SECOND EDITION. G.S.F.M. AND M. CO.

Poverty Bay Herald, Volume LII, Issue 16202, 27 November 1926, Page 6

SECOND EDITION. G.S.F.M. AND M. CO.

MEETING OP SHAREHOLDERS DIRECTORS CRITICISED. There was a small attendance of shareholders at.- the annual meeting of the Gisborne Sheepfarmers' Frozen Meat and Mercantile Co., held m the City Hall this morning, Mr .T. W. Nolan, chairman of directors, being in the chair. The report and balance-sheet, previously published in the Herald, were taken as read.

Mr J. W. Nolan moved that the report and balance-sheet be approved. Mr C". A. deLautour seconded tho adoption of the report and balancesheet. The conservation of their capital by the reduction of debt, was most commendable, he said. It was more satisfactory in view of tho fact, that cooperative industry was rather discounted at the present. It was pleasing that •such a plain statement of the soundness of tho company could he put before them. He thought- that the result was unexampled, in the history of the freezing industry in New Zealand to-day. He had always been interested) in the mercantile side and when commenced it. was hoped that farmers would support the branch. Insofar as they had shown

loyalty sc were they ensuring themselves against competition on the freezing side. They had before them, serious competition which might, narrow their margin of profit. ami anything which they could do to increase tile strength of the mercantile side, was strengthening the position immeasurably.

Mr. G. V. Smith viewed the company’s position as a very serious one. There was little use of going in for intensive fanning if farmers got loss than they ought to for their products. He then proceeded to strongly criticise the chairman ol directors.

Mr. J. \\. Nolan said that lie was al ways willing to learn. Mr. Smith: You admit that the mercantile company is going buck. Mr. Nolan said that lie would admit nothing of the kind.

Mr. Smith: You haven’t had a mercantile training yourself and if yeti read Mr. Ford’s book he will fell you that, any lawyer who departs from" his own business is not a success. (Laughter). Mr. Nolaii: The directors put in a good deal of time— Mr. p. J. Roberts: They’re, all well paid for it.

Mr. Nolan : No, they’re not. They are only 100 willing to take any hints. To say that the directors arc not doing their duty is incorrect.

Mr. W. Monckton said that Mr. Smith was talking from pure ignorance. Mr. Nolan was doing wonderful work. Mr. Smith: 1 recognise Mr. Nolan’s ability in the office, but they should get more in touch with tho shareholders. Mr. G. M. Reynolds said that as a director he got JJI2 12s a year and the time he spent on it was worth more than that by a long way. There were llireo vacancies on the directorate this year and why didn’t tho shareholders put in the men They wanted.

1 Mr. Smith :We don’t have a chance j You have the money and tho votes.

i Mr. Livingstone asked why they appointed auditors from Wellington, i Weren’t, there just as good men in Gisborne ?

i Mr. that they changed tho auditors regularly. j On being put to the meeting the report j and balance-sheet were unanimously ’ adopted. Mr. A. H, Wallis proposed that the remuneration of the chairman of directors be the same as last year. The figures showed that the business was be-

ing run on sound lines. They were fast * getting into a. sound financial position, | since Mr. Nolan took charge. He gave personal attention considerably greater than that, given by many business men in town. He was always on tho spot and at the call of nnv shareholder of tho company. Ho would like to increase his , remuneration. j Air. Nolan intimated that he would be ! unwilling to accept any increase.

| Mr. O. V. Smith: Just to show there’s no ill feeling I will second it-. ; (Laughter). ! Air. P. J.’Roberts said Hint be had heard a rumor in the country to the effect, that one of the principal buyers had been refused an interview outside of i business hours. J AL’. Nolan : I can give that a denial at , onco os I always endeavor to meet, these men at any time that suits them.

The motion was then put and carried. Mr. Nolan proposed a voto of thanks (o the members of the staff, stating that the work had been remarkably grod and they all seemed to have the interests of the business at heart. He was only sorry that the finances did not allow them to grant them increases.

Air. H. Kenwav seconded the motion, which was carried unanimously. Mr. F. W. Riach said that he had to

thank them for tho generous way in

which they had carried the vote of thanks to the staff. A great, deal depended on the loyalty of the staff and they had a loyal staff. He had been ‘surprised at the remarks directed against the chairman of directors, for Air. Nolan had a wonderful grip of the affairs of the company. He knew the minutest details in every department of the business.