INGLEWOOD BACON FACTORY

Taranaki Daily News, Volume LVII, Issue 118, 12 October 1914, Page 4

INGLEWOOD BACON FACTORY

ANNUAL MEETING. The annual offlccting of the Inglewood Co-operative Bacon Curing Company, Ltd., wits held at Ingluwooft on Saturday, when Mr. A. Morton, chairman of directors, presided over a large attendance of shareholders. In moving tihe ad-option of the annual report and balance-sheet, the chairman , congratulated sharuflolders on last year's working, which had been a record in tho history of the company, and would Ihave ibeen even better 'but for the slump which had ooeurred in tho last three montihs. They wero still able, however, toi show on increased profit. The directors had made a donation of fifty harms to tha Patriotic Fund, and these had been forwarded to the concentration camp at Palmers ton North.. Possibly, 'lie added, tho director# would repeat tho gift when the next contingent went into camp. During the year, 1080 additional shares had .'been taken up. The directors, would have to tackle the question of share capital, and, itt the case oC sbjLrflholders who .were not suppliers, would eiitiher have to call up the balance of the unpaid shares or for- [ feit the shares. The company's total liabilities weire £2300 odd, as against £3500 odd lastk year. Tho bank, overdraft, too, lmd: been reduced ljyi nearly £OOO, so that they could see tihai tihe financial position was highly satisfactory. During tihe time tho factory had been in existence over £9OO depreciation had 'been written off'the machinery «uid plant, which, in) addition to being kept up-to-date, had always Ibeen kept in firet class order, and) he felt convinced tlhat if an independent valuation were ma<le, the assets would be more than 60 per centl. above what was shown iin the balancc-shpct. Tho amount owing to the company vious year, but that waa due to tho largely increased, business in tho last two miontiha. "The stock was 6liown at £IOOO less than the previous year, a most satisfactory position. He emphasised the fact tliat tihe company valued its stock on hand on a safe and sound hasis, and did' not adopt Iho poliaji of unduly inflating its value in order to show a profit. ißeferring to the prospects for the oomjng season, Mr. Mbr•ton believed, he was safe in saying ■that the prospects for the season were good. He anticipated good! prices, and a good demand, and was not afraid ol over-production. If tihat occurred, the surplus could readily be absorbed by shipment (to England of frozen pork. In conclusion, he expressed his pleasure at seeing so many shareholders present. Usually wlien things were satisfactory very little interest was taken (try shareholders, who always rolled up if there was any burning question. The~ e none on this occasion, ait wt £ g ratlf to the directors to 6ee tUcn a good attendance. | Mr, J. Payidson seconded. In reply tO questions, the Aairman stated that the 5 per Cent. interest on share capital wag paid to all slwreholders, but. in the case of non-suppliera is was credited against their capital account if the shares were not, fully paid up. _ In giving some statistics, the chairman said that tho average weight of baeoners was 132.941b5, as against 131,'51bs tlie [ rcvious year, and of porkers 91.801b and t)slb. The total number of pigs handled was 4955, as against 4232 the previous yuar. The average price paid per pig exclusive of the Vid. per lb bonus was £2 15s, and £2 13s 3d the previous year, and of porters ,£1 13s 9d and £1 14s <hl. One hundred and twenty-eight pigs had been condetaiwed, as against 68 the previous year. This meant that, about 2/ s per cent, of their pigs had .been condemned, but that was less tihan in other districts. Waitara, Smart Road, Toko, and Douglas had sent increased mun'bcrs of pigs to the factory, but tihe supply from Midhirst and Tariki had decreased. The shareholders of the company now numbered 003, and the, total flares held was 1074, while 400 sharer holdejs had Supplied pigs during; the year.

The report and balance-sheet were adopted. ELECTION OF DIRECTORS.

Of the retiring directors, only one, Mr. A. Morton, sought re-election. The other two, Mr. J. Davidson, who had been on the directorate ever since the inception of the factory fiftetia years ago, and Mr. 11. :H. Yeates, whoi luul been a director four or five years, declined nomination, and wer e accorded votes of thanks for their past service®. The following were nominated for the three vacancies: —Messrs A. Morton, F.Sollicker, W. 11. Were, W. J. A. Bridgeman and AY. G. Shoemark. Messrs O'. M. Boldt and J. Allen wore appointed scrutineers. The cledtion resulted: Messrs A. Morton 46, W. 11. Were 37, J. A. Bridgenuan 20, F. Schicker lfi, W. G. Shoemark 13, W. Jellyman 5. The first throe were declared elected.

-After returning fcltartks for the confidence shown in, linn by his re-election. Mr. Morton referred to the satisfaction ! that he had received at tho ejection of Mr. W. 11. 'Were, who represented Toko, a district that he felt sure would bo a big supplier to their factor)'. jjlr. It, Davidson, thei retiring director, urged evenj" shareholder to stick to his own company, and not he tempted away by tflie offer of a little more from sonii' other company. "Slick to your factory, that is the way to make a solid company," ho urged. ■Messrs AVere and JJridgcman returned thanks for their election.

Mr. Mark Hopscm was re-elected auditor.