THE MEAT TRADE

Otago Witness, Issue 3327, 19 December 1917, Page 12

THE MEAT TRADE

CANTERBURY FROZEN MEAT COMPANY. At the annual meeting of shareholders in the Canterbury Frozen Meat /and Produce Company JSir George Clifford (chairman of directors), in moving the adoption of the report and balance sheet, said it would be noted that the hitherto unallotted ordinary shares "had been taken up at the premium decided upon, which had -been added to the general reserve fund, j In pursuance of the policy hitherto adopted, a substantial addition had been made to the reserve funds of the company, which nowamounted approximately to 50 per cent, of the total share capital. The directors, alter careful deliberation, decided that they ought to- erect additional storage accommodation as a provision for increase of business, and against a possible shortage of freight. The buildings necessitated in consequence were almost completed at Belfast and were- well advanced at Pareora. Storage, however, was only one of tho needs to be faced. Many a producer may feel happy that his stock is safe in the cold chambers, insured, and an indisputable asset in his accounts, but many notwithstanding have ample reason to prefer cash in hand. This had given rise to a demand for purchase by the Imperial authorities on the hooks." He would prefer, if any farmer wished an early settlement to arrange with him an advance after one month's storage. The air had been full of public and private surmises and discussions upon the so-called Meat Trust. In the evidence given before the Meat Export Trado Committee, they would find no clear revelation of a trust, but an underlying dread of its existence based upon facts known to all. and of which no satisfactory or intelligible explanation was forthcoming. The harm of inflated prices was not always obvious to the receiver of them, but they brought an inevitable reaction, apart from the calculated greediness of a trust. He could not'honestly affirm that any trusts were in existence or in contemplation in this country, where their operations would bo unusuallv difficult, Ho did,, however, claim that the Canterbury Frozen Meat Company had during its long and consistent career stood between this peril and tho farmers of Canterbury. It had never speculated for its own profit in a single frozen carcase, and it had year in and year out enabled both the big and the little man to secure his own outlet, and escape any squeeze from too systematic an opposition. Therefore it was that he annually asked the producers of Canterbury to stand by the company not only on account of past benefits *but as a safeguard against evils which, whether at tins i tincture real or imaginary, were the common talk of those who strove to forecast the future. Ho expressed confidence in the success of the allied armies,

and tho restoration to the world and to the dominion of its happy and peaceful life, which meant prosperity all round, especially to such institutions as the one in whoso destinies they were most intimately interested. The net nrofit for the year was ±-20,039. After paying a dividend at the rate of 6 per cent, tor the year on the preference shares and 8 per cent, on the ordinary shares, with a bonus of 3 per cent, on the latter, there remained £5135 10s 2d to be carried forward.