PATEA FARMERS' CO-OP. FREEZING CO,. LTD.

Wanganui Chronicle, Issue 12856, 1 November 1912, Page 2

PATEA FARMERS' CO-OP. FREEZING CO,. LTD.

ANNUAL MEETING

The annual meeting of the above was held on Tuesday at" Patea, Mr. W. D. Powdrell being in the chair. Tho directors' annual report stated that during tho year tho number of stock treated was as follows: —Cattle, 4,799 ; calves, 632; sheep and lambs, 15,125; pigs, 7. During the season several contracts were fulfilled at satisfactory prices to the shareholders. It was hoped that during the coming season rnoro shareholders would adopt tho policy of sending their stock to 'be treated at the Works, and then dispose of them on n c.i.f.e. basis. The Joss of £629 6s Id was entirely due to the lesser quantity of stock treated, and with an increaso in this direction the company could look forward to a better result in the coming season. Reports to hand from the Home buyers of the quality, condition, and make-up of the company's frozen produce aro of a highly satisfactory nature. In moving the adoption of tho report and balance sheet, the Chairman, (sa3's tho "Patea Press,") pointed out that a number of last year's losses were included in this year's loss. This wag due to the fact that meat in transit had not realised the amount at which it had been assessed. Ho mentioned that since Mr. Mackio had been appointed manager there had been a profit on everything shipped. In connection with the debit balanco of £629 6s Id, Mr. Powdrell mentioned that since the balance sheet had been made up advices had como to hand that 300 casks of tallow had realised £120 more than anticipated, so this amount had to bo "deducted from the loss on tho year's working. He pointed out tbat a "rent deal had been lost during the year over the fact that the Works had not bc-en kept full—only the ninth of the possible output being put through —which meant that freezing expenses vroro out. «f proportion to the output. A better arrangement had been made for the coming year. It was practically agreed that th« West Coast Refrigerating Company should do the Company's freezing at l-8d per lb. A tramline would probably bo laid between the Works and the freezer. As a result of tho new arrangement a saving of £866 would -ba effected. When tho Company's output exceeded 3,000,0001b5. it would then pay to freeze themselves, but when that occurred an agreement could probably bo arrived at. Another reason why last year had not produced a profit was that as a result of tho workers going into the union wages had been increased by 25 per cent. He did not grudfre the men the rise though he did not believe in Unionism, but mentioned tho fact to show how circumstances had combined against the Company during the year. The speaker made reference to the wreck of the Hawera, into which the Company had put £2,000. They practically ran no risk from loss, but the loss of her services during the coming season might prove a serious handicap. Before giving figures to show the Company's position at the present time Mi*. Powdrell stated that Mr. Maekie, tho present manager, had effected a saving of £450 in the office alone. He then gavo figures showing that at the present time tho Company bad a debit balance of £7972. £11,000 represented promissory notes and-shares, so if the' Works wero worth nothing they would be £3000 to tho good.

Mr. C. Dickie seconded the adoption of the report and balance sheet, the motion being carried. ,

Messrs. W. D. Powdrell, A. Symes, O. TT^wken and C. Dickie were elected directors.

Mr. Hawken, who has been appointed buyer for the Company, will resign his position on the directorate when he commences to buy. ! " Mr. E. D. Hormer was re-appointed auditor at a salary of £20.