Gisborne Sheep Farmers’ Frozen Meat Company.

Gisborne Times, Volume XXIV, Issue 1942, 26 November 1906, Page 3

Gisborne Sheep Farmers’ Frozen Meat Company.

ANNUAL MEETING,

On Saturday morning tho annual meet ing of sharobaldera of tho Gisborne Sheep Farmers’ Frozen Moat Company was bold at tbe Company’s offla?, Gladstone road. Present: Messrs C. A. D.Lrutour (chairman), W. Barker, F. B. Ba-kor, J. W. Bright, V. Barker, T. Fraser, Mutheton, F. Meric?, E M, Halobinson, W. D, Lyar.ar, F. J. Lyanar, 0. J, Parker, J. Clark, G. E. Eliot*, and 0. Matthew?. The report and belmoo-sheet of tbe Oompatiy were taken os read. Tho Chairman of D reotors (Mr Da Lautom) rend his annual address to shareholders aa follows“ There ia l.Hlo in the aoootn a requirirg explanation. As in past years the plans has been main-, i toiacd in a highly tflicieot atato out of profile earned during tho y*ar. The reserve fued. which oonaists of undivided profi'Si will now stand at £29 500. Io addition, there is a further sum of £7830 3a 4d undivided profits carried forward The»e undivided profits have, aa you know, boon largely used in the developman} and extension of tho Company’s business, There can bo no reasonable objection to this beiog done where the vnlua of assets over liabilities is clearly Buffieient. A careful aorutioy of tbe accounts shows that eliminating all assets of a floating kind, suoh as stacks, materials,

goodwill, oto., nod boaring in mind that inolusivo of ihia year £(3188 19s 81 has boon wrilien a(T plant, and that tho plant has boon maintained in a thoroughly oflecfcivo state out of tho profits oavnotl in oach year, tho rcsorvo fund is fully justified and amply covorod. At tho samo timo tho utilisation of undivided profits as boating capital in the business of any company requires to be vigilantly watched. ,t think this rcsorvo fund should to a largo extent be capitalised This would strougthon tho company whilo at tho samo timo tho shareholders who have created tho undertaking and brought it to a successful issue would obtain adoquato consideration for their risk and enterprise. This matter has not been considered by tho Hoard, but 1 hopo that shortly it will be found possiblo to submit to you fully considered proposals. A co-operative company ongagod in manufacture naturally endeavors to gratify its mouthers by offering them in oach yoar the largest possiblo participation in tho profits of that year. Yet whore tho capital of such a company is small its truest policy should be tojtonaciously retain a safo proportion of annual profit to strengthen capital and to provide for con tingcncics. I hopo the directors will be supported in adhoring to a thorough con servativo policy. “ .It is a matter of congratulation tlial the Gisborne Harbor Hoard liavo obtained information which makes it possiblo that an guter harbor can be built with sutlieient sea room for tho intercolonial and coastal traffic. The material boforo tho public is too meagre at present to attempt to arrivo at any opinion as to when and how such a harbor can bo built or ns to its capacity. As largo shippers this company is very greatly interested in tho construction of a practical outer harbor, open at all weathers and suitable and safo tor Home-going vessels of tho largest tonnage. If a harbor is to bo built only for tho safety and condors of ibo passon- I I gors using tho port and for tho impart and I export of goods within tba oaiooy and to ! and from Australian ports, it ought to bo shown that what will have to bo paid is not more than wo oan afford for a trado so limited. If, howover, an outer harbor is required for tho marioo leviathans of tho immediate future, which competition must drive into the Australasian long sea export trade and for whioh Wellington is now preparing, let it bo made dear that the east of handling goods is not increased and that the total cost of a complete work is not beyond the pockets of the producers upon whom tho wbolo burden must in any case fall. I mention tho matter bore so remind you for tho third timo that the charges imposed by tho Gisborne Board aro abnormal and wholly unexampled in any other port in tho colony. To take tho present harbor duos and wharfages, as representative of tho prolonged ospaoity of the ratepayers to pay them and so to meet future interest upon new loans, will be found to bo wholly fallacious. Besides this all lauds in the rating district from cumulative oauses not easily controlled are grossly over valued. The true value of arable and pastoral land is not to be measured by tho intorest produced from suoh land on the top of oxoeptional markets, but what interest can be obtained from suoh land over a series of years and an average of markets. The Harbor Boatd has for a long time, aod is now, making oharges upon indust-ios that oould not be borne in less prosperous times. First take wool : La-t season 32,003 bales were exposed. Upon these £2OOO was paid to tho Board at Gisborne. Upon the same export £4OO only would have been levied at Wanganui, £BOO at Napier, Auckland, and Lyttelton. Agairi, take meat: This Company last season exported 120.829 sheep and 40,910 lambs; it also sent oattle. At Gisborne upon the sheep and lambs alone £1177 7s 4d was levied by she Board, Upon the same export about £837 would have Buffioed at WaDganui, and £179 at Napier, Auckland, and Patea. The chargos upon the same export at Lyttelton, Dunedin, and Wellington (Glasgow wharf) would have been much loss. I bavo spoken only of this Company’s sheep and lamb 3, and the wool dip from this port. From these figures it is easi'y seen that from £BOO3 to £4OOO of the Board’s annual income, derived from all souroes, is abaotmal, and ought not to be levied. It further local public debt is to bo incurred upon tho base that tho farmers of tho rating district aro for all time to be taxed upon present land values' and upon the enormous and wholly unexampled oharges opon products now prevailing, plus the extra oost cf handling their products, and 4s per ton minimum rail oharges, they will, in my judgment, be weighted too heavily to Btand the normal ebb and flaw of the market values of commodities, end rates upon land must go up and the values of land go down

•“ I have to thank the Board for leave of absence granted me as your Chairman during the last part of the season now closed. Mr John Clark, at a good deal of sacrifice of time and energy undertook my duties, and I am sure will receive your thanks. It was strongly impressed upon mo in London that we cannot bo too particular in gradually strengthening and maintaining our grade for best mutton. You will know better than I do whether tho lambs sent home last year are the best which this district can raise. They do not compare favorably with those sent from other districts carrying on under somewhat the same difficulties as to artificial feed. The factory itself can do something by incessant care in supervision of slaughtering, bagging, and handling but, after all, it is the individual farmer who alone can improve the article shipped, and raise the standard of excellence in his district. London is the best market in the world for the best meat. We have a fair position in that market. Competition is keen, and every effort will bo needed to retain and improve our position,

“ Allow mo to repeat that no company has received better service from its manager, officers and employees of all classes and kinds, The number of the Company’s employees is much increased by the ex • tensions of tho business. lam glad to say that tho relations with tho Company’s employees have been good. “Gentlemen, you have been favored with another good year. I hope .you will have many more such years. Some of you are old enough to have known the pinch of lean years. Such years are not immediately in sight, Yetwe should not, as reasonable men, beliovo that things will always bo as they are. He who is wise will, whilo thankful for tho present good, mako provision for tho future. That at least is the policy I strongly recommend to this Company.” '

Tho Ghititinin tlion moved : "That lh report and balance-sheet bo adopted, that a dividoud of G por cent, for tho yoar bo paid nn<l that a bonus be ganiod to ana • I ohiorn fn'ly qualified in tonus of nrii'lo Me, 9 of 3i for sheep or t.vo i 'fob". f 0 properly of ouoh sbaroholder, r < oiv (1 for export nt tho works during tbo ii inroal year, olio cattle iroeivod for ex por- so count ns 12 sheep, tho dividend and bonus to ho paynblo at tho olliccs of tho Company on’ 13t>h January.” In seoondirg Iho ohairman’H resolution, Mr John Olnrk said ho was sure that nil shareholders worn ploftsrd to sro their ohoimum book looking go well, and a'l hoped ho liftd her oGtted hy tho holiday. Mr DiLinitmir had uindo one or two ro inmlts ftbout the L ndon market, which ho fully (indorsed. Ho thought that groat laxity had boon Bhowri in classing up iheir grading. They ehould adopt the- ohsirtnau’B suggestion, and if >h y wanton to kocp their position on (hi maik't, thoy corlßioly should havn a hotter ola-s of lamb. If thoy would not predooo bolter lftinb, thoy woro going to spoil thnir London muikot, which was undoubtedly thor boat market. Ho bad muoh plcasuio in seconding tbo adoption cf tho report and bfttnnoi -short. Mr W. D. Lysnar supported tho Clmirman in his roimuks, and thought they should turn their attention to tho economical handling of their products for export, especially in view of tho keen competition thoy woro getting from the Argontino and Australia. The speaker dealt with tho freight question. Ito stated that Australia was in a far better position with regard to freights, and declared that now tho Federal lloulder line had decided to withdraw, freights would go up to .n per cent, higher than from Australia iho press statement that wool would bo carried from Now Zealand at Ad lh and Australia y.'lOd was an error. J3,y this lie meant it was not the normal price, 'iho Australian season was late, and a lot of vossols had left empty of wool. In consequence at the present tiicro was a great rush to cateli tho January sales. lie had heard it authoritatively stated there was Id ottered by certain pcoplo if the wool could be got Homo in timo for the January sales. \\ ith regard to wool Now Zealand was handicapped Id a lb against tho Australian product so far as freight went, and t-liey were also further handicapped by tho proximity of tho Argentine and America to the London market- Ho thought it advisable to draw attention to a matter of so great importance to farmers at this meeting. Ho had no complaint with tho shipping companies, and they had to thank them for tho manner in which their products had been carried. All lie (Mr Lysnar) hoped was that the shipping companies would not go back to tho old rating, but if that was done the fanners would have to take steps to place them oil their former ing■iho roperi and balaneo-sheei were adopted. Mr Barker asked the Chairman whother 'h re wee any differonco boiwoon the rct:s for this and other ports with open roadsteads. The Chairman eaid tbo main rates were th-- siitno. Tao election of three directors was then proceeded with. Tho Cha'rman ssid no fresh nominations had been rro-dved, and &b the retir ing directors were eligible for re-elrctjon, bo moved those gontiemon, Messrs F. B Barker, J- Clark, and B- M. Hutohinßon, be ie-tleoted. This vtes scoondcd by Me Chambers ana cartied. Tho appointment of auditors was then brought on. Tho Chairman stated that Mr A. Grabnm had aikod leave to r. tire from tfco paaKoo, and in accepting Mb resignation ha (-.he Chairmen) wished to biar testimony to tho diligent and eutisfaolory manner in which Mr Graham had done bis work. He (tho Chairman) had felt foe acme timo past that the magnitude of the Company ’s operations was euch es to entitle iho management to tho assistance of at least one auditir holding a colonial position, nnd after careful origin ies, the directors bad selected Me 0. 8. Watkias, of Wellington, whose eerrioea alien'd bo of tho greatest value to them That gentleman had consented to act, and he (iho chairman) would mive that Me Wa lens and Mr T. A Coleman ba eleoted as nnditoia for the your at a foe of 5Q guineas, the ouleido auditor to bo allowed travelling c-xpens o --'. This ho thought would be only fair. Tfco Chairman concluded by paying a graceful tribute to Mr H. M Porter, tho other retiring auditor, for the valuable work done by him in the past for 'he Company. The Chairman’s resolution was seconded by Mi- Chambers, and after some further reference had been made by shareholders to the excellent work done by the retiring auditors, Messrs Coleman and Watkins were unanimously elected in the terms of tlio Chairman’s resolution. Mr F. J. Lysnar said lie would like to have explained why the follmongory department charged 2.1 per cent, commission on sale of pelts, etc. Tho Chairman, for the manager, said that this was not a commission charge at all, as shareholders woro on exactly tho same footing as tho Wellington Meat Export Company. Shareholders were thus getting more for tlieir pelts than ever they did before. Mr Lysnar ! We were to have got better prices, but wc have not got them. Tho Chaisman again pointed out that oxactly the same prices were being paid as given by the Wellington Meat Export Company. They could not do moro at present. Mr Bright said that the 21 per cent, on the invoices was simply a trade custom, being the usual discount. A vote of thanks was acoordod to tbo Chairman of Directors (Mr DoLautour), also to Mr John Clark, who had aoted as chairman during Mr DeLautour’s absence. A vote of thanks was aleo tendered the manager(Mr Ccdfrwoll) and Btr-ff for their attention to the business of tho Company during iho past year. Mr Bright, who moved these vote--, said 6 V at the balance shoo! gavo arnplo evidence that the buiiness of tho Company wos receiving every ah entioo. This was necessary, as even the unallosfc leakage would soon ewa'low up tboir profits, and it was evident that no leakages had occurred, One thiDg was pst'nt to sll, and that was tho email meeting of shareholders present, apart from directors, was euffioient evidence that tho business cf Iho Company was going on satisfactorily, and that shareholders wero satisfied. Ho did not know whether tho staff bad reoeived a bonus, but thoy Bhould do so. The Chairman said it had been decided

to grant tbo staff tha usual bcnu?. Mr Fraser thought last year the heads of dr pertinents at tbo works bad been overlooked, end bo thought that per* rnanent caiployees like the heads of woo! and follmongery department should rc--6 ivo a bonus. Tho 0 airman intimated that Mr Fiascr’s suggestion would bo eonsido-cd by tho dsrccsorn.

Mr W, D, Lyanar moved that £250 allowance bo again made this year to tho Chairman of Directors Ail wore aware

that tho affairs of tho company, rspeciolly now (boy were assuming so great a mag nitude, required a considerable amount tf time nnd attention both in largo matters and matters of detail.

Mr Jno. Clark, in seconding, said ho was glad to see their worthy chairman return in ouch good health, and ho hoped ho would long continuo so. The motion was carried.

Tho Chairman thanked tbo shareholders a'd Mr Clark, and eaid aa lorg as lis health allowed him tho company’s affairs would reoeivo his very beet attention. Mr T. Frofor said he would like to mention one matter before tbo meeting closed Groat inoonvoniecos was caused by a ditch above Me T. J. Dickson's, and considerable difficulty was always met with in getting sheep to tbo works Tbo Chairman aaid ho bepod tbo local

sutboritio) would do somo'hicg to remedy tbr, as ii was disgraceful that this ditch

should bo allowed to remain. In bringirg sheep along this read it was a direct load to the yards, but in consequence of this ditch, bo had frequon H. 7 seen mobs of sheep ermpietoly brat the drovers, Mr Biighi and tho minager (Mr Oidr.r* wall) both said this was not within their jurisdiction. Is was in tbo Tiiincgi Board district.

The Chairman : llow many this go have you dopo.outside your jurisdiction ? I think this should ba doue.

This ojuoludad the business,