FARMERS' BACON CO.

Dominion, Volume 11, Issue 64, 8 December 1917, Page 12

FARMERS' BACON CO.

FIRST ANNUAL MEETING

A SUCCESSFUL YEAR

The first'annual meeting of tho New ■ Zealand Farmers' Co-oporative Bacon ana Meat Paokiug Company, Ltd., was held at Bethune's Buildings, on Thursday. The chairman of directors, the Hon. J. G. \V. Aitken, presided. The annual report ot tho directors stated: "The company commenced operations on October 1, 1916, and was formed by tho merging of interests or the South Taranaki. Bncon Co., Ltd., the Waikato Farmers' Co-operative Biv. cbri Co., Ltd., and Messrs. W. Dimock and Co., Ltd., for the purpose of more economically working the bacon business, and eliminating the unnecessary overlapping in' working. As was confidently expected, considerable swings in.this respect have been effected. Too much has been wasted in the past by i-eaeon of tho expense of keeping a multiplicity of concerns in tho' field.' The Farmers' Company has the equipment, it has the organisation, and best selling outlets—therefore we urge upon our farmer shareholders'to make full use of their own institution, and not be detracted by the temporary bait offered for the purpose of crippling co-op-eration. This being the first year ot the company's operations, preliminary expenses have been incurred which; however, are not* of a recurring nature. The price declared for pigs was such as allowed for a supplementary payment of id. per lb. on all pigs sent In by shareholder suppliers between October 1 and April 14, and }d. per lb. on receipts from April 14 to September 30, taking the sum of £12,436— thus our.farmer shareholders have obtained the highest average price for pige yet recorded. The additions which were made to the Frankton junction and Eltham works proved to' be required, and the beef slaughtering and freezing works at Eltham were utilised .to the utmost extent during the sea-! .son. _ The company, has arranged for a duplication of its freezing storage at ■ ' 'Ngahauranga (Wellington) for the com- ' ing season. The balance available for i appropriation, aftor making due allowance for depreciation, bad debts, etc., ,as' shown by the balance-sheet, is ■ £7947 3s. Bd., which it is recommended >ehould be used as follows:—To pay a dividend of 6 per cent, on the "A" preference shares, the "B"-preference 'shares, and the ordinary shares, £6164 3s. Bd.; to place to a ' reserve fund, .£850; leaving an amount to carry forward of £933; total, £7947 3s. Bd." \ The nominal capital, of the company was shown to be £200,000; tho ;'subscribed capital £136,055, and-tho v paid-up capital £106,683 4s. Bd. The -value of the land, buildings, machinery, and plant owned by the company •at Wellington, Auckland, Frankton 'Junction, and Eltham stood at I £104,762 16s. 2d., and the net profite /, were shown at £7947 3s. Bd. After a dividend of 6 per cent., absorbing £6164 3e. Bd., had been provided for, the sum'of £850 had been placed to 'the reserve and £933 carried forward. ..; 'In moving the adoption of the report and balance-sheet, the chairman the shareholders on the success of the year's operations. Ho eaid that it'.was only, after very care•ful consideration that the amalgamation of the "various companies was .agreed to, and he thought it would •:bo; generally.admitted that the existence of the company had met'a long-' ielt want in the bacon-curing industry. .I'or many years the industry had been of a very irregular nature, and in consequence the price of pigs to the. pro- , 'ducer had always been more or less of ,;an unknown quantity. The aim of the ,;conipany was to endeavour to maintain s the price of pigs on such a basis as ■•■ would the grower in fattening, . -.niidat the samo time-enable the com;panyto place on the market the cured ~article at as reasonable a rate as poe:;.sible.' Thus it was hoped the producer ■■vw.ould- not be compelled to face the a violent .fluctuations in the market \ invhicb. had obtained in the past, for •;-.?t was appreciated that a low price . ;tc-day arid a high one to-morrow did ..'.not tend to give that degree of con;fidence to tho producer which' should -exist.' A further object of the com- ! pany was to place the industry oh a '.■more satisfactory basis. That must be .reflected in. better and regular conditions for the, producer. The company was one of purely a co-operative "nature, running in the interests of the .■farmers. To those who were not satis- ■ tied with the t imposition of the concern the directors', invited the fullest ~ .scrutiny. --This wae -the day of co- > operative! effort with the fanner,, and' -ho.advised the shareholders not to be ■detracted by idle rumours circulated 'for the purpose of destroying co-opera-.tion amongst farmers. He was pleas,'ed to say that on the share register , t the company "had '4000 to 5000 farmer .. shareholders directly and indirectly. ..through the thirty-four dairy compaii- . -res who had joined. The year com--.menced: with thirteen dairy compan- • Jes, and tliat number had increased ' ny 21, which was sufficient to show ..that tho company was being favourably ; received by the farmers. The market , throughout the year .had been favourable but tho number of pigs'available ■M Now Zealand had shown a slight •.decreaso over the figures of tho pre- ■ vious year. The killing of beef was commenced at Eltham works towards the middle of last season. There was ■every indication that that branch of the company's activities would prove very satisfactory. The company' .was , now manufacturing artificial fertilisers .'.at Eltham—a most up-to-date plant having been installed. Extensions, had ol.so been made to the preserving plant at Wellington, and the freezing storage had been doubled. Tho following directors who retired ny rotation were re-elected:—Tho Hon. J. G. TV. Ait-ken (Wellington' proup). H. D. Forsyth (Tarannki group), and ..E. C. Banks (Auckland group). Messrs. fiold'ahd Arcus were reeleeted auditors. A vote of tliniiks to tho management and staff concluded the meeting.

Members of the Tcviofc Fruitgrowers' Association at the monthly meeting indulged in some very plain speaking ."on the refusal . federation executive to reinstate tho Scarlet Nonpariel nnd" fcsopus Spitzenbere; apples on tho list of commercial varieties, and arc prepared to take the matter before the Minister of Agriculture.