MOTUROA FREEZING WORKS.

Taranaki Daily News, 28 August 1916, Page 2

MOTUROA FREEZING WORKS.

ANNUAL MEETING OF SHAREHOLDERS. The annual meeting of the Taranaki Producers' Freezing Works Co., Ltd., was held in the Town Hall on Saturday afternoon, Mr. A. Morton, chairman of directors, presiding over a large and representative attendance. REPORT AND BALANCE SHEET. The chairman's report stated:—We commenced the year with a balance in store of 1482 boxes of butter and 7323 cases of cheese. There were received during the year 152,742 boxes of butter (being a decrease on the previous year of 13,603 boxes) and also 1'1G,246 cases of cheese (being an increase on the previous year of 23,532 cases). 132,180 l.oxes were shipped to London, 1045 boxes to West of England, 10,008 to local and other ports. 77,108 crates of cheese shipped on London, 31,477 shipped on account of the Imperial Government, 2,448 shipped to the West of England, and 1154 went to local and other ports, leaving 4,001 boxes of butter and 11,202 cases of cheese in store on June 30, 1910. The additions to the buildings referred to in last year's report have been completed, but owing to the great difficulty in obtaining pumice, they have \ not been available to the fullest extent during the past year. The balance to credit of profit and loss account is £1555 15s 2d; and your directors recommend that divident of 5 per cent, be paid on shares fully paid up oh June 30, 1015, and that the balance be carried forward. The balance-sheet exhibited assets at £20,325 lis 4d and liabilities £18,700 16s 2d. The profit and loss account showed receipts to have been £7518 14s 4d and expenditure £5902 10s 2d, leaving a profit on the year's working of £1555 15s 2d. * CHAIRMAN'S ADDRESS. In moving the adoption of the report and balance-sheet, the chairman congratulated shareholders upon the successful reason the company, had experienced. It had been one of their best, and the revenue account had been very satisfactory. In this department an increase had been made in cool storage from £2491 Is 4d to £3521 4s 6d, the increase being due entirely to cheese, of which a larger amount went through the works, and which had to remain in storage a longer time than usual owing to the lack of shipping facilities. A less quantity of butter had been handled this year. There had been a substantial increase ( £180) in the revenue from ice, due to the 'demand in New Plymouth during the hot months last summer, and the company could look forward to this source of revenue keeping up. On the opposite side wages and management had increased from £2799 to £3260 13s Bd. This was greatly due to the large quantity of cheese handled, and also to the fact that they had been hampered by having a contractor on the premises during practically the whole year. Also, the whole staff had been paid a higher wage during the past season. The amount of cheese that had passed through the works was mainly responsible for the increase (£160) in cost of coal; it had been necessary to keep the insulators going at the right temperature, and the coal received had also been of a somewhat inferior quality, though of higher price, than formerly. The cost of electric installation had, as was customary with such costs, been charged to working expenses instead of against capital account. In view of the good profit made during the year the directors had written off a larger amount for depreciation than in any other year. The buildings were in a high state of efficiency, as would be shown by the fact that their value was assessed at nearly £IB,OOO, while they were insured for nearly that amount; in view of the present rates of insurance shareholders could remain satisfied that the buildings were worth much more than appeared. The bank overdraft was somewhat larger than usual at the end of the year, but this was accounted for by the contract that had been let for building extension. The actual construction of the additions had been completed some months ago, but owing to the demand tor pumice for installation they had not been available. However, everything was now complete and ready for thfe new season.

The chairman said that during the year is had been necessary to draw the attention of several companies to. the state inH-hich their cheese arrived at the works. It was not altogether the fault of the companies that the produce arrived at the works overheated and dirty, but something more should be done relative to the treatment of the cheese between the factories and the cool storage depot. Complaints re overheated cheese had been made by the Home shipping firms, and this company, among others, had had to provide in-' demnities. Most of the cheese complained of arrived by the coastal boats, but there had been several instances of bad handling of train consignments. It was difficult, perhaps, to get satisfaction from the railway, but consignors should see that the waggons were clean. There had been no serious effects to the company arising from the congestion of shipping last year and probably in a number of cases a much higher price had been secured by delay than would, otherwise have been obtained had the j product got away earlier. He assured shareholders that the directors had - always been making representation for space, and where that was available no differentiation had been made between factories —all had been treated in proportion, without any factory being penalised. He did not think shipping facilities this season would be any worse than last; in fact, he thought they would be improved, as recent cables indicated-, that the stringency in shipping matters would be considerably relaxed by late events. The alterations at the works would provide for the storage of another 10,000 cases of cheese, and it seemed to him that the company would have to depend largely upon cheese in future, owing to the tendency evinced to manufacture that produce instead of butter, and they had to be prepared for that. The motion for the adoption of the report and balance-sheet was seconded by Mr. Kilpatrick (Maketawa). and carried without discussion. GENERAL. Messrs H. D. Forsyth and W. A. O'Neill, who retired by rotation, were re-elected directors, and Mr. C. S. Rcnnell was re-appointed auditor at the ifl.<»ua.l remuneration. The chairman was unanimously voted the customary honorarium of £50.. On the motion of the chairman, seconded by Mr. Connett, a hearty vote of thanks was accorded by acclamation to the manager, secretary, and staff, the mover expressing high appreciation of their efficient and loyal services. ELECTION OF CHAIRMAN* At a Subsequent meeting of directors, Mr. Arthur Morton was ynanimou-'v reflected nlmirmaif v >