THE MEAT TRADE.

Star (Christchurch), Issue 9192, 23 March 1908, Page 1

THE MEAT TRADE.

THE BRITISH -NEW ZEALAND MEAT AND PRODUCE COMPANY. The annual meeting of the BritishNew Zealand Meat and Produce Company, Limited, was held on Thursday. The chairm__i of director* (Mr M. 0. Orbell) presided, and there was a good attendance of. shareholders. The chairman, in moving the adoption of the report andT bal-ance-sheet, said that for" two years after commencing business in London the company had had many difficulties to . contend . with, and its finances had suffered (Vto some extent. It had been recognised that to obtain a position in the London frozen meat trade wae no easy task, and by some it had been predicted' that the company's existence would be short. Its strongest < opponents in the past, however, realised that it had "come to stay," and instead of working against it were now working and co-operating with it. He had expressed the opinion at the last annual meeting that the third year __ in business — the one now under x review — would 6how a substantial profit, and the balance-«hee,t had, he thought, justified that opinion. The business was increasing, the prospects were decidedly encouraging, every branch showed a profit, there had. been no losses, and the business generally was extending in various ways. The" report and balance-sheet, showing a net profit of 13_ per cent upon the paid-xrp capital, was satisfactory, while, in addition, there was an asset of £1000 that did not appear, but which would be brought into account at the proper time. Although the absence of a dividend would be disappointing to some shareholders, they could fairly congratulate themselves Upon the position attained. The sum of £1319 12s 6d had appeared as a debit at the profit and loss account in the < last annual report, and although the directors had. contemplated paying off the major portion of the sum out of present profits, and also a dividend of 5 per cent, they were advised that they could not pay a dividend while any debit remained upon a previous profit and lose account. After consideration, they had decided that it would be bad finance in the circumstances to do so, although some authorities held that it would be justifiable, and they had therefore recommended that the whole of the debit should be extinguished and the balance carried forv - ward. It was gratifying to note that the consignment business continued to expand and gave satisfaction to shippers. The number of shipments entrusted to the company proved that consignors had confidence in its London office. North Island exporters were supporting the company most loyally, and it was becoming clearer every month that the company was now looked upon as the only one in the dominion established solely in the interests of sheep-owners," all its shareholders being practically sheep men and resident in' the colony. Although local prices for fat stock had ruled, abnormally high last year every client had received substantial surpluses upon his shipments, and many of them had expressed surprise that, in the face of colonial rates, it had gaid them better to sell in London, everal consignors who had been Home and visited the company's Smithfield stall had shown their appreciation by sending increased shipments this year. Mr Recce, the company's London adviser, stated that the business was sound and growing and the prospects were excellent. He (the chairman 1 * had followed the management very closely, and felt justified in endorsing the opinion expressed by Mr Recce that henceforward shareholders might look for fair dividends. They were indebted not only to Mr Recce, who had carried the company past many difficulties, but also to Mr Charley, who had assumed the management in London at the beginning of last year, and whose experience of twenty years in the frozen meat trade had been of great value "to the company. One of the most notable features of the frozen meat trade had been the slight fluctuations in prices experienced during the past year, in striking contrast to the year 1906. This, he thought, had been brought about chiefly by greater care in the grading of the meat at the various freezing works, and also by the shipping companies and agents in the handling of the meat. There was no doubt the organisation for distribution had vastly improved, both in New Zealand and London,.* and he had no hesitation in saying that hundreds of thousands of pounds had been lost to the dominion in the past by the loose manner in which, generally speaking, the business had been conducted. It was now recognised that to obtain even and regular prices the meat must / be strictly graded, and every care taken I from the time it left the freezing works until it > reached the consumer, s Too much laxity in this respect had been shown, but the experience of the past year should incite everyone interested in the trade to maintain a good marketable price for fat stock, a price which had been threatened by the Careless grading in some instances during 1908. The term " Prime Canterbury " did not carry the same weight that it formerly carried. He was not prepared to say that the lambs were not of the same quality as formerly, but he was inclined to think that North Island breeders were rapidly approaching the Canterbury standard of quality, and that unless more careful attention was given to breeding in Canterbury they would deprive the province of the name upon which it had so long traded. The motion was seconded by Mr A. J___je and carried. '

1 . ' The retiring directors, Messrs Horrell and Orbell, were re-elected. The chairman said that Mr Kaye had decided to resign his seat on the Board, in consequence of engaging in a similar business. His resignation had been accepted with regret, because he had been on the Board for a long time, and had been of considerable value to the com- ' pany. Mr James Cow, of Tinwald, j had been nominated for the vacancy. He regretted that since the report had been presented Mr Harlcy had also sent in his resignation, to enter a new sphere of business; and they would all regret the loss of his services. He had joined the company at its formation, and had proved an excellent secretary. The directors hpd resolved to retain his assistance byi nominating him as a director of the company. Messrs Cow and Hasrley were subsequently elected directors. Mr H. A. Bruce was re-elected auditor. Votes of thanks were accorded to the directors and staff. V ' ,