INGLEWOOD BACON COMPANY.

Taranaki Daily News, Volume LII, Issue 211, 11 October 1909, Page 3

INGLEWOOD BACON COMPANY.

A SUCCESSFUL CONCERN. The tenth annual meeting of the In glewood Co-operative Bacon Company, limited, was held at Inglewood on Saturday afternoon, when Mr. A. Morton, chairman of directors, presided over an attendance of about ninety shareholders. THE CHAIRMAN'S REVIEW. In moving the adoption of the report and balance-sheet, already published in these columns, the chairman said it was the best ever put before the shareho'ders. The number of pigs received, the working of the factory, and the financial results, all were satisfactory. The number of pigs had been 90 less than in the previous year, but the company had practically as many as they nvrc able to handle. At one period of the year they were coming forward so freely that one of the receiving stations had to be closed, and the company had had to cease taking pigs from non-sharehoH-ers. During the previous year the company tad had a contract with a firm to take 20 cases weekly, and this prevented congestion. They had never had such a contract before, nor were they able lepeat it last year, or this. The company's limited space had been severely taxed last year, for the bacon had to be sold in the ordinary way, and large Btock6 collected. The amount paid (cv pigs had been smaller, both on account of decreased numbers and lower prices paid for pork, but this was made up for by the very large increase in the value of the stock on hand at the end of th? year. It was the largest stock they had yet carried forward, and yet they had not a single ham to dispose of, notwitli- , standing that the stock on hand included 5000 hams. (Applause). Every one had been sold since the statement had been complied. He was sorry he could not say the same of the "sides." Unfortunately the pigs had been veiy big this year. In the previous year th>y ■were too small, owing to the dry weather and shortage of milk compelling farmers to get them into the factory as soon as possible. This year there

had been plenty of milk, and farmers had fattened the pigs to the top weight. Year by year the manufactured articie from big pigs became less saleable, til'; demand being for the smaller articb. They would probably have to lower their price to get rid of these big sides, but that would be counterbalanced by the lact that the hams had been sold we'l above the price at which they were valued for the purposes of the balanceBheet. The company was thus in a splendid position. (Applause). M\ Morton referred to the improvements effected at the factory during the yea:-. Principal amongst these was the n?w freezing chamber, which enabled the company to obviate a good deal of the loss hitherto entailed by shrinkage. Instead of being compelled, as before, L.) convert every pig into bacon straight- | •way after purchase, the company now I stored the meat in the freezing chain-1 hers, drawing from there as requirej, j and sending out good bacon just as fresh as it-would have been if cured cig'it months before. There had been no complaints about the quality of the company's product during tltt' year, ami, on the contrary, many highly complimentary letters had been received from their customers. Of course, every bacon factory had a certain amount of mad stuff, but last- year the ' taints" had been fewer than ever, due in no small measure to the provision of the freezing chamber. Hr. Jlorton said it was quite plain that if the business of the company were going to continue to increase as it had done for the last five years it would be absolutely necessary to enlarge the factory. The manager was doing his best to keep up the practical end of the business. In connection with the working of the year he gave a few figures from the secretary's annual statement. The company had handled 5139 pigs, of which 2129 were received at the various out-stations. The cost uf , receiving at these out-stations, inclusive of the expenses of the secretary (who was the receiving agent), and clerical , assistance in the office whilst be was away, amounted to only Is per pig. The , shareholders had received, from to , %dper lb above the market price. Xonshareholders supplied 1115 pigs. It was a question for consideration whether the company should do away with the difference of '/id to per lb between the shareholders' and non-shareholders' prices. He thought that it would be in the interests of the company to go on the market in the ordinary way, paying the same price to everyone. Some people questioned "the advisability of buying from non-shareholders at nil, 'but n there were any benefit in the business it was profitable, to handle all the pigs they could get. The chairman mentioned that this year the directors had written off more' for depreciation tlmn formerly—s per cent, on buildings and 7M: per cent, on plant. There was no discussion on the Report. The motion for adoption was seconded bv Mr. Davidson, and carried. ELECTION OF DIRECTORS.

Messrs D. Todd and Hall, the retiring directors, were again nominated for lb.'.' directorate. Mr. Jos. Brown was also nominated. A ballot resulted as follows:—Messrs Brown 51, Hall 47, Todd 25. Messrs Brown and Hall were elected, and returned thanks. Mr. Todd al<o returned thanks, and said he was pleased to see such a solid man had been returned in his place. Mr. M. Hopson was re-elected auditor. INCREASING THE CAPITAL. Upon the motion of the chairman? seconded by Mr. Davidson, the.following resolution was carried, nein. con.:— "That article 15 of the Articles of Association of the company be excluded, and the following new article substituted therefor:—The directors may require any shareholder or shareholders to take up addition shares beyond the number then held by such shareholder or shareholders, so that each shareholder shall hold one share for every' one hundred pounds (lOOlbs) of pork supplied by him during the financial year of the company, provided, however, th,at no shaiebolder shall be required to hold moie than forty i shares, and the company shall be at liberty after such requision to deduct the amount of such additional shares from any moneys which may be payable by the company to such shareholders; and, for the purpose of this article, the chairman of directors for the time hi-iny may sign an application for such shari s in the name of such shareholder, and the directors may thereupon allot such shares as if they lad r been applied for in the ordinary manner and the application had been signed hy the shareholder. The reso'ution will require eonnrmition ai a special meeting of the shareholders.

Vote- <if tliatiks to the manager and staff an.l (r> the chairman concluded the mc.Hiiig

At a -uliscquent meeting of the directors, Mr. Morton was re-elected chairman.