TARANAKI FREEZING CO.

Taranaki Daily News, Volume LIII, Issue 120, 29 August 1910, Page 7

TARANAKI FREEZING CO.

ANNUAL MEETING. The annual meeting of the shareholders of the Taranaki Producers' Freezing Works Company, Ltd., was held at the Town Hall, New Plymouth, on Saturday afternoon. Owing to the absence of Mr. A. (chairman of directors) through illness, Mr. J. B. Connett was voted to the chair. The delegates present were: Messrs. J. B. Connett (Bell Block), T. ,0.. Hodgson (Eltham), Sampson (Hillsborough), W. Swadling and W. Bates (Kaponga), Riccard (Lepperton), Alex Brown (Midhirst), W. Heriihy (Moa Farmers' Co.), Jos. Brown (Maketawa), W. Morison (Ngaere), G. A. Adlam (Oakura), E. Marfell (Stratford), Pattison (Tarata), J. B. Knowles (Tariki), J. Burgess (Warea), Smith (Waitara). The directors' i annual report was presented as follows:—"Your directors have the pleasure of again submitting to you the annual 'balance-sheet ana of congratulating you on the successful result of the year's operations. We commenced the year with a balance ,in store of 7868 boxes of butter and 109 cases of cheese. There were received during the year 184,530 boxes of butter (being an increase on the previous year of 9968 boxes), and 52,535 cases oi cheese (an increase of 15,285 cases). One hundred and sixty-four thousand five hundred and fifty-four boxes ol butter were sent to the Home market via London, and 599 via West Coast ports, 20,053 were shipped to local and other ports, Leaving a balance in store of 6592 boxes; 45,310 cases of cheese were shipped to London, 6760 to West Coast ports and 217 to local markets, leaving a balance in store of 248 cases. During the year a store-room has been built for the purpose of more conveniently receiving, and handling the largely increased quantity of cheese from the coastal districts. The whole of the company's buildings are in first-class order, and the machinery has been kept •up to its usual high state of efficiency. A much larger amount has been written off for depreciation, whilst the cost of working, notwithstanding the large increase in the amount of produce, handled, has been- considerably reduced. The balance to credit of the profit and loss account is £2053 2s I Id, and your directors recommend that there 'be allocated to shareholders on the amount of produce put through by them for the year ending 30th June, 1909, the sum of 4s per ton on butter and Is per ton on and that the balance remaining after such allocation be carried forward. After mature consideration your directors have decided that for the future it is advisable to carry on the work of the company at a much less rate oi profit, and for that purpose they have (reduced the freezing charge on butter by one penny per box,, and charges on cheese by nine pence per ton. As from the Ist September nfext, shareholders rates will therefore be 4d per box oi butter and 3s 3d per ton of cheese. During the year' Mr. J. W. Foreman resigned from the directorate and Mr. W Swadling, of Kaponga, was appointed to the vacancy. Mr. Foreman was on( of i those who took an active part ir the formation of the company, and h< has even since evinced a keen interest in its business. His retirement wai much regretted by his fellow directors You are required to elect three director! in the place of Messrs. J. B. Connett Joseph Brown, and Arthur Morton, wh< retire in rotation, but are eligible fo re-election,,,also an auditor,in place o Mr. C. S.' Rennell, who offers himself fo re-election."

In moving the adoption of the report and balance-sheet, Mr. Connett explained that the decision to reduce the freezing charges had been rendered possible by the reduction of the overdraft from £16,000 to £2OOO. It' was better to have a small overdraft, however, than to go on earning money which would only lie idle at the bank. Probably no company in New Zealand could show such a good return as this one, and it was exceedingly pleasing to him to see this prosperity, for in the days when the company started there had been many difficulties to face.

Mr. D. Herlihy heartily congratulated the directors upon the excellent results of the year's working.

Mr. Knowles said his directors had been struck by the disparity between the allocation of profits to the butter and cheese companies. He could not understand why the butter companies took four shillings to the cheese a shillin. >

The chairman, and Messrs. Swadling Brown, and Hodgson, members of the directorate, explained that the charges for freezing butter were Ids 8d a tori and for cheese ; 4s a ton. The directors were anxious to treat all shareholders fairly, irrespective of the nature of their produce. Referring to Mr. Knowles question as to whether the cheese was handled in the most economical fashion, Mr. Hodgson stated .that the directors were assured by the manager that |the work was carried out in the most economical fashion possible. Mr. Hodgson added that he was a frequent visitor to the works, and had been impressed by the facility and cheapness with which the whole of the produce was handled. He recommended shareholders to visit the works for themselves.

It was further explained that the cheese cost more to handle than the butter. Mr. J. Rowlands remarked, on the very successful manner in which the company was managed by the directors, and the directors were deserving of the congratulations of every shareholder. He felt that Mr. Connett would see the overdraft wiped out and the direct steamers berthed during his term on the directorate. The report iand balance-sheet were adopted. ELECTION OF DIRECTORS. Mr. Adlam proposed, and Mr. Bates seconded, that the retiring directors be re-elected. Mr. W. Morison (Ngaere) moved and Mr. Knowles seconded, that Mr. Jas. Burgess be appointed. Mr. Burgess said that he was not very desirous of taking a seat on the directorate, for they were very well satisfied with the present directorate. • The only advantage would be a wider distribution of the representatives. Messrs. Herlihy and Marfell supported Mr. Burgess' nomination, on these grounds, and the mover and secondei pressed the nomination when he wished to retire. The election resulted: Messrs. Connett 36, A. Morton 31, J. Brown, 22, J. Burgess 21. GENERAL. Mr. 0. S. Rennell was re-elected auditor » ~ ', A very heaTty vote of thanks was accorded the manager and staff for their careful attention to the business of the company for the past year. On the motion of Messrs. Herlihy and Marfell. a hearty vote of thanks was accorded the directors.