N.Z. CO-OPERATIVE BACON COMPANY

Pukekohe & Waiuku Times, Volume 6, Issue 289, 3 July 1917, Page 4

N.Z. CO-OPERATIVE BACON COMPANY

Annual Dinner The annual dinner of the N Z Farmers' Cooperative Bacon and Meat Packing Coy., Ltd., was held in the Town Hall, Hamilton, on Friday, June Bth, about .500 shareholders being present. The chairman, Mr J. Barugh, said it was extremely gratifying to see such a large attendance, which showed that the farmers were interested in the welfare of the company. He had not seen more than two similar gatherings with such large attendances ever in the* province. Representatives were present from Bay of Islands, Wairoa, Bay of Plenty and Wellington. Mr Barugh said he did not wish to render a speech, but could not help but remark upon the change that had taken place in connection with the bacon industry. The harmful com* petition and cut-throat methods of small companies had now been eliminated and the farmers were in control of the industry. The directors had seen during the season that the company would prove a success, and he, personally, was confident that they had " put their money on the right horse."

Mr S. C Barron, general manager of the company, was greeted with great applause on rising to address the assemblage. He said that des pite the fact that 40 meetings had been addressed a misapprehension still existed in the minds of some farmers as to the composition and principles of the new company. In the first place he wished to state that, despite statements made to the contrary, not one brass farthing had been paid for Messrs Dimock and Coy's goodwill. The shares the Dimock shareholders held represented £90,000 -£72,000 paid up - of good hard cash which had been originally put into their own business, and was taken over by the existing company. The latter was purely a co-operative company, and was not an attempt by Dimock and Co., or the American Meat Trusteven this had been alleged—to hoodwink the farmers. Those who knew the members of the.directorate personally would acknowledge that the latter would not lend themselves to anything which would serve to hoodwink the farmer, or destroy his interests. They were men who had the principles of true co-operation ingrained into them. Mr Barron further alluded to the elimination of the small companies, a process which he said had to be adopted in the farmers' own interests, to stop the insane competition which had been going on. The majority of the directors of these saw that the only solution of the problem was the formation of one large company run on the co operative basis. In explaining the finances Mr Barron said that the preference shareholders wore guaranteed a dividend of six per cent, but not more than eight per cent in one year, while on the other hand there was no limit to shareholders' bonuses. Thus the shareholders of Dimock and Co. could not receive more than eight per cent from the new company as against nine per cent which he knew they had received from the operations of their own company. It was clear from this that the farmer had the best of the bargain as, if the profits were made, it would be paid out in bonuses. Near the conclusion of his address Mr Barron state! that everything pointed to complete success, providing the farmer became alive to his interests. He would soon be called upon to fight for his very interests against the American Meat Trust, which was sharpening its claws ready to pounce on the New Zealand trade. The bait of high prices would be lield out, co-opera-tion would be talked and the farmer generally would be coaxed to leave jjis own company. The warning now was in time, so that a resistance on the farmers part, and that only, could resist the evil. One of the American firms already had an office in New Zealand and it was alleged that this company always followed a rival firm. He believed that the rival was here, but they knew it not under the name expected. Commenting on the season's workings the general manager said that considerable saving had been effected, which would help the bonus for the season. Since October 1926 over 15,000 shares had been applied for, and in many instances by men who had been the most stubborn opponents of the company. The latter expected to handle 90,000 pigs per year. Mr Barron raised the house when he announced that the directors had decided that it was possible to pay a Jd per lb bonus as supplementary payment on pigs supplied up to April. That was the largest supplementary bonus which head ever been made in the history of the industry in New Zea'and. The directors could have waited until the end of the season, but had come to tho decision that it was bettor to let the farmer have the money as soon as possible (cheers). Mr Greville (N.Z. Dairyman) gave an interesting address on the industry as it affected New Zealand, and on its possibilities in Great Britain. Incidentally he congratulated the company on its splendid exhibit at the winter show, which ho said was a distinct credit to the company. If lie could transport the exhibit to London he would dispose of tho whol<k the bacm and by-product output of New Zealand there in one month. New Zealand had an excellent opportunity in England for disposing cf its output of pork, bacon and products ; in fact on his trip to the Old World recently lm was even more favourably impressed with the possibilities in connection with the bacon Industry than with dairy produce. &MrJ. A. Yt ung, M P., spoke excellently ou the headway made in tho industry, and the era of success that it was about to enter on. He spoke of the integrity of tho directors of the Co-operative company and said that while they were associated iVith it tho farmers interests would bo fully safeguarded. This was the age of co operation in which the farmer had to join to got the most Out of his products. When he could control from production to consumption, then, and then only, would the farmer get what ho was entitled to.

He felt that they had the nucleus of a great concern, the activities of whith would not be only confined to New Zealand. The more he looked at the proposition the greater appeared its prospects, and he could ao nothing else but urge all pig producers to join up with the company. Messrs Bollard, M.P., W. D. Fowdrell (Taranaki), J. Adams (Adams and Co.), and F Boddie (Te Kuiti) also addressed the meet ing.