MEAT EXPORT TRADE

Wanganui Herald, Volume LIII, Issue 160731, 18 August 1920, Page 2

MEAT EXPORT TRADE

SITUATION REVIEWED. MENACE CP AMERICAN CONCERNS. (Per United Press Association.) WELLINGTON, August 17. _ At the annual meeting of the Wellington Meat Export Company to-day the chairman, Mr Chas. Elgar, said that it was a matter for universal congratulation that after five years of war regulations and restrictions the freezing industry in New Zealand should emerge in a proaeprous condition as it was today, and a very great measure of thanks was due to the Imperial Government and the New Zealand Government for the substantial protection afforded to the industry during the recent difficult period. The profit available for allocation was £43,027. The directors recommended .£13,060 to bs added to the reserve, bringing the - reserve up to <£120,000, and that the dividend for the year, including a 2 per cent, bonus, would be 10 per cent. The chairman said that the greatest problem freezing companies were faced with was tho question of dealing with next season’s purchases of fat stock. He understood that the Government, in conjunction with the banks, freezing companies, and producers’ representatives, were taking up the question of financing next season’s business, but while this was very necessary under the circumstances, it did not solve the problem of tho .ultimate realisation of goods. He expressed regret that the present condition of Trade was being used as a lever to induce the Government to alter its policy. Referring to the large American packing interests, be denied that America had offered an unlimited market for all grades of meat. The d% re and for New Zealand lamb in London would, his company had been advised, ho just as keen as ever, notwithstanding large accumulations of stock, mostly of mutton and beef. No practical benefit, therefore, could be obtained by allowing large American companies to establish expensive stock-buying organisations in New Zealand; their very size alone would soon give them control of the bulk of the fat stock available, thus enabling them to dictate their own terms to the industry. On the other hand, there was no reason why any company, American or British, should not buy its requirements direct from the freeriug companies or their agents. The annual report and balance-sheet were adopted.