British and New Zealand Meat Company was held to-day. The chairman (Mr M. C. Orbell), in moving the adoption of the report and balance sheet, said shareholders would agree that a credit in the profit and loss account of £3520 17s lOd for 10 months was very satisfactory. It was recommended that it should be dealt, with as follows:—A dividend of 8 percent., absorbing £1230 12s sd; to pay, off the balance of preliminary expenses, £1000; to apply £682 0s 5d to the reduction of the sum outstanding against the Defroster rights, and to carry forward £6OB 63. The support the company had received tended to show that the 350 sheepowners who established it appreciated having a company of their own. The company existed to protect the sheepowner and not specula/tors; not to pull down prices, but to uphold them to the utmost of their power. After dealing with the fall in prices, and referring to the dumping of as many carcases on the ■ London market in six weeks as should have been spread over 12 weeks, he asked if they could imagine anything more suicidal. In his opinion, the question of regulating shipments could only be governed by the freezing companies, assisted by the sheepowners. If the lastmentioned, instead of holding back their fat stock to make them heavier, which he was afraid they were now doing. £.nd repeating last year's folly, and instead of retaining it in the freeezing works as ' long as-possible speculating on a rise in the market they would send their lambs forward us soon as matured and ship them as early as possible afterwards, they would greatly help to prevent a heavy accumulation "of meat in London stores. After nearly 30 years' experience inbreeding and fattening lambs he confidently asserted that if lambs are sent forward when ripe, and shipped without delay, there would be no trouble about slaughtering and storing, nor would they hear more of the agitation for increased cool storage in the Dominion. He entirely, agreed with the reference made by Sir George Clifford, when ad<kessing the shareholders of the Canterbury Frozen Meat Company recently, to the effect that. it would be advantageous if the number of small lots shipped were pooled. Everyone would admit that if the meatl were carefully graded, every shipper of such lots would be benefited. He ex-. pressed gratification with the proposed: conference legarding ihe frozen meat export trade, but when he learned that the freezing companies do not intend to be represented he was not sanguine that good would result. He contended that the companies hold the key to the carfyI ing out of any reform. Regarding the 1 outlook for the present year, he said : "I strongly advise owners not to be discourage 1 by what they hear in the street as to the course of the market fo~ the current year. The statistical position is considered to be much better than ifc was last year, and as our meat has undoubtedly found its way during the past year into outlets unknown before, it will, I think, make itself apparent during the coming season, and prices will be upon a considerably higher level." The report and balance sheet were agreed to, and Messrs Horrell and Harley, the retiring directors, were reelected. A dividend at the rate of 8 per cent, is payable oa the 19th inst.