MIDLAND SALEYARDS COMPANY.

Press, Volume LV, Issue 10175, 24 October 1898, Page 3

MIDLAND SALEYARDS COMPANY.

The second annual meeting of the Midland Saleyards Co-operative Company was held on Saturday afternoon in Matson's saleroom. Mr W. Acton-Adams prtssiSed. The report and balance-sheet were taken as read. In their first annual report the Directors regretted that the cattle yards (which <>wetfe constructed on an enlarged scale on an express resolution of the shareholders) had not proved remunerative with which drought and general depression of the store cattle trade had much to do. The shesp yards, pavilion, and dip, all showed a profit that fully justified the expenditure on them. The amount to' credit of profit and loss was £88 8s sd, and though nearly enough to pay a 5 per cent, dividend, the Directors thought it wiser to postpone distributing any profits until next year. The Company has only been in operation eight months, and has met an unusually-dry season, which has largely diminished the ordinary amount of bu-in? and selling. With a good season and proper support from the numerous shareholders (140), hoiuuig 818 shares, a larger return of trade is expected next yea|r. The Directors reminded the shareholders that this Company -was the first to reduce the yard fees on stores to half that on fats, and that no other saleyards company allowed unsold Stock to go out free, and that the convenience of access to both Belfast and Islington factories was worth Id per head more to the buyer, and so returned a lower price to the seller. By the co-operative clause in the Company , ! Articles all the profits, above a. fair interest, were to be divided amongst the vendors of stock by a refund on their yard fees. The number of sales held during the has been 34. number of fata 20,303, number of store sheep 64,400, total sheep. 74,703, shjeep dipped 12.69 Q. . With the "superior dip and yards now completed, and the moderate charges, the Directors expected a large increase of revenue from this branch. The Directors reminded the Company that for a cost of less than £3500 they had bought a site and constructed saleyards equal to a large trade, and most conveniently situated for receiving and delivering stock. The balance-sheet, whictf represented operations for eight months only, showed that the paid-up capital was £ly«s, mortgage of land to vendors arranged £1300, audit account, interest accrued £30, total liabilities £3016. Assets: Sheep yards, cattle "Wds, pavilion and uip £1568'7s 10d, fencing £154 3s, preliminary expenses £251, furniture, stock of dip and sundries, rent of booth £126 5s 3d, landed

prppertyjJßlSOO, balance at bank ±»3 Bs, total £53403 8s sd. On the profit and loss account the income had been £291 5s Bd, and the expenditure £202 17s 3d. The Chairman moved the adoption of the report, and balance-sheet, and said the shareholders were to be congratulated on having very suitable buildings and yards provided at a comparatively small cost, something under £2000.,/ The loss over the cattle trade was from the trade having fallen to pieces since the yards were put up. The yards generally were second to none, and while the opponents of the Company had advantages, from the north line, the Midland yards gained from having those of the south line/ The Directors had loyally supported

the Company, and if the 140 shareholders would follow their example the Companywould do - a better trade. He also referred to several items in the balance-sheet. Mr J, E. Hanson seconded the motion, which was agreed to unanimously. The-following Directors were elected: — Messrs F. Bailey, W. Bailey, John E. Hanson, and F. Searle. Mr Thornhill Cooper was elected Auditor. _ . On the motion of Messrs E. Clarkson and H. Kimbera vote of thanks was accorded

to tEo Chairman and the Directors, and the

meeting adjourned,

At a meeting of the Directors, held subsequently ,»■Mr Acton-Adams was re-elected Chairman, and Messrs L. W. Tosswill and W. B. Clarkson were elected the Executive./