F.C.D.C.

Wairarapa Daily Times, 7 December 1926, Page 2

F.C.D.C.

annual meeting. Tho annual general meeting of the above company was In Id in tiie Oddfellows Hall, .FeL'ding, oft Hriday afternoon, when a large gathering of shareholders assembled, Mr J. J. Bryce, chairman of directors occupying tho chair. After delivering his address on the market conditions, and the company's finances (as already published) the chairman formally moved the adoption of the annual report and balance sheet. He; referred to the much sounder position the company had now attained, a condition which must be gratifying to all shareholders.

In seconding the motion, Mr John Cob be (Feilding), congratulated the directors on the excellent attendance of shareholders at the meeting, indicating the increased interest taken 'by tib? farming community in their own company. Considering the diliicult times he considered the nett profit quite satisfactory, and noted with pleasure how the business of the Distributing Company was no\v being conducted according to sound business methods. Whilst agreeing with the chairman that the prospects for the coming season were not too 'encouraging, he reminded the shareholders of the splendid resources which the Dominion possessed to assist in making good recovery. He was pleased, as one closely associated with, the freezing industry, to intimate that' the slaughtermans’ strike was practicallv over. The thanks of the producers were due to those members of the fanning community who had come to the rescue of the freezing company during the present threatened trouble, and they had all done excellent work. On 'being put to the meeting the report and balance sheet were unanimously adopted’. The chairman announced that the election of directors had resulted in the return of Messrs. Alex Stuart, E. Eagle, and 0. L. Marshall. He expressed the Board’s thanks to the retiring director, .Mr O. McElrov, who had served the Board for many years during its most strenuous periods. Mr McElroy congratulated Mr .Stuart on his election and referred to the diliicult work faced by the Board during th:it time when the company had laced very trying conditions. On the motion of Mr Kempton (Carterton), seconded by AjJr A. Campbell' (Feilding), the shareholders accorded a hearty vote of thanks to Mr McElroy for his past services. Mr Alee Stuart (Morton), the now director, in returning thanks for his election stated he hoped to induce 'bette combination amongst fanners for the support of their own company, thus ultimately assisting in reducing prices and comission to shareholders. On the motion of Mr Kempton, seconded by Mr G. L. Marshall (Marton), Mr S. IE. Lambert was re-elected auditor to the company at the same remuneration as last year. Mr F. C*. Wilson of Marton was reflected shareholders’ scrutineer. On the motion of Mr Kempton, seconded by Mr G. Bu.ckman ( (Umutoi), a vote of thanks was accorded to the Board of Directors for their services during the past year. The ehaiman formally moved the special resolutions for the reduction of

tlio nominal value of the company s shares 'by G/- in the £. This would relieve the directors of the long-standing adverse balance in the profit and loss account, and hasten the establishment of the business upon a. dividend-paying basis. lie read the auditor’s report concurring with the proposal, and asked the shareholders to give the resolution their support. hr W. G. Fry (Feilding) seconded the motion, and expressed pleasure a the smallness of the proposed reduction ■Many trading concerns had found i necessary to dig deeply into thoi: snare capital and the Distributing Company had been much more fortun ate. He referred to the futility oj carrying forward accumulated losse; year by year, and urged that it was r sound policy to cut old losses hv reduction of capital and make a fresh start He emphasised flint to ensure future dividends, shareholders must support their own company.

The Fcilding manager for the Public Trustee intimated that the Public Trust Department's iinaiicial adviser, acting for a number of shareholder's estates strongly recommended the adoption of tillo proposals. Mr Alec Stuart (Marton), -Mr Sicidy (Marton)j and several other shareholders supported the motion, some- expressing the opinion that a much heavier reduction tliad lie; n anticipated. On the motion being out to the meeting it was declared unanimously carried. The chairman moved a vote of thanks to the staff, whose liigili. efficiency during the past year had been much appreciated 'by the Board of Directors. This was carried by acclamation. .Mr Bryce intimated till at a rally of the farming community had been called for Thursday next, 9th instant, at llis Majesty ’s Theatre, Wanganui, at 8 p.m. when the present serious conditions regarding the cost of production will be explained to tine public. The speakers wouhl be General Sir A. Russell, Messrs W. J, Poison, J. S. dessop, A. Harding, J. B. Matheson, and others. He urged the attendance of a good representation from the Wellington districts. At a meeting of directors held subsequent' to the annual meeting, Mr .1. .1. Bryce was re.-elected chairman for the ensuing year. A further extraordinary general meeting of shareholders is to be held at the company's offices, Podding, at It. t>o p.m. on 24th inst., to confirm thio resolution regarding the reduction of capital.