NEW ZEALAND REFRIGERATING COMPANY

Otago Witness, Issue 3334, 6 February 1918, Page 25

NEW ZEALAND REFRIGERATING COMPANY

ANNUAL MEETING. The thirtieth annual meeting of shareholders of the New Zealand Refrigerating Company was held in Christchuroh on Wednesday. Mr H. A. Knight (chairman of directors) presided. The report of the directors stated: —The various departments of our new Imlay factory have all been completed since last report, and these works are now thoroughly equipped and in perfect working order. During the year the storage extensions to Pukeuri were completed, and the extra accommodation was urgently required and has been utilised to the utmost. Further extensive additions to the storage of the company's works have become necessary to meet the great shortage of shipping, and "building operations at Islington, Smithfield, Pukeuri, and Burnsido are being undertaken to" cope with the requirements of the season now commencing. In order to meet tho expenditure thus involved the whole of the uncalled capital, amounting to' £67,974, has been called up, and jn addition all the unissued capital was offered in September to shareholders at a premium of 50 per cent. The issue met with the" most gratifying response, the whole of the available shares, amounting to £62,800, having been heavily over-applied for by shareholders. The premium received, amounting to £31,400, has been placed to reserve account and has been specially invested in the New Zealand Government war loan. The proposal to bring tho whole of the shares of the company to a common denomination of £1 each was recently placed before shareholders, and, the necessary meetings having been held and the suggestions approved, the old scrip has been called in and fresh scrip for the new denomination is now being issued. The balance available for appropriation, as shown bv the balance sheet, is £77,347 9s 4d, which the directors recommended should be disposed of as follows: —To pay a dividend of 4 per cent, for the half year ended October '3l, £6903 7s Id; to pay a bonus of 4 per cent, on the paid-up capital, £6903 7s Id; to ndd to the reserve account (which will 'make this account £100,0C0), £25,000; to add to the general assurance reserve account (which will make this account £100,000), £10,000; leaving an amount to carry forward of £23,540 15s 2d. Mr John Roberts, C.M.G., who has been identified with the company and the industry since its inception in 1831, was during the year reluctantly obliged to give up his scat on the board, and the directors desire to recorcfe their great regret at the loss of his valuable services. The vacancy on the board ha 3 been filled by the appointment of Mr villiam Murray, the general manager,. to the directorate. The director retiring by rotation is Mr Alexander Boyle, who offers him-self for re-election. The auditors, Messrs R. Hill-Fisher and Son, also offer themselves for re-election. The Chairman (Mr Knight) said this was now the fourth annual meeting since the war commenced, and the conditions under which business had been conducted had become more and more abnormal. The season just closed marked tho first working year of tho company's connection in the North Island. On the whole, a very satisfactory volume of stock was treated at the new Imlay works during the past season. Although many difficulties were met, they had been successfully overcome, and shareholders would be pleased to know that in these works the company had a very fine property. The shortage of shipping had been one of the gravest problems with w,hich the dominion had had to contend, and he did not think he was exaggerating when he said that the polioy of increasing cold storage had not only been the salvation of the company's business, but it had been of inestimable value to the dominion as a whole. The shipping shortage became so acute during this last year that even further very extensive -additions, to safeguard the position, became obviously essential, and very large additional cold storage was now under construction at Islington, Smithfield, Pukeuri, and Burnside. The management had experienced the greatest difficultv in obtaining delivery of the requisite material, but everything necessary had at last been landed in the dominion, and it was now practically certain that the extensions at all points would be completed in time to meet this season's requirements. On the outbreak of the war in 1914 the total storage capacity available at the various works of the company was, in round figures, equal to the holding of 429,000 freight carcases of 601 b each. When the additions now almost completed were nctuall}- available, the coin pnny would have a total storage capacity in tho South Island alone of no loss than"the equivalent of 979,000 freight carcases, whilst, taking Imlay also into account, the total storago would be practically equal to tho holding of a million and a quarter 601 b sheep.

During the year tho staff had suffered further depletion through the .war and other causes. Out of over: 30 members of the permanent staff absent on leave on active .service, no less than seven had lost their lives, and a similar number had returned wounded. The management particularly regretted the loss of Captain Stuart Ramsay, a young and promising member of the staff, who, after a period of brilliant military servico (during which ho gained his D.. 5.0.), met his death in June, in France. About the same time the company's'assistant Loudon manager and salesman, Mr Shirley Hodson, died very suddenly after two or three days' illne«ss More recently the Imperial Government expressed a desiro to avail itself of the services of the compa-ny's London manager, Mr F. T. Boy 3, to act as director of meat- supplies for Great Britain, under I<ord Rhondda, Minister of Food Control. The board was only too glad to concur in his acceptance of the position. His task was obviously one requiring very high qualifications. Temporary arrangements had been mado, providing for the supervision of the company's interests m London during Mr Boya's absence from duty. Mr Michie, so long associated with the Bank of New Zen land in the dominion, and now one of the London directors of the bank, had, together with Mr Ponsonby (also an ox-New Zca lander), consented to exercise a general supervision over the business of the company in London in the meanwhile. The authorities had decided that tho company was to retain the services of the company's assistant manager and secretary. Mr W. O. Campbell. Referring to the American Meat Trust, Mr Knight said ho was afraid that the complex problems of national and Imperial importance which surrounded this much vexed question were rather lost sierht of in tho somewhat indigestible mass of matter tendered for the consideration of the Parliamentary Commission ' during its lengthy sitting. It was idle to protend that no attempt was made to connect this company with the menace; the progrcssi ve policy which had been consistently adopted by it lias, no doubt, opened the door to criticism, both frigndly and otherwise; but it was to be regretted that the privileges surrounding a Parliamentary Commission should have tempted witnesses to indulge in unjustified attacks based upon idle rumours. He emphasised the fact that whilst at all times the company was a buyer it afforded every facility to stock owners—be they producers, exporters, or speculators—to utilise its works on their own account, should they feel disposed to do so. The lack of shipping had resulted in a much heavier holding of. meat and other stocks at tho balance dato than is usually the case. As the natural consequence both liabilities and assets were much larger than had ever been tho case at the close of tho year's business. Since the war began, and more than ever lately, the management had: been safeguarding the business by very heavy stocks of everything required in connection with the operations of the company. This had been not only the most profitable course, but had been absolutely the only prudent one. as it was impossible to say when and from where the next shipments of necessary materials might be The company was in the fortunate position of being able to clearly see its way ahead for some considerable time. He regretted that during that year tho company had lost the services of Mr John Roberts, C.M.G. For some time past Mr Roberts had found great difficulty in making the long journey from Dumedin to Christchurch under present conditions, to attend the various meetings, and he felt that, under the it was better that he should relinquish his seat. It was, therefore, with mutual reerefc that Mr Roberts finally decided to sever his long connection, which had etxended practically without a break right back to the inception of the industry and the foundation of the New Zealand Refrigerating Company in 1881. The vacancy thus created had been filled by the appointment of the general manager, Mr William Murray, to the board. Shipping was practically in sight which would effect a clearance of all the old season's meat now in store within the next few weeks. The company would thus, he trusted, be able to deal with the new season's operations without any undesirable congestion. He could not speak with any authority or certainty as to how the company would fare in respect of shipping facilities for the coming season, but he was strongly of opinion that the additional stores would prove not only useful, but absolutely necessary, and that a very heavy accumulation of products was again'much more likely to 'take place than not. He did not see any prospect of an immediate clearance of the enormous stocks of general cargo, such as tallow, oleo, etc, now in the dominion, and, with the new season's melt close at hand, they were, he was afraid, faced with a very difficult position. The authorities, both at Home and in the dominion, were fully aware of the accumulation and of the gravity of the position thus created, and he had no doubt that whatever was humanly possible would be done to ease the position. - The' Chairman then formally moved the adootion of the report and balance sheet. Mr John Mill, in seconding the motion, stated that the profit and loss account for the year was one which he was sure would giv6 entire satisfaction to all shareholders, and the fact that they had taken up a further £62,000 of capital, in addition to paying up the balance of the uncalled capital, showed the confidence that they had in the future of the company. Referring to the increase in the storage accommodation, Mr Mill said that, in view of the shipping difficulty, it was cheering to know that the company would shortly have room at its South Island works for over 800,000 60ib carcases. Mr Mill also spoke of the valuable services rendered by Mr John Roberts to the company and the dominion as a whole, and expressed regret that ho had found it necessary to resign his seat on the board. The report and balance sheet were unanimously adopted. Mr Alexander Boyle was re-elected a director. Messrs R. Hill Fisher and Son were re-elected auditors for the ensuing year. Mr W. H. Clark, seconded by Mr A. R. Bloxam, moved a hearty vote of thanks to the directors, management, and staff,- which was carried unanimously. Mr Knight responded.