WELLINGTON FARMERS' MEAT COMPANY.

Dominion, Volume 6, Issue 1822, 7 August 1913, Page 10

WELLINGTON FARMERS' MEAT COMPANY.

" ANNUAL MEETING. DIVIDEND OF SIX FEE CENT. (By Telesrooh.—Sneclal Correspondent.) Masterton, August 0. The aunual meeting of the Wellington Farmers' Meat Company was iiokl here this afternoon, about ninqty shareholders being present. In moving tlie v adoption of the report suuLbalance-sheet, Mr. J. C. Cooper stated that after provision for depreciation tho directors were in a position to transfer from the profits a sum of -C 4500 to tho resorve fund, and to rccornmend a dividend of 6 peT cent, on paid-up capital, absorbing. J62183. This left a balance of ,£7!)8 to carry forward. Mr. Cooper went ou to say that over .£IO,OOO had been expended on additions to plant last season, and arrangements were now being mado for further additions. ■ Tho directors Jiad decided to place the balanco of unallotted shnro capital, amounting to .£7500, but it was only intended to call up half this amount. Last year the amount paid in wages, apart from staff salaries, was wt22,7(>S 17s. lid., while ,£4351 10s. Id. lind been paid to Mastertoo. business firms for trade requisites. Ueferriiig to tho-slaughtermen's dispute, lie justified the action of the directors, and added: "Looking back on tho post and reviewing all the circumstances, your board feel that the right thing was (lone, and that they .have nothing to regret. I in ay say that, sonio time back, we received an off«r from the men to make a fresli agreement before nest season at 275. Sd. per hundred." Referring to the future 'prospects of the industry," Mr. Cooper said that there was every indication of its being very .bright. They had to consider other markets apart from the Homo market, and h« belieyed that one of tlio best markets would bis in the North American Continent. H© also commented on tho improvements wJiich were now contemplated by the Port of .London Authority. This appeared to.be the result of the efforts of the North Island Freezing Companies' Association, of which Mr. W. Q. Foster was chairman, and to whom tho thanks of all those engaged in the industry wero due. The efforts of Mr. Lysnar in the mnttor also should not be overlooked. In conclusion, he stated that the works had' been of enormous benefit to the frozen meat industry of the district, particularly in the Umb trade. Mr. Hugh Morrison seconded the tion.Mr. John Hunter complained that outsiders' sheep had been taken before thoso of .shareholders. He also complained that stock had been allowed to depredate in tlie yards, and stated that, unless the ■management was altered, tho company would' bo "in. the melting pot in two years/' ■ ■ Mr. Cooper explained that the company was a tratlinj concern, and had to take stock from outside clients. He also stated that on no occasion had there been more than three days' 6upply of stock in the ! yflrdg. Several speakers ridiculed tli-o statement of' Mr. Hunter concerning the company beintf "in tho .melting pot/' and congratulated the directors npon tho excellent management. . ' Tho motion • for the adoption of the report.\an<l balance-sheet was ' Carried unanimously.' _ _ On the motion of Mr. B. D. M Kenzie, seconded bv Mr. J. H. Tathatn, a dividend of G per cent, on paid-qp,capital was declared. . Messrs. Hughl Morrison and-J. B. Lowes were re-elected directors unopposed. Tho directors' fees wore increased from .£1 Is. to JS.-k per ..meeting, plua expenses,. .Mqssr3.'Ba(lham. aiid; Biss were re-elect-at % : -fee of 75 giuneas. A motion was passed that the shareholders should he empowered to take up fresh shares in lieu of dividend* •