TARANAKI BACON COMPANY

Taranaki Daily News, Volume LI, Issue 131, 25 May 1908, Page 4

TARANAKI BACON COMPANY

LIyUIDATtuN DECIDED UN. The. annual meeting of siiaicholdcrs in the 'laranaki Hucon Company, Ltd., in the Town Hall ou Saturday afteriioon, was poorly- attended. Mr. 11. Okey, chairman of directors, presided. The directors, in pre-cnting their bal-ance-sheet, regretted that the hopes entertained of lii-jii» iilih> lo .-.ubniii lo the shareholder* a dc'liuile oiler for Ihe pitichasc u( the factory had not heen realised. In Lice of the expenses whie'i mii-t lollow I lie holding of tlie properly for any fiiriher lengthened period, the directors recommended, failing the allotment of the balance oi' Ihe shales, and a guarantee that shareholders would supply sullicicnt pigs necessary for the continuation of the business at a prolit, the liquidation of the company, ihe whole of the liabilities was the sum owing to the bank, and alter paying oil' that amount there should be a sum of about

Cluui) to distribute amongst shareholders, provided a purchaser could In found.

■ The balance -sheet disclosed that in the past year AU/3 His M had been expended, (if which .-43 Us was lor law co-ts, CI7 Ss ild interest anil in-uiauco. Cili 7s 7d general expense-, and C-'il II- Id bad debts. The revenue comprised .119 7s Id'for relit and .CI los li.| oil --ale-. Tine was a balan: eto the prolit and In-* account of .C1 1)111 JUs. Assets were: l/and, building, ami plant, .11(182 Ss 3d; curing pieces.-, CH>; sundry debtors, til lis lid; pic-

liininary expenses, '-11)1; cash in hand, .CI? lhs Id; and balance of prolit and loss account, £11)01 10s. Liabilities included: Shares allotted ( .C 2770, less share* forfeited and calls in airear), 125)2; forfeited shares reserve account, AM!) 4s; Hank of New South Wales. C 339 3s lid. and small items bringing

the total to £2919 7s. Discussing tile want of success of the coiupanv. Mr. Davies said it was a strange'thing that buyers from Canterbury and other places could come here and get plenty of pigs, but it was impossible to run thi ri little local concern. Mr. Okey said that the factory could not be run' without pigs. The company had had a had year to start with, but everv supplier had been paid each month for his pigs. The farmers did not seem to have any confidence m their i own local concern.

The report and balance-sheet were adopted. Mr. Okey then moved that the company go into voluntary liquidation. Mr. Davies seconded.

■Captain Hood said no other course seemed possible. The failure of the company was due iu the main to the competition and high price offered by the Waitara freezing works. lie con-

sidered that this venture had Ixvn made by a few liiifciiii'fw people in tho interests of the farmers of lliis district. Tho chairman said that the freezing works poople wore not particular alioul tin- pigs being "topped oil." hut the porkers Miitable for that trade would nut do for bacon purpose,-. Mr. Morris said mat the Taranaki Company had siinorod <>n account ol the severe abattoir inspection. Koinelimos the pigs sold were condemned, to the farmers' losk. Oilier linns, howeve:, bought the pigs and paid for them, irrespective o[ inspection. Captain Hood said it was strange that the outside linns could kill what they liked, whilst, in Taranaki there wa-i rigid inspection. Tho chairman said thai Captain Hood was wrong. There was Government inspection everywhere. The secretary, -Mr. •]. Whitaker. -aid he had interviewed .Messr-. Dimoek and Co. tho oilier dav in Wollinglon. and tin- head of the linn gave hi in some information, 'they hau the same rigid infection as here, but tliey wet-, handling 30(10 pigs weekly, costing Is per pig. The oll'al and by-products More of such value that they paid lite whole of the working expenses of tho concern. Here the output was to:) small to allow of any profit being derived from the by-products. A shareholder stated that tho company failed because of the indifferent management- at the start. Captain .Mace saiil it was all very well to blame the farmers, but the farmer was like everyone else—he sold his produce in the best market. The weak point ill the compiling all'airs was the mismanagement al the sl-H, and the <on>ef|ircii( lack of confidence in the

directorate. The motion was carried. Mr. .1. "Whitaker was appointed iiipii.l- - at a reiiiuneration of ten guineas and Mr. C. Mtinro Idircclor) willioui salary. A special niooliug will be held oil Satudav. dune <itli_. to conlirm the aiiovo