N.C. SHEEPFARMERS' FREEZING COMPANY.

Press, Volume LX, Issue 18217, 30 October 1924, Page 10

N.C. SHEEPFARMERS' FREEZING COMPANY.

ANNUAL MEETING. The ninth annual meeting of th« shareholders of the North Canterbury Sheepfarmers' Co-operative Freezing, Export, and Agency Company, Ltd., was held in tho Masonic Hall yesterday afternoon. Mr J. H. iilaoVwe'l, in the absence of the chairman of directors (Mr G. D. Greenwood), presided. Apologies were mnde for the alienee of tho vice-chairman (Mr T. Stone), and Mr W. V,'. Mcßac. Between thirty and forty i-hareholders attended

The chairman rj»d a letter from Mr Greenwood, who congratulated the company on its continued success. They were steadily building up a business that was independent, influential, and . fax-reaching. The company's position was sounder than ever before, and the outlook for the shareholders was never brighter. If the position i-aj been leas satisfactory, he would have been prescr-t. He added that he wus discussing problems connected with export conditions with men in Australia interested in the question. Tho r.r.nus.l report and balance-sheet, a precis of which has been published, were taken as read.

The chairman, in moving tho adoption of the annual report and balance-sheet, said that the year had been a difficult and busy year: there hr:d been an increase in tho number of stock bandied by the company. In view of the difficulties of tho year, shareholder* would view tho result of operations as !>eir.g sa.tisiactory. Those i<esutt3 emphasised the importance cf keeping up the quality ci the meat shipped. Particular attention liad been given io the consistency of tho quality of the meat forwarded. The question of quality must be paramount, especial'.-.' in view of outside competition, especially from South America. While the quality of South American did not equal that of ?i>.v Zealand, it was improving, and tho price was higher than that obtained for Australian meat. He commented on the URstisfaetory position of the rute _of exchange, and said that the increase of 1J per cent, over the average of nominal rate represented a loss of £1,000,000 to the _ exporters and producers of the Dominion. Experts had been unable to find a solution, but the position was so serious that they expected hankers io deviso some polution find relieve tho producers of the' present loss. He referred to the recent reductions in freight secured through the agency of the Meat Board. He considered that the conditions were favourable for tho coming sea-son. Though there' had been svn increaso in the 'number of stock dealt with, the company could have dealt with 30,000 to 50.000 head more without any very great additional expense. Referring to the balancesheet, ho spoke of the satisfactory condition of tho provision made for depreciation, and to the general satisfactory condition of the company's finances. The position of the company was such that any proposals to amalgamate in a general merger was not attractive to shareholders. The company wa* in a. sound and independent position, and he did not think that it would bo the wish of shareholders to consider any other method of carrying on the company's operations. (Applause.) Mr J. A. Henley seconded the motion, and said that after studying tie balance-sheet the conclusion they must arrive at was that tho company was in a very sound condition. Regarding the exchange question, he urged tbat a meeting of all exporters should be called to try to find a solution. Mr D. Bates heartily congratulated the management in connexion -with the business acumen which they had shown in the conduct of the business of the company. He was in thorough accord with the clfkirteaii s idea that they should resist amalgamation •with other companies. Ho ejpoke at some *angth on ti» exchange question. Mr George Gardner, who has recently returned from a visit Home, eooke of the unsatisfactory condition in which the Dominion's meat reached the London market, and said that it looked as if all the navvies and stevedores in London had tramped over it, wfoile the bloom on Argentine meat made one feel Borry for New Zealand. The motion was agreed to unanira6ualy. The chairman announced that the retiring directors, Messrs T. Ston»*nd P. H. Courage had been le-elected. Mr. Courage briefly returned liia-nks. The auditors—Mr Arnaud McKelkr and Mr Randal L. Hicks—were reappointed. A vot» of thanks was accorded to the staff. DAIRY PRODUCE. MeSßrs ,£.. H. Turnbull' and Co. ai» in receipt of the following cablegram from "W. Weddel and Co., Ltd., dated London 24th inst.: — "Danish butter, 242s to 244s (last week 348s to 2505); New Zealand salted, 224s to 228s (224s to 2265); market quiet. Cheese, white, 94s to 95s (93a to 955); coloured, 94s io 9Ss (92s to 945); market firmer."