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SOUTH CANTERBURY REFRIQERATING COMPANY.

The 9th annual meeting of tbo South Oanterbury Bofrigerating Company was held afc their offices, Oburch atreot, on Saturday aftornoon. There was a large attendance, and Mr E, Acton, chairman of direotors, presided. The directors' report elated that aff.or allowing for last yosr'a dividend and £2417 16g Od for depreciation tbore remained at credit of profit, and lons account £9762 12a 4d, of which £6764 13' 3d was a. bslanoo of undivided proftb from previous years. It WDM proposed to pay a dividend of 8 per cent.., absorbing £1086 5s 7d, and carry £8376 68 9d forward. Tho amount duo bo depositors had been reduced by £3500, and the direcfcori trusted tho balance (£4510) will bo liquidated during tho coming year. During tho year 152,560 aboop and 88,064 lambe wore , frozen, the average weights (allowing lilbpor , head (or ohrinkago) being 68'05 and 35'0l lba raapeatively, againut 67'85 ond 35-77 Ittsb yo»r. Tho new rosyjhinory nnd wator supply have given satiafactovy results, justifying tho hoavy expenditure upon them. Xhis directors during the nomia^ aiz monU)9 would oonoidor tho advisability of further ro' I dactions in ireor.ing charges, with the objent I of securing all tho available business in the > district. Airaffremento hod been completed I for reduction* in fri ight from Deeombor lßt 3 as follows i Deitewhup to May inclusive, tnuUon 1-Jd per l_b, lamb . Hd per lb, Juno to . November inclusive, J 1 ana Id par J.b, but tc L tho4o who book an equal numbor of sbe&p fo; Bumwer and winter montho Id per lb will be I charged ail fpund. To througii-hoohori the total colonial £-Wgog will umount to aboul 5 1 3-6d pen \bf m»wup a; jfollpwe j— Frelgh)

aae. primage 1 05d, insurance (oil ri»ko) nt 4d per lb 0 10, freezing 0-37, baga 4d, and oxchasgo 0-08d, total l'6O or 1 3 sths d per lb, to which muat be added London charges, which Bhould not exceed - 40d per lb making a total coot, of 2d por lb to shipper. 'Ilia balanos sheet showed working espouses £1653 43 6dj intoreet on borrowed copital, £871 12j 103 ; directors' foes, £84. Miscellaneous receipts £57 3s 8d ; transfer feoo £1 2s ; frot-zing f oen £7877 7b 6d. Net profit for re-ir £3007 193 Id. The total valuo of plant and buildings was ostinmted (after allowing £2417 for depreciation) at £28,944 ; besidoß whioh there wbb £246 129 9d worth of implements, and stocks of bags, coal etc., on hand. On the motion of Mr Eowell tho report was taken as read. In moving the adoption of the report and balonco ehoet tho chairman said that it was always a pleasure for tho directors to moot them, but. especially so at this lime of the year, because now thoy had the advantage of being able. to mnko a oull on them, whioh was not for £ s. d., but for that wliioh they valued a great deal more — tho eharoholders' advice and sympathy in the management of and protection to their mutual interests Previous to the last annual mooting shareholders had sanctioned the proposal of the directors that the working capacity of the concern should bo very largely extended and they had authorised financial arrangoinentß which were nccesfory to oarry the wißheo into effect. T,hose ; financial arrangements ultimately resulted in the issue of 1107 new Bharos on which £1 per share only was called up, tho romaiuing £4 being left uncallod in ordar to provido a raeerva and generally to strengthen tho position of tho company. They aleo obtained on debentures, tho issue of which had also been sanctioned, the Bum of £5300, and they subsequently received ou deposit nearly £SO.OO, these deposits being repayable at any moment by a month's notice on either side Finding during thoyoar that Ihsy had under tneir control moro monoy than it wi»s possiblo to use, the directors in the protection of tho eoiiipsny'e interests repaid deposits to tho extent of £3500. They wero glad to jay alao that it had not boon necesßiry to avail themselves, to any material extent, of the assistance of thsir bankers during the extension of tho business. Shareholders would perhaps con eider that the amount proposed to carry forward to noxt year, £0676, wbs unnecejoarily large, and perhaps it might bo ; but the directors had nlwayo before thorn the fant that, tho busiuoas they wore engaged in was of a peculiar diameter ; that it was very open to change — a change resulting perhaps at any moment from more improved and mora economic modes of preparing moat for export ; and thoy wished to retain auch a position of strength 89 might enable thorn to meet ouch an emergency, That was their reason for carrying forward so lnrgo an amount. The amount written off for depreciation was also large, boing £1199 in oxcess of last year. Thi» wns due to their increased investment in buildings aud machinery. Altogether since the company started thoy had written off £7261 for depreciation of buildings and machinery, and in this rospeot their position was satisfactory. The ohuirnian then referred to tho stock handled during tho year, and passed on to deiil with the reductions on froig.'it. It muat bs ea'isfactory to find that tho shipping companies had met the wishes of tho united refrigo?' ating companies by reducing tho rato of freight to an even Id throughout the year. This concession of -J-d per lb was decidedly obtained for tho beuefit of the glower of the meat ; it belonged to him and ho ought to get it ; it would encourage him to grow ehcop and to ship the'm. So far as they. could judge the consolidated charge to cover absolutely everything — freezing, London chargna. etc. —ought not to now exceed Sd porlb. In tho face of Ihis, and that tho company's chargoa were now the same as the northern companies, the growers of meat should soe tho wisdom and justioo of giving the company all they could give. During the year several of tho directors had been in London and their aoorctary, Mr Clulee, had returned with a great der.l of valuable and useful information w'hioh they hoped to profit by. (The chairman later on incidentally mentioned that Mr Clulee purpoaed to put his observations in print and heve them circulated.) In conclusion the chairman said that tho directors hoped the meeting would express tbeir approval of the conduct of thoir permanent officotß and employees with whom Iho dircc tors wero fully satisfied. Mr H. J. LeCren hud much pleasure in seconding the motion for the adoption of the roport a?jd balance sheet. Mr J. A. Gracio spofce ql the large amount proposed to bo oirried forward and moved at an amendment that the dividend be at the rate of 10 per contum per annum. This was seconded by Mr I. h. Morris, t!ie contention being that as there waa nothing to fear it was but fair and just to give tlje shareholders the 10 per cont. Mr Morris remarked amid much laughter that ho had hoard of companies who made only 8 per cent, yet gave 12 per cent, to their shareholders. (A. yoico : " They go broko.") The obsii-man, Mr Jonas, and Mr A. If. Glark, pointed out to Mpjers Gracie, Morris, Lovegrovo and others, that thp large amount was carried forward eo that they might at' any lima be in a position to meet any unexpected demand. Mr Jonaß said that he had fought hard for a larger dividend, but after reflection had agreed to the 8 por cent. He pointed out that they oojjld make sure that their capital was being invested in a pafo and sound manner, and that there eras something for tharn to fall back upon in a ease of emergency. Mr Cfarji said that they all considered 8 per oont. a yory good dividend, and by eo husbanding their funds thoy placed shareholders in a position where ho thought there was no risk of; a'l. In reply to Mr O.'S. Fraoer, tho chairman said that they bad not gat any sort of guarantees ; Ihoy were working without thorn, TJy<y were responsible for nothing bat the safe conduct of shareholders' intoroets. On tbo amendment boing put Messrs Howoll, Morrii, Davje, and Graoio, voted for it, nnd the rest of tho meetipg ngainst it. Tho chairman's motion wag next put and carried by a largo majority. On tho motion or Ifr H. J. LoOren, seconded by Mr A. Pepry, Messrs Tosohe maker, Elworthy, Grant, and Olnrk were re» eleoted directors. . Mr Lovegrovo raieod the question of giving a longer notice of nomination of direotors than was at presont ablo to bo given per circular, and Mr Howell suggested that this difficulty might be got over by insorting (j anpcial notice in tho newspaper*. The jeijairman said that tho directors would try and do njltljpy BO|jj(] f,p meet tho wishes of Mr Lovegrovp In tho voting for auditor*, M(f O. 8,, Frasor got 13 voles, Mr M. Gray and Mr I?'. Or,rgill 12 oaoh, ond Mr W. M, Sims 9, la the event of no ono demanding a poll, the chairman Buid that he would exercise his right to choooo botweon the two who had: tied. : . Mj? T/ipelipmaJtfir askod a question as to the legality of the propsedjnga. Mr Jonas moved, and Mr LeGecn eppqndedj that Mosßrs Eraser and Oirgill be the audiftorg at a remuneration of £10 10a oaoh, which wag agreed to. Wliiio Messrs Ziosler and Oracle, tho scrutineers, woro attonding to tho voting for auditors, n conversational ' discussion took place with reopoct to tho questions of reduction of charges, guarantors, otc. In reply ftp Mr Bnlfour and othore; tho chairman '.explained tyith rOßpcct to obarges thut if an onnor ehjppo4 hop}} winter and sumnw the obargo would bs id ; but if Ijo shipped only during Jbho next sjx months' (tfre' Bummer months) ho would bo ohar'god lj-i ; then, ngain, if lm onntinuod shipping durjng the wintor tbo charge would bo Jdi so as to bring it to an uniform Id all tho year round. In other words if ho gave a guarantee wintor and summer, tho company would work for hii)i for l'l ; it rested ontiroly with him to giro a full guarantee. It really meant bo far as shippers word oonooynod thnt jt was Id all round. Ab to tlifl quoetibp about thp '• gugrantpre " it origjnate^i >n ibis yay. Tha diroctors when the guarantees worp giyon undertook that tho mutton should bo povered by ineiiranco at the works. They found, hnwovor, that thoy could not do this, am! iiorno of the gunrnniors withdrow, and the directors allowed them to do so. (Mr M. <£uion fluid that this was tbp first ho had heard of the matter,) ' 4 .' : , t Tho chairman continuing, in repk to Mr f, Quinn, naid thai; tho company gave Mr Boid

notice tbst thoy wanted certain space and hi had to provido it. ho worked for the com puny, not the company for him. They musi take into consideration tlmt eo hrge n pro portion belonged to tho Melsono that it wni necessary for the company to give him a con' siderablo voice in tbe shipping. There wa; no contract of any sort, aud thu arrangement oould be varied at any time. Mr Jonas movoj, and Mr Tescbomakor seconded, that the company hold their next annual meeting on (ho last Saturday in Novombcr, 1892. On the motion of Mr Lovogrove, a voto of thanks was pnsaod to Iho officials of the oamDany, and on the motion of Mr Jonaß the usual complimoat mso passed to Mr Auton for presiding; and tho meetiug clo2od at 2.50 p.m. At tho request of the chairman a lnrge number of those present romained to take part in a privato conference respecting the disposal of surplus fat stock. OADBUIiY'S COCOA. A Food aliko suitable for building up the body, and for repairing tho wasto which is incidental to the processes of life,"— Health. MAKY A.NDMP.SON. MISS MABT ANDEKSON writeo :— "I have used Pears' Soap for two yeiirs with tho groateot satisfaction, for I find it tho very best." (Signed) Mabt Andbbsok. Pears' Soap, for tho Toilet and Nursery. Prevents redness, roughncoa, and chapping. Sold ovorywhsi-fl. — fAt>VT

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Permanent link to this item

http://paperspast.natlib.govt.nz/newspapers/THD18911130.2.23

Bibliographic details

SOUTH CANTERBURY REFRIQERATING COMPANY., Timaru Herald, Volume LIII, Issue 5302, 30 November 1891

Word Count
2,042

SOUTH CANTERBURY REFRIQERATING COMPANY. Timaru Herald, Volume LIII, Issue 5302, 30 November 1891

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