WANGANUI FREEZING COMPANY.

Wanganui Chronicle, Volume L, Issue 12145, 3 September 1908, Page 7

WANGANUI FREEZING COMPANY.

EIGHTEENTH ANNUAL MEETING

The 18th annual meeting of the shareholders in the Wanganui Meat Freezing Company was held at the company's offices yesterday afternoon, Mr E. A. Campbell (chairman of directors) presiding. MINUTES. The minutes" of the previous annual meeting were read and confirmed. ANNUAL REPORT. The annual report (published by us yesterday) was taken as read. In moving the adoption of the report the Chairman spoke of the unsatisfa-etory state of the London markets as regarded two of the company's products —pelts and wool. In the -first four months ol the season the former fell from 50 to 60 per cent., and the latter from 40 to 50 per cent. This sudden and extraordinary drop in wool was very hard to account for. So serious was it that ;t could be safely said the income from wool throughout the country was not more than half—if it were that much — what it was last year. The only reason that could be put forth for the fall i was that the. depression which first made itself felt in America and then spread throughout Europe had so lessened the purchasing power of the peoplo in those countries that they were unable to buy woollen goods. When the depression arose a panic set in, and people would not buy anything—wool included. Farmers in this district, who last year had got lid or 12d per lb for their wool had got as low as 4d per lb for it this year. Apart from the panic, the price^of wool should have been higher than for statistics showed that in the wool-producing countries of the world sheep had decreased by 44 millions, while the populations in the same countries had increased by 63 millions. This f alling-off was noticeable principally in the more densely populated countries—'Germany being among the number. It would be apparent to all that as population became more dense in these countries cultivation of the land would increase, and all domestic animals be squeezed out. One acre cultivated so far as vegetables were conconcerned would produce twenty-times as much food an acre devoted to the raising of meat. Mr Campbell then went on to refer to the increases which had taken place in wages during the year. There had been considerable trouble with the labour staff, and a case was to be heard before the Arbitration Court, which would sit in Wanganui in the course of a few days. The directors, said Mr Campbell, had recently been compelled to purchase 100 acres at Mosstown and five acres on Durie Hill to provide accommodation paddocks for stock. As the leases' of the sections between Wanganui and Castlecliff had lapsed syndicates had squeezed the company out, with the* result that there were now villages where sheep used to graze. The directors had therefore purchased land away from the town so that accommodation might be ensured in fu ture. They had been offered prices •« advance of those they had paid, but, for the present at any rate, would noi. sell. Since last annual meeting th« slaughter-house, manure store, and tin ned meats accommodation had been in creased, and the company now had ! one of the most up-to-date slaughter houses in New Zealand. That was the opinion of experts. In order to copp ' with the pressure of work which existed | during two or three months each season—sheepowners keeping their stock] back till late—the machinery had he^i | . dangerously overworked during thejflß i couple of years. The directqr^Hß j therefore.purchased a new machineTmcl j let a contract for the erection of a new ' engine-room. It was hoped the engine ' would be installed in time.forthe open- | ing of the coming The directors yn^fi|p|^f^zih^ JcH.anij^r§7ai&^tbJei sfcoiV %ge: a^oornmod^i&nf; > '' vAfter remarking that the number of sheep in the district had increased by ,i'oo,ooo during the year, Mr Pampbeli said that although , eventually Hhe newly-opened up-country ' would fatten sheep it would be many years before the Freezing Works could draw many from there. Sheep wpuld be bied^and reared in the new country, but would be sent dowif to the lower and more luxuriant country to be fattened. Mr Campbell stated that during the past year the company had made an excellent arrangement with the Harbour Board, whereby they were given a lease which practically would go on for ever. The company • had still 33 years of their Original lease to run, and thenceforth they would be granted a renewal every 21 years on a revaluation of the ground; rent. The improvements belonging to the company. Before concluding Mr Campbell referred^ to the departure of Mr .J. A." Gilruth, Chief Veterinarian, for Australia. He. said the company had had many dealings with Mi' Gilruth, who had proved.himself an up-to-date and stz^aigfotforward officer, wnosa departure would be regretted by all.

Mr J. L. Stevenson seconded the motion for the adoption of the balancesheet, which was carried unanimously without discussion.

It was resolved that the directors' and auditors' (Messrs Hall and Rod-well) fees be the same as last year. The auditors, in their report, stated that the books of the company had been found in order. They were, well kept, and a credit> to the company's officers. Tho meeting then concluded with a vote of thanks to the directors.