INGLEWOOD BACON GO.

Stratford Evening Post, Volume XXXVI, Issue 72, 30 July 1913, Page 3

INGLEWOOD BACON GO.

A SUCCESSFUL CONCERN. A splendid instance of the success ol co-operation was furnished at the annual meeting of the Stratford Dairy Co. on Monday afternoon by Mr A. Morton, chairman of the Inglewood Co-operative Bacon Company, in his address on “Pigs and Bacon.” Mr Morton’s informative remarks were listened to with interest, it being recognised that he had a really attractive proposition to lay before his hearers. Mr Morton prefaced the business portion of his address by thanking the gathering for the opportunity to be present. He had listened to their meeting with pleasure, as they appeared to bo a happy family, hut he was rather surprised to see such a small attendance; by comparison, he referred to the attendance at the V! angorei Dairy Compny, of which he was chairman; it was not unusual there to have 100 present out of 150 shareholders. PIGS AND BACON. Tho Inglewood Co-operative Dairy Co. was started fourteen years ago, and during the whole of the time it had been a company they (the directors) had endeavoured to work as nearly as possible on the lines of coiperative dairy companies. Shares were allotted on the weight of pigs ■supplied during the year. They had never paid less than tho price offered by competitors, but during three-quar-ters of every year they paid id more. Three years ago for a period of five years they paid out £.3000 to the shareholders above the market pi ice if pigs paid by their competitors.(Applause). Last year the amount iver and- above their competitors’ price was £598 18s 4d, 'being the difference between 5Jd per lb paid by others and old paid by the company. During a few weeks, however, some of thosk concerns paid 51d, but now they were non est. Regarding 'finance, they had been able At the end of each year to hold such stocks and material as to >qual the amount of their overdraft, so that the property itself was clear. To-day, their position was that they lad practically the same value of stock, while their liability was £IBOO less than t ivas twelve months ago; the conseluence was that they were that amount letter off. This must bo considered very satisfactory, seeing that they paid top price, which was lid per lb above market rates. Tihree yeais ago they paid out fd per lb—equal to 4s or 4s Id per pig—above what ;ould have been got from anybody ;lse. Mr Morton asked if they should not consider why, under such circumstances, they had not come in to the company in the past, and whether they could not come in for the future. The company had a first-class plant, buildings, in good repair, and they could cure over double the quantity. , They could do at least half or two-thirds - more business than in the past with very little additional expense. He was sure they would be assisting themselves very cdnsiderably by taking -up shares and sending forward their supplies. Last year the company had started a number from Toko. Mr Dingle and other shareholders could, if they liked, easily say that the concern should be supported, their experience during the past two re ars would enable them to prove its

success. THE CO-OP. SYSTEM. In reply to an inquirer Mr Morton said they did not take pigs from nonshareholder®- He said tle company was independent oh nonshareholders. The usual number of shares taken up was 40. It was any amount, as there were not many, with ■he exception of those, say, who bought the buttermilk or other output from a factory and had up to 100 to dispose r)f w ho had. more than 40. They had to’sign the “joint and several” to the bank, of course, but it was not at all likely that ■ the shareholders would ever be called upon to pay. He knew they had a dread of a “joint and several”—-the matter had been brought •home to them very clearly of late in connection with the working of dairy companies. But he had not fallen in” although he had signed several. Pehraps that was good luck, or (maybe good management. There was nothing stronger as a tie between the shareholders and the managemen than a guarantee to the Bank. future prospects. He felt confident that the future of 1 the bacon industry was a bright one,: inideed. There was one reason—it was an unfortunate one—and that was that the supply of pigs did not increase with the increase of population, ihe demand was increasing year by year, and there was great difficulty in keeping up the supply to meet the demand. The prices recently were unheard of. It might be that they would come down "a bit but they would always be maintained at a fairly high level. The prospect was one that could be looked at with the utmost satisfac-' tion. They had a long-established connection, their reputation was firstclass, and their goods had been on the market for the last 14 years speaking for themselves! If the company could get the support of the Stratford, people and a fairly large supply, he was confident they would return as good and probably a better price than anvbddy else. THE “UPS AND DOWNS. Speaking to an interjector, Mr Morton said one unsatisfactory thing about dealing with other companies was that suppliers were not in the hands of a co-operative concern. If they were, there would be a possibility of regulating the prices throughout the year, instead of having t>- “ups and downs’ ’that were always taking place in the trade, and which had no right to be there. If the whole of the business of the co-op. was in one, firm pdees would be paid throughout the viiole : 0 f the year.—(Applause.) At certain

stages o fthe year there were fluctuations. Wnen cue tlusu of milk was on and pigs plentiful prices were very xow, and when milk was scarce and pigs were few rates went to the other extreme.

Mr Dingle »aid : he had sent pigs to Inglewood and he had got ad per 3b more than he could have got in Stratford from anyone else, with the exception of course of the time,that the price went up to Gd, which Inglewood would not agree to. - He considered that Stratford was in the Inglewood district and they should support that company. There was no risk attached to the Stratford farmers joining

Mr Harris; We should have a bacon factory in co-operation with tlio daily

Mr Webb suggested that the dairy company should take up share*. Mr Morton said his directors had considered the question, hut it was not advisable. There would he a great difficulty in the matter of the constant change of ownership. It’ wan all very well for Eltham, as their concern had not paid so well .as Inglewood, which had proved eminently sat.sfactory. They could not reduce the working expenses. As showing the satisfaction that the company had been giving, he pointed out to shareholders from Oakura o • one.side to AVhite Cliffs, none o fthera seeing any reason o chi nge A FINE RECORD.' , in answer to Mr Were Mr Morton said the number of pigs put through by Inglewood last year was 4400; their turnover was £12,429; and the amount paid over to,the suppliers was £10,777. Twelve years ago the price pai|d was 2ifd per lb.

Mr Chapman asked re establishing a receiving station for pigs at Douglas, and Mr Morton said the company would attend to this and eond a representative round and get additional shareholders.

In answer to further questions Mr Morton said the shares were being transferred every day, some at. par even although not fully paid up; it all depended on the circumstance® of the sale. A representative, one of their own staff, came to th» Stratford district every fortnight. Out of 4400 pib;?; slaughtered, only 39 were condemned, which was less than one per cent; anld a Government inspector was present whenever any killing took place. The insurance amounted,to 1* per pig. The fund was kept separate, and)if,there wae.any balance, it was paid back pro rata to the suppliers. As much •as 6d was returned under this system.. New shareholder® came to the company, under exactly the same conditions a* the \ original; jshjiyehpldere. . i \u ?. 1 ; •Mv - Dingl«i i paid . the matter.,, was worthy of , tl]<?ir ; was sure they wotdd; benefit by joining the Inglewood Co. He proposed a vote of thanks to Mr Morton for hi* iddress, and this was carried by accla-

mation. . i,,nt ,••••* -vy-jr t Mr Morton thanked’the mealing for the hearty expression of appreciation, saying that he hoped as the result of His informationi that soma them would coma irito itha as shfcraholdars. " -vf c-c