MOTUROA FREEZING WORKS

Taranaki Herald, Volume LIX, Issue 143587, 28 August 1911, Page 6

MOTUROA FREEZING WORKS

ANNUAL MEETING. The annual meeting of tho Taranaki Producers’ Freezing Works Co., Ltd., was held at the Town Hall on Saturday, Mr. A. A lor ton, chairman of directors, presiding over a small attendance ot delegates. , The annual report as already published iu the Herald, was read.

The Chairman, in moving the adoption of the report and balance-sheet, said there was not a great deal of matter contained therein that called for comment. The year’s working had been much the same as in previous

years, and was of a highly satisfactory nature. In a freezing works company they (lid not have anything very startling happening to cause, excitementas was the case with dairy companies. They would notice in reference to the balance-sheet that the quantity of stuff handled was somewhat less than last year, although still very much iu excess of the year previous. The reason for this they were all well acquainted with. tip to about Christmas or a little after, the quantity of stuff was very much in excess of anything previously handled, but after January in particular the quantity of stuff coming forward began to* fall away very rapidly owing to- the long spell of dry weather exficiency was mode stil llarger owing fecieney was made still larger owing l« a great many of tho butter making companies, who had been putting their butter through the works, selling on such terms which required that the output should be railed and consequently diverted. Hut for these two causes combined they would have handled a much larger amount of stuff. They would notice that there had been a considerable diminution in some of the items of expenditure during the past year, and he w#uld draw their attention, particularly to the item of coal. He had not got with him a balancesheet lor two years previously, but if he remembered rightly the amount spent for coal two years ago was £-148, a year ago it was £382, and fur the year just ended it had been reduced to £,j<!7. Ho explained the fact that these reductions had been brought about iu spite of the very large increase in the amount of stuff put through the works. Such a result ns that proved that there must bo a considerable amount of careful supervision oserc-isod at tho works, and that where possible to introduce more economical methods of working, it was done. A very large amount of credit was reflected on tho manager and tho engineer for having brought about such a satisfactory result. T hey would also notice a reduction in the item of interest from £216 in the previous year to £l3l last year. This had been brought about by the fact that the profits had been allocated to the share capital and going to reduce the amount of the Hank overdraft instead of being paid out. The cost of ammonia might seem rather high, but this was due to tho fact that there was a considerable amount of waste owing to the. low quality of stuff which could bo procured at tho present time. In order to meet this to some extent, the directors were endeavouring to obtain information as to tho possibility of getting supplies altogether independent of the present sources of supply, so that they would be iu a position, if possible, to obtain a better quality ami possibly at a reduced "price. On the other side of the accounts they would notice a very big difference in the amounts for freezing, £3559 last year as against £-1279 in the previous twelve months, a reduction of something like £720. This was almost ontirelv brought about by the reduced charges for butter from 5d to Id. Their the next item they would notice was a reduction in cool storage from £7lB to £476. This was accounted for bv the fact that there was not anything like the quantity of butter .stored during the autumn and winter months as in past years. As a matter of fact the butter stored at Moturoa was lower than it had been for a very long number of years. In the previous year the lowest they got to was 2000 boxes, hut this year it had come down to 86 boxes. .Mr. Hodgson: "Where did the butter trust store its butler “ The Chairman: The butter trustonly existed in the imagination of certain members of Parliament. Continuing, tho Chairman said the directors for some time past had had under consideration tho question of whether it would bo advisable to enlarge the works. There were two or three reasons, all of importance and worthy of consideration. In the first place,” during the flush of the season, they had been somewhat- taxed. for accommodation, and if a very large increase were brought about they would have found it somewhat difficult to have conveniently handled it. Then, too, tho directors were considering the possibility of doing business in connection with tho exportation of frozen pork. They were m hopes that before vciy long that direct shipments would be ‘made from the port of New Plymouth, and that in the products, frozen pork would be a considerable item, and it seemed to them, in the absence of anv other works in close proximity to the port, they could conveniently handle that pork, and even if any other works came’ in they would probably bo able to compete with them for handling the stuff. Seeing that tho company really represented tho shareholders of tho dairy companies, they would have in one sense a prior right to handle their stuff, provided, of course, they could do it on as good terms. Taking these things into ac-

count, and it seomed absolutely certain that- in two or three years' time tho pork industry would become a very largo business, the directors thought when making alterations they should bo of such a substantial nature they would b© able to copo with demands in that respect. They anticipated that in a little over three months the additions they proposed to make would be complete. Mr Grnv seconded tho motion. Mr! Forsyth asked why there was such a difference in tho amount paid to the butter people as against the cheese people. . The Chairman replied that the butter people paid 13s 4d for freezing, and the cheese people 3s 4d. 'J nut was four to one. and tho allocation of orofits was on the same basis. Mr. Marfell said it appeared, that the amount set aside for depreciation 5 per cent, was rather a low rate. The Chairman said it did seem a rather low rate, but to those acquainted with tho works, and who had seen the state in which the machinery was kept would recognise that the depreciation was sufficient, particularly as tho items of repairs were charged to expenses. The machinery, too, was always kept up-to-date. He would like to * soo shareholders visit tho works more frequently, and see for themselves the splendid way the machinery was kept. The motion was then carried.

Messrs. \V. Swadling and T. 0. Hodgson, the retiring directors, were re-elected for the ensuing year, Mr. C. S. Rennell was, re-elected auditor at the usual remuneration.

The following resolution from the directors was adopted: ‘‘That with respect to all shares winch are not fully paid up on the 30th day of June, 1911,* the directors be recommended to require payment of tho amount unpaid by instalments of £1 per share payable at intervals of not more than six months, and that after the the current financial year (June 30, 1912) all fully paid-up shares in the company bo ‘entitled (if profits are sufficient) to interest at a rate not exceeding 5 per cent, per annum.” Votes of thanks wore accorded to the secretary, manager, engineer and staff for the excellent services rendered during the past year. In speaking to the resolution, Air. Dingle paid a high compliment to the secretary. Mr. J. S. M'Keilar, who was a most coinnetcht and courteous officer, and who did his work faithfully and well. Tho shareholder* would with much pleasure place on record their appreciation of his services. Air. Mlvellar acknowledged the kind remarks made concerning him. The usual honorarium was granted to the chairman.

A hearty vote of thanks was accorded to the directors, and was acknowledged bv Mr. Connett.

In answer to a question from Air. Marfell, the Chairman said the enlargement of the works was estimated to cost about £3OOO. Tho present grading-room, a lean-to 2-,Ut wide, would 1)0 done away with, and in its place would bo built a freezing chamber 35ft wide, with u similar chamber above it. A new grading-room, 25ft wide, would bo built, with another chamber above this also, thus giving three additional chambers, capable ot accommodating from 27,000 to 28.000 boxes of butter. The wiper chambers however, were intended lor cheese, and tho new grading-room csuld, if necessary,,, be converted into a freezing chamber. The additions would be carried out in brick.

At a subsequent meeting of the directors, Mr. 3 lor ton was re-elected chairman of directors.