SOUTH TARANAKI BACON CO.

Taranaki Daily News, Volume LVII, Issue 189, 19 January 1915, Page 8

SOUTH TARANAKI BACON CO.

ANNUAL, OKNLRAL MKKTIXO. I ! 'j.'.e second annual general meeting ol tin- loutli Taranaki Bacon Company was lieiu at Klthani on (Saturday afternoon, when the directors present were: If. !). Forsyth (chairman), R. J. Knuckcv (iClthaii'i'i; Jacob Marx, I). 1,. A. Astburv (Maugatoki); \V. j). Powdrell, T. A. Bridge (Katipokuiiui); T. Whyte, •). I). Crowley (T L. Joll); T. K Batten (Kiverdiile);' J. M. Ilickev (Opunakoi ; l\f. \V. Barker (Awatima)'; ,7. S. liiddle (Normanbvi: I!. .1. Laiubie junr. (Piliaina); \V. U Powdroil (Wlu'muakura I, together with a small attendance of shareholder,.

The report and balance-sheet, as adready published, were read, and in niov-l' ing their adoption the chairman said their total expenses were much heavier than in previous years, but, they must 1 take into consideration the much larger' number of pigs dealt with. The year's! working was a successful one, and lie! congratulated the shareholders on pos-' sessing a co-operative company such as j theirs, which was doing a good work for i the pig-rearer. They were making the | pace, and all were reaping the benefit.) Although the price paid for pork wasi not so good as in previous years they j were all very well satisfied' with the ( price they had received. Competing i companies were ''falling over each other'' I and oll'ering suppliers all sorts of tempt- j ing baits for their pigs. Tile company had, however, received 100 per cent, in-J creased supplies on previous years. He I had stated at their previous annual meeting that when the company was in 1 full swing and receiving larger supplies) their result would be -much better, and he would like to point out that with this j increased supply of 100 per cent, the I- total cost of manufacture had only increased 52 per cent. Thus with the larger supplies they handled the working expenses would decrease in proportion. With regard to the price, however, it was the quality of the finished article together. <' ith the question of j supply and demand tint regulated that. As the pig buy v -e, conducted at the present time it would not be to their j advantage to enter upon an export trade. They could get perhaps a little better I price locally. The difference in the amount suppliers received by curing I their pork through the co-operative coiv- | puny and what they would have got j otherwise would more than pay for the | erection of their factory. During oiie I period of last year they were paying j more for pork than any other company 'and at that time their supplies were ] double the usual amount lint that was ' their object: to pay the best advance I they could, and eventually to give the' I suppliers the last farthing that could be j I got out of the business. j

M"r ■{. Marx seconded the adoption of the report and balance-sheet. Mr Murdoch r.fked vest v.cm: bud been placed upon their stocks. The chairman said they bad been taken in at a very low rate, They had given the benefit of, the doubt to the side of safe, working. But SO per cent, had since been sold at an advance on the price at which thev were taken in. In answer to Mr Woolford the chairman sain 1 that curtailing the number of directors would not cut down the expenses very much. Mr Powdrell remarked that those present would be pleased to learn that the directors had already decided to curtail their fees to only' a fraction ovet their actual expenses.' Mr Woolford asked if it was possible for any supplier to lose an average of !h 3d per pig during the past re'ir by supplying the South Taranaki instead of the Auckland Bacon t'ompanv. The chairman said he could not speak of isolated instances for he knew that some pig buyers had taken as "topWeights" pigs that they knew- were not so. Mr Marx pointed out that the proprietary concerns only bought when iti suited them, and they could not compare any particular time or circumstance. I Mr 7). Scott corroborated the chair- j man's statement regarding pigs being l taken as top weights that the buyer knew would not reach that standa.-u They were not even put upon the s-:iles. The report, and balance-sheet were then adopted.

1)1 KK(TORS WO-APPOINTED. On tlic niotic.li of Mi- ('. ,T. Belcher, seconded by Mr Anderson, tlic re-ap-pointment of tlic following directors \v:is confirmed. Messrs J. Miirx and I). L. \ Ast.lmry (Mnngatoki), M. YV. Barker (Awaluna). 11. K. Batten (Rivordabh and J. S. Kiddle (Norma nby). Mr 10. Pan-ott was' re-appointed auditor. IXCRKASIOI) Nil All 10 CAPITAL. I The chairman moved, in accordance with notice given, "that it be a recommendation to tin- directors to make a call upon tlic allotted shares of the i company." This call would enable them to pease deducting the Is per lOOlbs of ' pork supplied, as bad been done in previous years. This Is previously collected had been placed to a reserve to the] credit of the share capital of the various shareholding companies in proportion in their supply, and was therefore proving I n tax uoim local suppliers. Tt was build- ! ins up the company at their expense, while they reaped no more benefit than' the man who did not support the company so loyally. Some of the dairy companies had objected to this system, j preferring that a call be made and this would suit the Bacon Company well. Tho finances of the company wanted strengthening. Thev were ciUTyiim en a business of £20,000 on a paid up'camtal of £2OOO. The directors had the power to make any call they saw fit, but they considered that it would strengthen their hands to put the question before that meeting. Mr Marx seconded. Tn answer to Mr Audeison the chair- i man said the directors had not vet dis-1 cussed the amount of the call' to 1-e ' made, | Mr Y\'. i). Powdrel! said the company I he represented agreed that the Baen, ! I ompany could not be run on only the ''s ' fid per share that had been called'up, an! i it. was certainly not a proper thin" i •> I punish their loyal supporters f hey ' had sonic particularly loyal ones Mam,'- I {ah, had not sent a single pig elsewhere. I -Air Murdoch said he would certainly i Imc been pleased (~ receive some idea! I ot he sugges e, a,ne„nt of the call. He also contended regarding tile Is ,viid ]>er lOOltis of pork supplied 'that the ■!„-, / J..ii| should be credit,,] with the amount ,' :•"'•, ' "';ir " , . ,, .- v fi,il ' t»at i" 1 should ; .-ef the benefit el ,1 and have his shares j paid up. | The chairman pointed out Unit (he ' shareholders would he ,blo to disc.U ; he matter and ,<:slniet their represeu- V lalives on the board of the Bacon Com- ' pany as to the amount of the call and is to the Is per lOOlbs of pork supplied the

call, us had bran pointed out, would do (■way with that payment. -Mr Powdrell also pointed out that they now paying ont in the same way as the other companies, and this was another reason for the necessity o£ increased capital. The proposition was then put and curried, with but one dissentient. | '1 lie meeting concluded with a hearty j vote of thanks to the directors for' their services during the past year, proposed by Mr Anderson. j At Hie subsequent meeting of the directors, Mr If. J). Fors.yth was re-elected chairman for the ensuing year.—Argus.