Taranaki Co-operative Bacon Company.

Taranaki Daily News, Volume XLVII, Issue 7800, 17 April 1905, Page 2

Taranaki Co-operative Bacon Company.

STATUTORY MEETING. '''he statutory meeting of tho Taranaki Co-operative liacon Company was held ut the Council Chambers on Saturday afternoon. The hall wa.s crowded with shareholders, and Jlr K. Price, Chairman 0 f Directors, presided.

—Directors' Heport. The following report of the provisional directors was read "'J'he total number of shares allotted payable in cash is 504 ; no shares have been allotted payable otherwise than in cash. The total amount of cash received in respect of the above shares allotted is £8()« JOs, "The following is an abstruct of the receipts and payments on capital account to date Receipts Cash received on account of shares, 10s. Expenditure : Sum paid to Mr A. IJraky on account of purchase ot property £250 ; sum paid to Mr Cole for boiler and engine, £25 ; labour in putting buildings and plant in order, £39 18s. "The following is an estimate of the preliminary expenses of the company : Solicitors' costs, including disbursements, £47 7s Bvl ; printing books and stationery, £l4 ; canvassing fees Is per share, £25 45." —Chairman's Heport.—

The report of the Chairman stated: "The first meeting of directors after the registration of the company was held on Feb. 25, when Mr Price was elected Chairman of Directors until the statutory meeting. Allotments of shares were made and a committee s-el up to meet Mr l)rako to make arrangements fqr the purchase of factory. The property, consisting of lj acres of freehold land, with slaughterhouse, piggeries, factory buildings', and plant, wns purchased for £ISOO, on the following terms : £IOO on signing agreement of sale, £l5O a fortnight later, £SOO in six months, and the balance £750 in twelve months, bearing interest at 0 per cent. The £250 has been paid.

"On the machinery being inspected by the Government inspector, the small boiler at. the slaughterhouse was condemned. A second-hand boiler, together with engine, was purchased at a very satisfactory price. The machinery now is in splendid order and working well. About £4O has been paid in labour 10 put tho machinery in order, repair tho piggeries, and thoroughly clean and whitewash tho slaughterhouse and factory inside. A horse, cart, and harness have been purchased for tho company's use. "A meat export license has been obtained, which enables the company to sell iiu-nt in or beyond this colony. Permission to sell within the- borough has been granted by the llorough Council, the fee fixed being £lO.

'"J'he building and plant are insured for £BOO, and an accident insurance policy has been taken out to cover employers' liability. Your directors would liko the shareholder* to express an opinion as to whethei a policy should not be taken out to cover risk on the bacon, etc., in stock.

"About 250 pigs have been killed at the factory during the past two weeks. Mr Drake's services have been ivtained for a month to inTtruct in the secret system of curing which hns been purchased from Mr Drake by the company."

—Financial.— The Chairman explained that to late over 400 of the shareholders had paid up, many additional being received since the report was printed. So refusals whatever had been received on allotment from those who •ipplied for shares. He considered h;lt tho company had secured the property at a remarkably cheap figire. The property was worth £4OOO ind in paying £ISOO they had scoured it at the rate of about 7s Gd in the £. (Applause.) —Receiving Depots.— A shareholder inquired if any provision was to be made to meet the convenience- of the down const shareholders in regard to having additional receiving stations. The Chairman said it was intended lo establish a killing station at Okato. The directors were in juslice bound to erect a killing station there, to tedeem the prouiiso held >ut to shareholders interested in hat district. It should lie erected luring the winter or early spring, so as to be ready for next season. He was in favour of putting this work in hand as soon as possible. (Hear, hear.) Another shareholder considered that the receiving station should be established at Rahotu, which could supply as many pigs as any port of the district. The Chairman pointed out that this was a matter that could be considered later, on by the directors, tf it was profitablo there was no reason why tho suggestion should not '.e given effect to. t—Pork Business.— In reply to Mr Tribe, the Chairman said that the matter of selling pork retail was one for later consideration rli.v tho directors, when the business was more firmly established. It could be undertaken when thcro was more of the capital subscribed. —lnsurance. It was decided to insure the stock-in-trade for its full vafuc, the policy to be taken out with the Government Firg Oflip'p. —Directorate.— It was resolved that nine shareholders constitute the directorate, live to form u quorum. Seventeen were mentioned, and on Mr Drake declining to act, sixteen names wero submitted to u ballot. This resulted in the following representative board being clocted :—Messrs Price (Mgmont Villago), C. Andrews (Okato), K. Wilson (ltahotu), F. Sahvay (Hell Block), W. 1). Lifln (Okato), C. Warren (Kent Road), J. \Vhi(,t«ker (New Plymouth), Alex' Monro (Westown), and G. Colson (Fitzroy).

—Auditor,— Mr E. H, Trjbg was appointed auditor for ono year at u fee ol £lO 10s. —Chairman's Services.— The sesvices of the Chairman (Mr Price) .in getting tho company under way were appreciatively referred to, and tho proposal' made that they should bo recognised in some suit-, able form. Mr Price, it, was stated by some of the shareholders, had gong to considerable trouble and expense in their interests.,

The Chairman acknowledged the compliment paid him, but absolutely declined to accept any form of reward. He had worked hard to get the company started on a good footing, and its successful inauguration and good prospects were sulllciont recompense for his services. Tho oilposition that had been shown at first in some quarters had given place to enthusiasm onj;p the ven|urc was under way.

Mr I'rico was unanimously accorded a hearty vote of thanks from the shareholder*.

—Capital.— In reply to a question the Chairman said that for the present an overdraft had been arranged for til] the capital was substantial enough. He considered that when the capital subscribed reached £3OOO the coti> pany would be on a very sound basis. This would pay olf the vendor and all preliminary ex|>enses', and lirnvf) a go'p'ii ijataiik- to work on. He did not believe in paying interest on an overdraft, and trusted there would soon be no necessity for one. There was tvery indication thai the shares would continue to be well tuken up. —Motive Power.— Tho question of providing additional power and a(, 'tin- same time effecting a saving of ."i0 percent, ir. fuel, 'by t(io purchase o l'' certain plpnt, wua referred to. The matter ffus left, i'oy the attention of the directors. —Djrcc'tors' Alytfiing.— Op the Sthareiioldei's dispersing ot 4 p.m., tha first meeting () f tlie newly elected •directorate was held, when Mr It. Trice was re-elected Chairman.