MEAT EXPORT COMPANY

Dominion, Volume 10, Issue 3176, 29 August 1917, Page 8

MEAT EXPORT COMPANY

. .LAST, YEAR'S OPERATIONS ; ;': BUSINESS AT ANNUAL MEETING " Tho twenty-eighth annual general meet-/ Ing of the Wellington Meat Export Co., . 'Ltd., .- was, .held -yesterday • afternoon. There-'were'-about 1 twenty shareholders present. Jfr. W. Ci. I'ostor, chairman of directors and managing director, pre- ! sided. ■ The chairman moved the i.iloption of : the annual report *;nd the balance-sheet. . In doing so he said:—"Since jour direci "tors met you last year for eimilar ,pur- . pose the capital of the company ' hns ! *een further increased by the issue to , 'then-Bxistinsrehareholders-'iit par of 7111 fihares of .£5 each, in addition, to sul> ] scribed: capitaliof. .£35,555, of which -67150 '■. 'Jias been called i;p and ,£0863 has been \ paid. In addition to this, calls }tp to £2 125.-(kl. been paid in ad- | vSnco to X26GB 12s. Gd., making; a total Jiaid-up capital of £115,765 17?. 6(1. Oui' indebtedness to bank and depositors is : iJ13,285 Hβ. sdi, as against JC170.797 Gs. ' Jjld. of laet year. Ttesorve , funds, after ! apii\opriating ,£IO,OOO •to profit and loss : account,; stand.-nt- ■ ifSl-.W, . as against : ,£55,231 last year. On the otlisr side our : jissets show similar .increases. The great increase in 'the "balances at the termination of the year ;.rc chiefly due to the : much heavier stocks on hand, as a reI -pult of shortage «;f shipping, and to,the ' outstanding balance of wool purchases : by the i Imperial Government, which '.' ! aiiicimta to .£26,308 sis. iOd. It will bo ; observed that our fixed assets • ebon- .£252,317 Is., ia against ,£201,277 at • game date last year. *; "Turning to profit and loss account, ; the first'item of interest, etc., shows an i increase of X 7655 above similar charges ■ of'the preceding year, showing the : heavier impost due to the lees speedy [ realisation of our products, and land aud income tax an increaso of £830. Charges ; have increased by ..CSW, making an agi gregato increase in general charges of ;. mu. : •-> A Year of Anxiety, i . ""Tho business of the company during 1 the past twelve months has been arduous I and'.anxious, owing to conditions of com- ! 'Petition resulting in oxtreme .prices for ■ 'stock purchased, which throughout has . shown 6maH margin abovo '.Hovernnient : commandeer rates, «nd the year's work ■ lias trenched upon tho realised surpluses

of the unsold consignments of 1916. It is the board's-practice to lake to account in the balance-sheet only \he draft value of "consignments, leaving surpluses to come to credit in the succeeding year. This course has jgain been followed, and in consequence directors, in ciew of the heavy stocks hold in New Zealand, have decided to transfer .£IO,OOO from equalise non of dividends resom account towards the payment of the year's dividend. This conrso will undoubtedly bo appreciated by shareholders whe:i the uncertainties of the future are considered, not only as to the ordinary course of market in ■ which we may realise, but from the posmMo limitations of value which tho Imperial Government may at any time impose. Should market conditions continue favourable, as may reasonably be expected, directors believe that the out-turn of the year's work will prove more satisfactory than at-first sight- might- be inferred, but to have anticipated unrealised' profits from stocks -,nd consignments wonld have been imprudent in the extreme. The company's premises and plant hnve been in every respect maintained in thorough order'and repair, and are not only effective :n the highest degree, but are kept up to date. The Kakariki Works: "At last annual meeting; ss an alternative to construction of works at Kakariki, the : cost <>f Tliich was beyond expectation. I referred to negotiations then proceeding with the AVanganui Freezing Company for purchase of their establishment at Caatlecliff and -rheir other assets. The negotiations wero-finally submitted to shareholders at a special meeting held on. September 5, ;91G. .It was at that nieeting'iesolved not to proceed with the purchase, but to construct at Kakariki, as was originally intended. Directors therefore decided to proceed with the construction (with a reduced capacity), and the work is fast approaching completion, lfc is expected that the works will be ready to start -by the end of the year. Tho capacity of tho works is 2000 sheep and, 100 head of cattle per day, with a storage equivalent to 90,000 carcasses of 601b. The buildings ojo of brick and cowrete, and practically 'indestructible. Owing to war conditions difficulty has been experienced in procuring machinery, and'portions of our plantincluding the- refrigerating machines, will not be to hand for some time. Before starting: the construction, however, your directors were satisfied that by an adjustment, of surplus freezing power at present at Waterloo Quay-'arid Ngaliauranga disappointments of this nature would not preclude a'start'for the newseason." .. . ... Tho motion to »dopt the report and the balance-sheet was seconded by Mr. D. T. Stewart, and agreed to. Messrs. Charles Elgar and .1. W. 'Marshall retire from tho board by rotation. Both were re-elected. The following wero elected auditors:— Messrs. E. AV. Hunt, E. Bucholz, ■ and AV. S. Wheeler. The remuneration of the auditors was increased from iCISO for tho. three to ,£225, for Iho' three.