FARMERS' MEAT COMPANY

Dominion, Volume 13, Issue 273, 12 August 1920, Page 8

FARMERS' MEAT COMPANY

THE. OVERSEAS maeicets. By Telegraph—Baooial Correspondent. * Maiterton, August 11. The annual meeting, of tho Wellington Farmers' Meat, and Manufacturing Company was held in Masterton to-day, Mr. Walter Cameron (chairman of -directors) presiding. ■ Tho balance»sheet showed that after providing .£10,500 for depreciation, .£11,500 reserve for income tax, and transferring ,£12,500' to the reserve fund, the 'balance of the profit and loss account stood at A 5439 3s. 9d. " > .

A dividend of G per cent, was declared on 'paid-up capital. Messrs. I l '. B*. Lowes and 31. D. M'Ke»izie, who retired from the directorate by rotation, were The chairman, in the course of his speech, said that it would seem from latest advices that price* for tallow had about reached the bottom, but there wa9 no indication that lowest quotations had been reached for preserved meats, of wliioh there was a glut on the Home markets. "As we got -towards the end of the season," he said, "we had to depend largely on shipping, to provide enough space for stock'coming in, and were repeatedly disappointed on account .of our loading-out dates being postponed at the last moment. I think you will agree with mo that although irritating 1 at' Jtho time, the delays were unavoid- ! (tble. When the season opened there was every indication that shipping space would be available for frozen meat, but unfortunately our anticipations were not nearly realised. Owing to the Imperial authorities demanding high prices for frozen meat, consumption was considerably reduced, resulting iu congestion in the cold stores at Heme. This in turn prevented the prompt discharge of refrigerated cargoes, thus reducing by at leasU.lo per cent, the shipping space expected for the season just closed.' In regard to the' future oi ! ill© meat ; market, Mr. Cameron said _that he believed' the Americans' would want lamb from»New Zealand at very good prices to the producer, but .they would want quality. lie thought their futuro business would be entirely confined to the top grades. This would also itpply to all 'business once they were -in--the. open market; it was the quality that was going to count. There was all inquiry on American account for mutton and quotations to hand were above commandeer prices. 'So far there had been no inquiry for beef,