ANNUAL MEETING
( L "PkOSPECTS ARE GOOD "
L NEW PURCHASE PROPOSALS
'"]'■ Tie annual meoting of tho Welling-' ' ton Meat Export Coy., Ltd., was.hold yesterday. Mr. Vf. 6. Foster, chair---man of directors, presided. '■•''■: - The report and the balance-sheet, "•and the recommendations contained in '•'the report, were adopted. In moving ~"!their adoption tho chairman said: — ,;'"We are now in the third year of the .'waViiand,; wiiht progress and prosSpects are good, its duration' is still a 'matter of uncertainty. Our business ■lias been, carried on without serious thereby. (although, of ' course; at considerably added cost), notwithstanding that owing to shortjiiess of shipping facilities, our exports ■have been very muoh delayed, but there is little doubt that, stocks in ,vtho Dominion will be well cleared by, 'or. near, the commencement of tho 'ooming season. \ In this connection the Imperial Freights Committee is entitled to recognition for its good and impartial, administration under extremely difficult circum stances. Shareholders are aware that we.had under construction extensive additional storage, the contract for which should have been completed in January, but from various causes was delayed, chief amongst such causes were scarcity, of carpenters owing to the demand for military work at camps, hospitals, etc., and to the shortage of hardwood ; supplies. The contractors . : hnvc otherwise, however, completed to our entire satisfaction. In consequence it was not; available in time to meet tho liusi- ' est portion of the season, and our/then available stores becoming, blocked, we . were unable to operate to the full extent of our killing capacity. The new however, camo into use in May and had fair test before the season closed. Our storage capacity is now equal to 240,000 carcasses in sheep of . fiOlb.', which it ij3 anticipated will fully meet our' requirements' at Ngahau.'.'ranga.i .." , I •,*•'' Supplementary ' Works at Kakarlkl.
"A'start was made with! the excavations for- the foundations, etc., for this. establishment, which it was intended, should be ready for the season 1916-1917, but owing to the excessive cost under war conditions it was de-cided-to defer construction until more -normal conditions prevail. In view, however, of the necessity;of conserving our Rangitikei and West Coast connection to the fullest. extent, -your board _ becoming aware that tho Wall ganui Freezing Company's Works at 'Castlecli_ff;wero in tho market, opened negotiations , with that company, and. subject'to the approval of shareholders iof both companies, .have-'agreed to acquire them, the price being £100,000, : and. the terms'. £40,000 cash ;'-, £60,000 in debentures for ten years bearing interest at (6 per' cent, per annrim. ■". It Is intended'to at once increase the capacity from its present rate of 2300 to 3000; carcasses per dav," arid'this it is expected can be completed in time.for the pressure of the coming season, and at comparatively ■ small expense. An extraordinary general meeting of shareholders has been called for September 6, to. consider and discuss the proposal. This purchaso may considerably modify'the scheme of works at Kakariki, construction, of which directors, have deemed best to suspend. In the meantime the board has been as-
sured by many of theEangitikot sottiers, who have subscribed io the new issue of capital, of their complete satisfaction with, and concurrence, in. the nrrangoment.' "Tho business of the year has, as trie' balance-sheet and profit and loss account show, been satisfactory, notwithstanding tho many difficulties and enhanced costs in overy department. Bonus to Employees. "In conaeijuenbo of ithe advance in cpss of tho necessaries of life, etc., your • board decided to adopt tho advice of the Arbitration Court to employers generally, and in a subsequent agreement with workers have since x>aid to wage-earnors a war bonus of 10 per cent. "In'view also of tho same conditions shareholders will equally appreciate tho ■ bonus over and above tho ordinary rate of dividend, honco tho recommendation of your board that an additional 2 per cent, per annum bo paid.
High Effiolency of Works. "I. have pleasure in reporting that no effort has been spared by the company's staff in all departments to maintain the high standard and reputation ot our brands. This has been achieved, as is proved by, .the realisation nt top prices. As may be expected our office work has been considerably inconvenienced by the enlistments for military service, but notwithstanding, thoso left to carry on the duties have dona so ungrudgingly and well. "Shareholders at the last annual, meeting voted a sum of £500 for dis-/j tribution at the discretion of directors. This was applied in payment towards: Hospital at Trentham, £100; Aotea Convalescent Hospital, Egypt, £400. "In addition, during the past year, further contributions have been disbursed, aggregating £743 ss. 4d. ; and your board suggests for your consideration and decisioji whether, and to what amount, you will pass a vote as wa* dono a year since.
"It is with regret that the board lms to inform shareholders of the retirement of Mr. E. Newman, M.P., for Itangitikei, whose public and other responsibilities aro too onerous to enable him to give the full attention-to company business he considered necessary. He therefore decided to vacate his seat on the board. \ "Messrs. P. A. M'Hardy, and D. Eraser havo been nominated for the Beat, and directors ■ hope that Mr. M'Hardy's connection and influence in the country being verv. considerable, he will 'be approved by the shareholders and elected." Mr. Balcomho Brown: We are asked to comq bore next Tuesday and consider the proposal to purchase the Wanganui Moat Works. Tho ■ shareholders aro in the dark in the matter. I would Jio content to leave it to the directors, but don't like to be asked to. decide-on a thing I know nothing nbout. '~-'.'-.■ ', . ■
The chairman: This meeting is called" for a special, definite purpose, and it would not 'be ,in order at this- stage, as wo are calling an extraordinary general meeting ia week hence, to consider and decide that question. This is a public meeting, and tho. Press are present, and I think ,it would be better to dispuss :tho matter in committee'. Mr. Brown: T quite agree that we should discuss it in committee. Mr. Foster: I havo not come prepared to make a statement'on this matter, but in: a - general way ; I can say that tho directors would 'hardly have gone this.' length unless thoy thought the matter worthy of your consideration. It is a matter the directors have full power to deal with but as it is a new venture, they think your opinion should certainly be invited. ... I doubE the propriety of discussing it. at.a meeting which might have been attended'by had they known such a thing was to come up. Mr. Brown: We don't ask for a discussion, but for information so -that wo may bo able to think the matter over between now and Tuesday next. The chairman said he would confer with the other directors, and after the meeting might be able to give some Information to those who remained behind. '■ ' The retiring directors, Sir Walter Buchanan and Mr. Martin Elgar, were re-elected. Tbo extraordinary vacancy in tho directorate, caused by tho resignation of Mr.-. E. Newman, was filled by tho election of Mr. P. A. M'Hardy. Mri Donald Eraser also was_ nominated for a seat, but withdrew his name in order to avoid a contest. ■ The remuneration of the directorate -was fixed "at. £800. ■ ■■'-:'- • Messrs. O. S.' Watkins, E. W. Hunt, and E: "Bucliolz, were elected auditors, and their remuneration was fixed at £150. , .-'.;.,. ' The matter'of giving something to the patriotic funds was mentioned by the chairman, and it was decided to leave it to the/directors.
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Dominion, Volume 9, Issue 2863, 30 August 1916, Page 8
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1,249ANNUAL MEETING Dominion, Volume 9, Issue 2863, 30 August 1916, Page 8
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