THE WAINGAWA MEAT WORKS.

Dominion, Volume 4, Issue 1238, 21 September 1911, Page 8

THE WAINGAWA MEAT WORKS.

FIRST YEAR'S RESUME. COMPANY'S ANNUAL MEETING. (By ToloErnph.—Snecial Corrcsrondent.) Masterjon, September 20. Between forty and fitty shareholders were present at tho annual meeting of the Wellington (Farmers' Meat Company this afternoon. The annual report was adopted, and the remuneration of tho managing director was increased from =C 350 to £jOO per annum. It was decided thol there should be one auditor instead of two, and Messrs. Badham and G. W. Sellar were nominated for the position. The election is to take place in three week's time. Chairman's Address. In moving tho adoption of tho annual report, Mr. J. C. Cooper dealt at some length with the capital expenditure of (he company sines tho last annual meeting. At that meeting it. had been proposed that freezing works, plant, and a store, with tallow and wool plants only, should be established. Since then the directors had found it absolutely necessary to build and equip a skin-curing plant. Further, an additional largo wool store, an engineer's cottage, and a bonrdinghouse, together with additions to the stockman's residence, and a largo general store, had been erected. Acting on the advice of the engineer in charge, and the construction engineer, it had also been decided to make the following further additions:—Another large, boiler to meet the requirements of the pelt-curing and preserving departments, a bacon factory (which was now in course of crection), a duplicate electrical generating set, and another large wool drier, witli the necessary accommodation. These, with an extra freezing chamber, which was being constructed within the cool store, were estimated to cost another <£4000. In addition to these a large number of improvements and internal fittings had been provided during the season, and charged against the earnings of the company. These, of course.'did not appear in the balance-sheet. The co=t of the works, with all additions to date, and additions for which the company had committed itself, was ,£M,OOO. Of this amount the subscribed capita! of tho shareholders amounted to i'-fO.OOO, and the balance of •£14,000 would have to be provided for .by overdraft. ' Profit and Loss. Dealing with the profit and loss account, Mr. Cc-oper stated that the value of unrealised consignments was ,E36,742. These value.; had been arranged by asking tho company's agents in London to assess tho values. Those assessments had been received by mail, and and were oil n higher basis than those appearing upon the balance-sheet. Tho actual realisations had been in excess of the valuation placed upon tho consignments at Home. The stocks and stores in hand amounted to .£13,193, which included a. largo amount of goods required for the running of the company. Amongst other items they had in stock -£1000 worth of meat. bags. To show that tho valuations placed upon their stocks had been on the safe side, Mr. Cooper pointed out that the valuation placed upon firstquality mutton iu store was 3d. per lb., with all charges debited against it. Tho actual c.i.f. realisations had been as high as 3jid. It would thus be seen that the debit balance really represented a 'small credit. In .-Iny case the earnings of tho company. during the month of July, had been .sufficient to wipe off any deficit on tho year's operations as • appearing in the balance-sheet. Purchasing on Our Own Account. At tho inception of tho works it had not been the intention of the directors to buy on the company's own account, but merely to act as agents of others. Circumstances had arisen, however, which had made it necessary for tho company to either purchase stock or to closo tho works. As they had no brand established -theyhad to take the c.i.f. basis of other companies as their own basis for "purchasing, and trust to good quality and grading to bring them out right. This would undoubtedly have happened had it not been that, certain Home buyers, finding the market glutted by heavy shipments afloat and a persistent statement that heavy supplies would continue, had succeedcd in "bearing" the market, almost, to tho lowlevel of the year 1009. Although they had baen obliged to sell some of their shipments at the low levels thus created, they.were enabled, by storing in London and locally, to avoid the worst period of theso low pjices. With the better sales which they had made towards the end of the season, they had succsedcd in almost recouping themselves for any loss which■ they had made. This would not appear to be the case by an examination of the company's books, which showed an apparent loss of over .£3OOO »n- the purchasing account. Tho major portion of this loss, however, was due to an unfortunate block at the works through a temporary inadequacy of the freezing plant, and fat ■ stockdrafters failing to draft in accordance with instructions. These facts,' added to the fact that a number of shipments leaving at this time were not up to the standard of condition, wero the' principal causes of loss on the trading account. After allowing fyr theso circumstances, which might bo expected to arise with any company just starting, tliero was still a balance of ,£4MG. In addition to this a number of improvements and internal fittings, already referred to, had como out of the year's profits. Nor should they overlook the fact that, in the first fow" months, owing to the inexpcrienco of a number of employees, the cost of production had been higher than it otherwise would have been. In the face of all these circumstances, Mr. Cooper said, it must bo agreed that tho short season had been a highly satisfactory one. ■ In the island of San Domingo there is a remarkable salt mountain—a mass of crystalline salt, nearly four miles long, estimated io contain nearly 90,000,000 tons, and said to be so clear that medium-sized print can be road through a block a foot thick.

For Children's Hackiug Cough at Night, Woods' Groat Peppermint Cure, Is. lid.'