Wanganui Meat Freezing Company.

Wanganui Chronicle, Volume XXXXVII, Issue 11734, 11 September 1902, Page 7

Wanganui Meat Freezing Company.

ANNUAL MEETING. The annual meeting of shareholders in the Wanganui Meat Freezing Company was held at the Borough Council Chambers yesterday. Mr E. A. Campbell (managing director) occupied the chair, and there was a good attendance of members. MINUTES. The minutes of the previous annual meeting were read and confirmed. ANNUAL REPORT AND BALANCE SHEET. The annual report., which was as follows, was taken as read: — The directors beg to present to shareholders the balance sheet for the year ending 31st July, 1902. After paying all working expenses, interest, maintenance, eto., there remains a net balance of £4344 4s 2d, which it is proposed to deal with as follows: Pay a dividend of 6 per cent., write off £1500 for depreciation of plant, etc., and carry forward the balance. The result of the year's work should be deemed satisfactory. The buildings have been kept in good repair. The works are now closed down, and the machinery is having a thorough overhaul. The directors regret having lost one of their number, Mr Henry Corn-foot, who had been associated with the company since its inception. His death means a great loss to the company. In I compliance with terms v. resolution j^.

at last animal meeting of shareholders, the directors are Messrs Samuel Handley and number of the .company's ordinary directors be not more than six, making seven including the nominated director. The retiring drectors are Messrs Samuel Handley and William Ritchie, who, being eligible, offer themseJves for re-election. In addition, Mr Charles Lowther Dufgan has been nominate ri. You will be caLled upon to elect two directors from the above, ifou are also called upon to elect two auditors, Messrs Francis Moffatt, Arthur Edward Turton Nixon, and William Kodwell being nominated.

; In moving the adoption of the report an:l ■ balance sheet, the chairman said the share-- ■ holders had every reason to congratulate themselves upon the balance sheet, seeing that since the last annual meeting they, iv common with other companies, suffered a very serious loss upon what they had in stock and consignments. However, with care and economy and a very good recovery in the market, they had brought out what was a very fair balance sheet. As they were aware, since the last meeting one of the directors! (Mr Henry Comfoot) hadgone over to the "great majority."' He was a sterling, shrewd,. fearless, outspoken man, and was a tower of strength to any board of directors. The deceased was connected with the company from its inception, and it was only those who had been with him so long that could property feel the loss his death had caused. Mr Campbell then referred to Mr D. Peat's- resignation from the directorate, and said that as the resignation might create a wrong impression in some minds, the speaker thought, it only right that he should make an explanation. —s they knew, it was resolved at the last meeting to reduce the number of directors from nine to seven, and as Mr Peat was one of the last two who were elected, he thought he should be one of the two who had to retire, and lie accordingly retired. The speaker thought Mr Peat deserved great credit for his unselfishness. The shareholders would be interested to know that during the year the company had put through 3632> cattle, 309 calves, * 129,904 sheep, and 37.899 lambs. . He might mention that there were 22.000 more lambs frozen than had ever been put through before. The lamb market, however, was universally low at Home, and the outlook was not very promising. The amount of wages paid by the company last year was was £12,411, salaries £2608, and general expenses £255. The compan- had paid in harbour dues £7474. In conclusion, the chairman referred to the comments made at the meeting at Woodville about the low prices given by the freezing companies for stock, and remarked that meat freezing wa<j a risky business. It was hard to regulate the prices of sheep. If they could sell the meat before they bought it, or knew what the market was likely to be, it would be much more satisfactory. Mr Campbell said that in the South Island a different clas* of sheep was bought to that bought in the North. The legs and pieces sent from tlie North Islaaid! were over 800,000, while those from the South Island only numbered 4YU,000, thus showing that the class of sheep was very different. About 6$ per cent, of the sheep received were nevir frozen, so they would see that it was very hard to give tip-top prices to sellers. The company must buy as cheaply as possible and sell in the dearest market, just as shareholders would do individually. Mr David Peat seconded the motion, an.l •congratulated the shareholders on the balance sheet. At last meeting he stood alone on the Board in moving that no dividend be paid, and he thought that before the year had gone far the directors wished they had followed his advice. However, h^ was glad to see that the position had altered now, The motion was then put and carried unanimously. Miv Peat moved that tha remuneration of directors be £30 each. This was seconded by Mr J. Paul and carried. On the motion of Mr J. L. Stevenson,. seconded by Mr A. Higgie, it was resolved that the remuneration of auditors be 25 guineas each. Messrs Atkins and Pyroock were appointed -scrutineers. : Mr Paul said he observed from the balance sheet that the sum of £1451 had been paid away in intreiet, and also that there were between 2000 and 3000 unallotted shares. He thought it would be to the interest of the company if these shares were allotted to shareholders at par, thus in- I creasing the capital, reducing the bank overdraft, and strengthening the hands of the directors and putting the company on a sound basis. Failing the shareholders taking up the shares, they could be offered to the publlic at a premium. He moved in the direction he had indicated. j Mr Peat seconded the motion pro forma, but suggested that the matter should be considered by the directors. The chairman, Messrs Atkins, Robinson, and Sarjeant also spoke on the motion, which on being put was carried. ELECTION. ; The ballot for the election of directors and auditors was then proceeded with1, anti resulted as follows: — DIRECTORS. W. Ritchie 1245 I S. Handley 1141 C. If Duigan 366 The fisrt two were declared elected. AUDITORS. j F. Moffatt 1395 W. Rodwell 1338 A. E. T. Nixon 160 ! The first tv ro were declared elected.