FARMERS’ AUCTION CO.

Waikato Times, Volume 106, Issue 17840, 12 October 1929, Page 7

FARMERS’ AUCTION CO.

ANNUAL MEETING. TRIBUTES TO RETIRING DIRECTORS TUB new directors. MESSES A. -E. MANNING & D. S. REID The attendance at the annual meeting of the Farmers Auctioneering Company, at the Winter Show Hall, this morning, was smaller than usual, doubtless due to the general satisfaction with the operations of of company for the past 12 months. The chairman of directors, Mr H. S. Hawkins, presided. The following telegram was received from Mr J. A. Young, M.P.: I regret being unable to attend the annual meeting. I tender my congratulations to you and your fellow . directors and executive staff on the great success of the past year s operations.” , , , The annual report and balance sheet already published were unanimously adopted. The chairman gave a lengthy review of the year's operations, which appear on another page. In seconding the adoption of the report and balance sheet Mr A. W. Blanchard remarked that any criticism he had intended to make had been forestalled by the chairman. He expressed regret that that was the last occasion that Messrs Hawkins and Barugh would be present in their official positions. He referred to his criticisms of the company’s balance sheets in the past and said this year s was the best the company had ever Issued. The fact that every department showed a profit was something to be proud of. In complimenting the directors on the excellent showing, lie also thought that results were due in a large measure to the staff. He was glad to sec the item of unpaid calls which had been on the balance sheet for 20 years had at last been removed. He pointed out that under the articles of the Association the dividend was limited to 8 per cent. The company had paid an average of 5 per cent over the last six years which was something the shareholders could not cavil at. The turnover of that period amounted to £2,000,000 and as the profit was £51,000 this was 2-J per cent on the turnover which proved that the company was not making much out of the shareholders. He endorsed what the chairman had said regarding the company income-tax and expressed the opinion that ministers were too much dominated by officials. A Word of Caution. Mr J. S. Fisher commented that while the company had experienced a good year, the directors should not regard everything in the garden as lovely. He remarked upon the amount of organisation there was against the company’s directors and against the company. He thought the directors should not ignore the voice of the man on the street and at the Suleyards. Various interpretations of the company’s initials were given outside, and the interpretation he gave was that it was ” fooling away custom.’’ He affirmed his loyalty to the company, but at the same time uttered a word of caution against pursuing the policy which in the past had had the effect of turning away much business. -Mr D. Hay said he once belonged to another big institution and there were men from that institution who were now working alongside it in opposition. He did not think the company should object to men it had trained doing business alongside it and doing well. Personally he did not look forward to the time when any big company should serve one section of the community wholly. He favoured healthy competition carried out on efficient lines without any attempt at monopoly. " Two Very Gallant Gentlemen.” Mr A. E. Manning, returning thanks for his election, said he felt very proud of the honour they had done him, and he only hoped his actions would justify the confidence placed in him. Ho complimented the company on the excellent balance sheet. His greatest regret, he said, was that circumstances should have rendered it necessary for two new directors to be appointed in the plaoe of Mr 'Hawkins and Mr Barugh. When he was asked to contest a seat he made it quite definite that he would not do so against either of these gentlemen. He paid a very feeling tribute to Mr Barugh, whom he described as the pioneer of co-operation in this community. He was a man whose life had been one of service. The speaker knew of no man, in fact, who had done so much for the farmers at Mr Barugh. (Loud applause.)

He •would leave the directorate full of honour, and the speaker knew all the shareholders hoped that his remaining days would he full of happiness and plenty. With regard to Mr Hawkins, knowing that gentleman's innate modesty, Mr Manning said he felt diffident about making any reference to him at all. lie knew that he had, however, been in command of that ship and had brought it through its most troublous times into peaceful waters. Mr Hawkins, like any man in a similar position, had been subjected to criticism, but 'the speaker knew of no man who heeded criticism less than Mr Hawkins. He had steered a straight course ' and had shown inflexible courage and honesty of purpose, and his whole effort had been in the interests of the company and of the farmers of Waikato. The main characteristic of both these gentlemen had been utter disregard of self and the greatest tribute he could pay* them was to say, " Here are two very gallant gentlemen.” Mr D. 8, Reid’s Tribute. Mr D. S. Reid also expressed his appreciation of the honour done him by his election to the directorate. A company of that kind was in the nature of things subjected to much criticism, but he had found that nine out of every ten men working for the company were giving conscientious service. No matter what the criticism, the speaker said he was going to the hoard with an open mind to throw in his weight for what he considered rig’llt. In endorsing Mr Manning’s remarks regarding Messrs Barugh and Hawkins, Mr Reid said it was one of his greatest regrets that he should be occupying one of their seats. These two gentlemen had made tremendous sacrifices and had accepted much blame which was not due to Uicra. No moo la too Wailiato iuul

done more for his fellow farmers or had been more unselfish than Mr Barugh. He characterised Mr Hawkins as a straight goer who held the respect of everyone. Mr. A. W. Blanchard then moved the following resolution, which was carried unanimously amidst loud applause : “ The shareholders of the F.A.C. learnt with very great sorrow and regret that the chairman of the board of directors (Mr. Hawkins) and the vicechairman (Mr Barugh) had declined lo stand for re-election at this annual meeting of shareholderr,. We are cognisant of the fact that they were Ihe only elective members of the board that had signed the original deed of incorporation. We recognise the great value of the services rendered for 22 years, which has entailed a vast sacrifice of time and money, which few would care to make. They have been guided by high ideals which wc all admire, and their work for the company will stand as a memorial for all time for service ungrudgingly given and faithfully carried out. The shareholders herewith tender to them their heartfelt thanks and wish them many years of happiness in their retirement.” Work for Co-operation. Both gentlemen, who were obviously moved, briefly returned thanks. Mr Barugh said he had known many of the shareholders present ever since he came to Waikato. It had always been his desire to help his fellow farmers. He referred to his faith in top-dressing and to some of his early experiences in the purchase of manures which In those days were greatly deficient. This caused him to ponder on the probable benefits of co-opera-tion. Trouble followed with auctioneers which only strengthened the cooperative spirit within him and with Mr Hawkins he had worked ever since in the interests of this great ideal. One of the outcomes was the formation of the Farmers’ Freezing Company, and the Farmers’ Auctioneering Company. Mr Hawkins said he did not know why a man who merely did his duty should be given any thanks. It was, however, a source of satisfaction to him to know that his labours had been acceptable to the people he had worked for. He paid a tribute to Mr Barugh as the man who had made that company possible. He (the speaker) had been merely, In the early stages, an assistant to Mr Barugh. Since then what he had d-one in connection with the company most men would have done. It was unfortunate from his point of view that they were getting too old to carry on, but it had to be. This came to most people sooner or later. He thanked them most sincerely for the kind things they had said of himself and Mr Barugh. Mr Edkins said they were losing one of the finest chairmen a company had ever had or was likely to have. The New Directors. The chairman announced the result of the election of two directors, to positions left vacant by the retirement of Messrs H. S. Hawkins and J. Barugh, as follows: A. E. Manning .. .. 1892 D. S. Reid .. .. 1355 H. H. Short .. .. li’2o M. Wells .. .. 780 A. W. Blanchard 386 Informal .. .. 92 Messrs C. W. Armstrong and R. P. Hazard were reappointed auditors at a remuneration of £SOO per annum. Mr D: Hay was reappointed shareholders’ scrutineer. Mr Hawkins expressed the very sincere thanks of the directors to the staff —not only to the senior officers who were an exceptionally fine body of men but also to all the others, who were carrying out their duties conscientiously and effectively in the interests of the company. The directors were indebted to each one of them for his or her share in achieving the results before the meeting. (Applause.) The meeting discussed the reimbursement of the bacon company guarantors, the speakers describing this as a debt of honour which it was the duty of the farmers of Waikato to liquidate. The New Chairman. At a meeting of the directors, held •this afternoon Mr Walter Seavill was elected chairman.