BACON AND MEAT PACKING COMPANY, LIMITED

Dominion, Volume 12, Issue 62, 7 December 1918, Page 10

BACON AND MEAT PACKING COMPANY, LIMITED

• ~~ ['•■' , ANNUAL GENERAL MEETING. ' '■; The second annual general meeting of i - the New Zealand Farmers' Co-operative ; Bacon, and Meat Packing Co., Ltd., was i: .held at the offices of the company, Bethune's Buildings, Featherston Street, on I' . December 5. The Hon. J. G. W. Aitken,' chairman of directors, presided. '■■' Eeport and Balance-sheet—ln the report the directors stated that.the bnl- .;' ance .available for pppropriation, after •'" making''- due allowances for depreciation, j bad debts, etc., as shown by the acconi..panyihg balance-sheet, is .£7947 . 3s. Bd., ', "which it is recommended, should be uaed ■ - ,as follows:— . -.'.•' !.''. • ~ ' " £ s- a. [-• To pay' a ! dividend of 6 per j."" : cent, oh— ". I,:.; The "A" preference shares, '.:'';: the'Ts" preference shares, '■ the ordinary shares ........ 6,164 3 8 1., To place to a reserve fund ... c 850 0 ;0. if Leaving an amount to carry-. ; . forward of 933 (TO \.: -■'.;'". ; Total ...87,947""3 '8- ', - : BALANCE-SHEET, as at. September 30,. !'. 1917:- ■■■,;- •■ . . LIABILITIES.. -."". • ' .i'si !■ Authorised capital—2oo,ooo - ';... shares of 205.. .....200,000 .0 0 I- .Unsubscribed capital—63,94s . ,- '.>■ shares of 20s, '. 63,945 ' 0 0 f.■..-,. / ' ■■ i Subscribed capital—"A" pref. I . shares, less uncallI \ed (.£15,536 145.), and pkC J calls' paid in advance !',..(.41286) '..:.'...... .' :... 76,408 6 0 [•■'-■' Subscribed capital (cohtin- -,,..< ued)-31,362. . "B" - pref. I', shares, less uncall- !;. Ed (J3.338 16s. 7d.)j plus f-i calls paid in advance (.£9B),

;;- and less unpaid calls (£BO3 p. 6s. 9d.) : 27.317 16 8j. Subscribed capital (contin- |! .Ned)- 1 14,034 ordinary shares, r : .'.£14,034; less uncalled •>■. (£11,227 45.), pins calls i|. paid-in advance (.217010s.), jli- and less unpaid calls (£2O ;■• 45.) 2,957 2 0 capital 106,683 4 8 I;.. Sundry creditors •....:....'.....;.... 88,197 15 3 !-=• Profit and loss account ..'.'... 7,947 3 8 b ' £202,828" 3 7 j-'.. i;|; '•'; - ASSETS. I;;; Land, buildings, ' maohinery ■V: and- plant, receiving staI;)' tions, furniture and fit-. ;•: tings, horses and rolling :.; , stock at 'Wellington, Ngai.. ' hauranga, Eltham, Frank- ;•■■ ton, . Otahuhu, Auckland i:.- and Te Aroha 104,752 16 2 :;■ Sundry debtors _. 40,684 12 11 j: '• Stocks on hand 57,480 ,14 6 :.;, I £202,828 3 7 j'<: PROFIT AND LOSS 'ACCOUNT, ■ for ";••• 12 Months Ended September 30, 1917:— I- 1917—Sept. 30—To sujidry ex!'■'■..penses, bad debts, depreoi-^ ation 43,586 9 8 Net profit a; 7,947 3 8 ■' ' £51,533 13 4 [ 1917—Sept. 30- • ~ " [:; By gross profit 51,533 13 4 '■]'■■ . £51,533 13 4 j '•':■:■ J. BARtTGH, : • W. D. POWDRELL, '"■■■'■ Directors. '.C COLIN MONRO, :'■'.■ Secretary. .-. S. C. BARON, General Manager. We have examined the books and vouch.'.'■ere of the New Zealand .Farmers' Co- '_; operative Bacon and Meat Packing Co., |" Ltd., and have compared them with the i . above balance-sheet. Wo certify that in ;■ accordance'with the Companies Act, 1908, !. our. requirements as auditors havo been !\ complied with. In on* opinion the '.' above balance-sheet is so drawn up as to ; exhibit a true and correct view of the ! company's affairs as, at September 30, Y 1917, as shown by its books and from the f information supplied to us. Stock ; sheets certified to as correct by the gen- • eral manager have been produced to us. ;.. GOLD AND ARCUS, F.I.A. (N.Z.), ;■■■.,' v Auditors.

; • Wellington, November 2, 1917. :.' Chairmon's Statement.-»ydressing the '■■."■meeting, tho chairman (tho Hon. J. G. ' W. Aitken} said:- ■ • !. . "Before proceeding with the business, I gefitleineii, I presume that you will agree i to the report and balance-sheet being I taken as read. Tho past year, being tho I second during which the company has . been, operating, ; has, I am pleased to ■ say, shown a satisfactory out-turn, and I must congratulate shareholders on the ' "results achicvod. As I pointed out at ' last annual meeting, tho presence of the ; .company would tend to bring about a ' . regularity of prices to tho producer, ;_, "which is such a necessary factor to en- [ able him to determino on tho course to ■ ndopt in regard to tho marketing of his pigs. • But I would point out that it is ■ '■ impossible to assist tho producer in this ■ re3peot unless he is prepared to avail himself of the equipment offered. If ' the/desirable position is to be gained, it i 3 for the individual to recognise the responsibility resting upon him. Great ; results can 'be attained as tho result of '• co-operativo effort. It is very gratify- ', ing that we have such a large body of farmers true to the principles of 00-oper- .' ation find loyal to the companyjo which ' they belong, anrl it is largely owing to i their support that such satisfactory re- ; suits have been attained. There, of i course, have not boen wanting a few ; whose estimnto of co-operation i 9 valued '■' by a triflo offered by opposing interests . for the purposo of breaking down this spirit of co-operation. The success of ;. the concern depends to a largo extent i on the measure of,support given it by ; its shareholding suppliers. Tho result ; of) our operations was such that in d«

daring our.prices for the year we were able to distribute an aggregate emu of .£BOOO to suppliers to bring the prices up to the rates declared, particulars of which shareholders nave already been advised. The killings of pigs have sliown n slight decrease, owing to .vjircity of labour and the tendency to turn milk products into cheese. The inclination to take up the manufacture of dried milk has also in no little measure affected the. production. It is a matter of regret that the fattening of pigs is not more vigorously prosecuted, but there is nq doubt that with the closer settlement near at hiwd and Iho return of many of our men to the land, a considerable improvement may be expected in the future.. As indicated to you at our last annual meeting, the company had embarked on the beef industry, aud I am pleased to say that our activities in this direction have been highly satisfactory. Our presence as operators in the Taranaki district appears to havo been much appreciated by the growers of that district, as indicated by the very satisfactory support the company' received. Our Eitham works have operated to.their rudest extent, and substantial improvements and alterations to' those premises have been made. The company has been successful in acquiring that valuable property adjoining its works ot Ngahauranga, consisting. , of 48 acres of land, also slaughterhouse and yards, so that its operations can now be extended to the handling of all classes of fat stock. "Its meat preserving plant has been considerably improved, and a most up-to-date fertiliser plant is now ready for working. At Eitham the purchase of a farm near the work.will give the company good accommodation paddocks. The installation of additional freezing machinery has enabled the company to make.very satisfactory extensions to the cold storage. Turning to the. accounts: There is very little in the figures placed before you to which any special reference is necessary, with the exception perhaps of tho amount shown under the heading of tangible "assets of the company. The increase in this item is represented by the expenditure on the extensions made ■at all our works to enable us to extend our operations. The other items—sundry debtors and stocksarc larger as compared, with last year's figures, but a fairly, conservative estimate of these has been made. The inoreases are attributable to the accumulation owing to lack of shipping, but a very large proportion was, at the date of our balance, held on account of the Imperial authorities. These items naturally are reflected In the increased amount under the heading of sundry creditors and the consequent Inrger overdraft. You will," however, be pleased to learn thai! the bulk of our stocks have been cleared dince September 30, and already a considerable portion of the book debts have been liquidated. I regret to have to advise you that the company has suffered a very eevere loss in the death ■of Mr. W. M'Caffery, late works manager at Frankton Junction. Mr. M'Caffery; was a man in whom the company had. the utmost confidence, and he was one of the iiost reliable curers in New Zealand. His loss will bs severely felt, and I am eure it is your wish that the sympathy of the directors and shareholders of the company be to hie widow, and at the same time I would like to place on record an appreciation of the ,, services Mr. M'Caffery has rendered the company." , -The chairman then formally moved'the adoption of the report and balance-sheet, and congratulated the directors on the progress which was being made in tho business. On being put to the vote the , balance-sheet and report wore unanimously .adopted. ■ Election of Officers.—Messrs. S. Bolton, ■W. D. Powdrell and T. Patterson, who retired by rotation, were re-elected as directors. Messrs. Gold and Arcus wero reappointed auditors for the onsuing year. A hearty vote of thnnks to the management and staff was carried unanimously. —(Published by arrangement.)