MOTUROA FREEZING WORKS

Taranaki Daily News, Volume LII, Issue 177, 31 August 1909, Page 4

MOTUROA FREEZING WORKS

ANNUAL MEETING OF SHAREHOLDERS. The annual meeting of the Taranaki Producers' Freezing Works Company was held at the Town Hall, New Plymouth, on Saturday afternon. The chairman of directors (Mr. J. B. Counett) presided and there were also present: Messrs. A. Morton, Mangorei; J. Brown, Maketawa; J. W. Foreman, Tikorangi; li. Dingle, Stratford; T. 0. Hodgson, Eltham; Richards and Marchant, Cardiff; Knuckcy, Eltham; Fitzgerald, Lepperton; Booker, Lowgartii; A. Brown, Midhirst; Morrison, Ngaire; Adlam, Oakura; Corbett, Stratford; Faterson, Tarafci; Knowles, Tariki; Smith, Waitara; and J. S. M'Kellar, secretary. ANNUAL REPORT AND BALANCE SHEET. The eighth annual report of the directors was as follows: i "Your directors congratulate the | shareholders on the results of a fairly I successful season. We commenced the year with a lialance of butter in store of 1i1,104 boxes and 202 cases of cheese. We received during the year 174,502 boxes of butter (being an increase on the previous year of 10,50!) "boxes) and 37,250 cases of cheese (an increase of 5,702 cases). 140,102 boxes of butter ■have been sent to the Home market via London and 1,221 via West Coast Ports. 27,475 have been shipped to local aand other ports, leaving a balance in store of 7,808 boxes of butter. 32,905 cases .1 cheese have been shipped to the Home market via London, '3920 via West Coast ports, 572 locally; leaving a balance in store of 100 cases. During the past year a new boiler has replaced the one damaged by the late fire, and condemned by the inspector as no longer safe, the cost of installation being about £350. Another cheese hoist has also been put in at a cost of £7O. Two and a half per cent, has been written off buildings, machinery and plant—absorbing £343 lis lOd. Tnc balance to credit of profit and loss now stands at £2,751 0s Bd, and your directors reepmmend that the profits for the year ending June 30, 1908, be allocated to shareholders on the amount of produce put through for that year and that the rate of such allocation be lis per ton on butter, and 2s 9d per ton on cheese. You will be asked to appoint two directors in the place of Messrs R. Dingle and H. Spratt, who retire in accordance with rule, but are eligible for re-election. An auditor will also have to be appointed and his remuneration fixed, in the place of Mr. Rcmiell, who retires, but is eligible for re-election. The Chairman moved the adoption of the report and balance sheet. Mr. Morton seconded. ■There was a little discussion, in which Mr. Richards urged that a larger proportion of the profits should he paid out to the cheese factories. The report and balance sheet were approved. ELECTION OF OFFICERS. The meeting then proceeded to the election of directors. The Chairman announced that Mr. 11. Spratt had decided not to seek re-election.

The following nominations were received:—Messrs. Dingle, A. Brown, Richards and Swaddling. The election was carried out by ballot, and resulted in Messrs. Dingle and Brown being returned. Mr. C. S. Rennell was re-elected auditor at the usual remuneration. INSURANCE.

In reply to Mr. A. Brown, Mr. Morton explained that the directors had made inquiries into the question of the insurance of produce at the works. The insurance'company would not undertake any greater risks on the works in the name of the Freezing Works Company, but it was open to the different dairy companies interested to cover their own risks, which must be done in their own names'. The Freezing Company could, therefore, not give them any assistance in the matter.

Mr. Brown expressed himself as being satisfied with the explanation. Tlu various dairy factory companies would now understand the cNact position. At a later stage in the meeting, and as the outcome of the discussion following on the adoption of the report, Mr. Corbett moved that it be a recommendation to the directors to revise the freezing charges on butter and cheese. Mr. A. Brown seconded.

A discussion ensued, the trend of which went to show that there is a difference of opinion among shareholders regarding butter and cheese. Several representatives of cheese factories contended, somewhat strongly, that they were not being treated fairly by the company, and that th e butter pcopl; were looking more particularly after their own'interests. It was also pointed out that the directorate was composed of butter men without a single exception. Had the cheese factories on 1! or two representatives it was thought a great deal of the friction which had existed for- some time past would be done away with. Mr. Morton said the same question arose last year, when, after a great deal of discussion, Messrs. Richards (representing cheese factories) and Adlam (representing butter factories) were appointed a 'committee with the directors to go into the matter. This was done, with what results they all knew. He did not sec that any good would n' do?ie by passing the motion. The matter had' been gone into very fully, and he thought no committee could arrive at any different conclusion to that which this committee had arrived at. He could assure them that there . was no intention whatever on the part of tii. directors to shut cheese out of the works. With regard to the question of representation on the directorate, there might be an opinion in some quarters that the cheese people liad not acted altogether judiciously, and it was in consequence of these actions that they had not got a seat on the board. He believed, however, that an opportunity was likely to arise for a representative of the. cheese people to be appointed to the directorate. In all their deliberations the directors had given cheese as much consideration as butter, and lie felt .sure they would continue to do so.

Mr. J. Brown said that so far as Ho. was concerned, he had always endeavored tn dn his host for hotli butter and cheese, and he was sure tlie other directors always' had and would have the same desire.

Mr. Hodgson took exception to the attitude of some of the cheese people. They 'should Rive the directors credit •for being fair-minded men. men who would not favor one section of shareholders at the expense of another. If Ihe directorate was composed entirely of cheese men lie was sure the butter people would he prepared to leave their interests in the hands' of the directors, and not be continually complaining that they were being treated unfairly.

The motion was eventually withdrawn, MR. C'OXXKITS RESIGNATION.

The chairman expressed his intention of retiring fi'nm the chairmanship of the company, a position lip had held for fourteen years. Before doing so, however, he desired to tendur his thanks to the shareholders and the directors for I the confidence they had all along placed in him. lie felt very proud indeed at having been chairman of the company for s'o many years. He then referred to the financial troubles tile company had had to contend with in the past, but which were being surmounted. At the time the present works were built the company had an overdraft of .-Clfl,500, although it only asked the bankers for £12,000. It was very much indebted to the bank for Coming to its assistance on that occasion. Now he would be retiring, from the chairmanship with an overdraft of less than £4OOO. He thought the directors could reasonably take credit for fairly good management of the affairs of the company. (Applause.) Mr. Adhim moved that the chairman he voted .-CiiO for his services during the past year. Mr. Fitzgerald seconded. The motion was carried .

In reply to a question it was pointed out that the honorarium voted would be allocated between Mr. Gonnett and Mr. A. Morton, who held the position of acting-chairman during Mr. Onnett's absence in England.

The chairman, in returning thanks, referred to the harbor works and said that in the near future direct boats would be coming alongside the wharf to take the produce away. Mr. Hodgson: Can you give us an assurance to that effect? Mr. Connett: The Harbor Board has had expert opinion on the subject, and Captain Bone, of the New Zealand Shipping Company, says there will be no difficulty in bringing his boats there. 1 think that is better than any assurance I can give you. And is it going to b e the last port of call? Mr. Connett said produce was the last thing to be taken on board, and it was for this reason the board had decided to dredge an additional three feet, which would be necessary seeing that the boats would be practically loaded when they came here. He knew many people thought he was too optimistic. He had been optimistic for thirty years, and the object for which he had been fighting was coining nearer, nnd, he said, "We shall get it. Those who have not agreed with me in the past are now coming round."