THE MEAT TRADE.

Otago Witness, Issue 3312, 5 September 1917, Page 13

THE MEAT TRADE.

COMPANIES' MEETINGS IN THE NORTH. At the annual meeting of the Fielding Farmers' Freezing Company, the report and balance sheet, which have already appeared in the Witness, were adopted. Mr Hugh Burrell, chairman of directors, pointed out that, in view of the shortage of shipping, the company had taken advantage of the local markets. All the wool and pelts, and some of the tallow, had been sold in Wellington at satisfactory prices, the pelts fetching the highest prices in the Dominion. This, he thought, was important, as showing that smaller companies were not handicapped in the disposal of their by-products. Mr Burrell explained that, out of the profits for the year, the directors had proposed a dividend of 6 per oent. on paid-up capital, and a substantial bonus to those who had supplied the stock. They felt that those who had found the capital for the company were entitled to a fair dividend upon it, and the balance should go to those who had provided the stock to keep the works going. He was pleased to say that very satisfactory arrangements had been made with the Government in regard to the purchasing of next season's output. The Imperial Government had arranged to purchase the carcases on the hooks, _ and to pay storage whilst the meat was in store. The weights of stock slaughtered last season were most satisfactory. The wethers averaged 61.641 b, the ewes 61.781 b, the lambs 35.481 b, ox beef 7691 b, and cow beef 551.41 b. Mr Burrell also referred tothe shortage of shipping, and the necessity for making further provision by increasing their cool storage. Other speakers concurred in the proposal to increase the freight storage by 60,000 carcases at a cost of £25,000. The proposal was eventually adopted by the meeting, and £IO,OOO was subscribed in the room. WELLINGTON MEAT EXPORT COMPANY. The twenty-eighth annual general meeting was held at Wellington, Mr W. G. Foster, chairman of directors and managing d'rector, presiding. The chairman said: The business of the company during the past 12 months has been arduous and anxious, owing to conditions of competition resulting in extreme prices for stock purchased, which throughout has shown small margin above Government commandeer rates, and the year's work has trenched upon the realised surpluses of the unsold consignments of 1916. It is the board's practice to take to account in the balance sheet only the draft value of consignments, leaving surpluses to come to credit in the succeeding year. This course has again been followed, and in consequence directors, in view of the heavy stocks held in New Zealand, have decided to transfer £IO,OOO from equalisation of dividends reserve account towards the payment of the year's dividend. This course will undoubtedly be appreciated by shareholders when the uncertainties of the future are considered, not only > as to the ordinary course of market in which we mav realise, but from the possible limitations of value which the Imperial Government may at any time impose. Should market conditions cont'nue favourable, as mav reasonably be expected, directors believe that the out-turn of the year's work will prove more satisfactory than at first sight might be inferred ; but "to have anticipated unrealised nrofits from stocks and consignments would have been imprudent in the extreme. The companv's premises and plant have been in every respect maintained in thorough order and repair, and are not only effective in the highest degree, but are kept up to date. WANGANUI FREEZING COMPANY. Mr Ewan A. Campbell presided over the annual meeting of the Wanganui Meatfreezing Company, and, in moving the adoption of the report, referred to the fact that the wool clip had been paid for; but that was not tho case with the frozen meat, of which a very large quantity was hk stock. Nothing had been paid on ii?>r which meant a_ severe strain on the finances of tho individual and the

monetaary institutions of the Dominion. Unless a miracle happened there would be two and a-half million freight carcases m store when the new season • opened, which in the case of Wanganui and other North Island companies would be in October. By January there would be a great increase of mutton in stock; but it was presumed that a fair number of ships would be available, and that, added to the extra storage accommodation that was being provided everywhere, should make the congestion less than now seemed to be likely. The company had recently decided to increase the storage capacity of the works to the ext nt of 48.000 cubic f eet, which would enable the company to store 14,000 crates of ch- <se, and an addt onal 60,000 freight carcases of mutton. The cost of the additions would be about £14,000. The report and balance sheet were adopted, embodying the nroposal that a dividend of 8 per cent, be paid. Messrs Campbell. Burnett, and Stevenson wer9 re-elected directors.