INGLEWOOD BACON FACTORY.

Taranaki Daily News, 11 October 1915, Page 2

INGLEWOOD BACON FACTORY.

SIXTEENTH ANNUAL MEETING. The sixteenth .animal meeting of tlie Inglewood Baeon Company was held at Inglewood on Saturday, Mr. A. Morton presiding over an attendance of about sixty shareholders. CHAIRMAN'S ADDRESS.

In moving the adoption of the annual report, already published, the chairman said that the results of the past year's work had been exceedingly satisfactory i to the directors and, he hoped, to the i shareholders. An increased number of pigs had been handled, whilst the working cost had been very little greater, thus proving that the larger the number of pigs received, the more economically could the factory be worked. Pros- I peets tor the coming season were very satisfactory. At the present moment they had received very large orders for bacon, more, in fact that they could supply. Before the season was over he believed all their stock would be cleared out. 'Die baeon business was not an easy one to understand or work, for whereas the price of every other class of meat had increased—in some cases up to r>o per cent—yet bacons and hams were lower to-day than two years ago. There appeared to be no reason whatever for it. but it was a fact. It might be that the Customs tariff had some "influence on the Australian trade, but 1 some very satisfactory orders came from Australia. The price of bacon and ham was from Jd to 2d less than two years ago. Another peculiar feature was that whereas ham was formerly higher than baeon the latter was now from Jd to Id per ',b higher than ham. In handling the additional number of pigs, the plant had been taxed to the utmost, so much

so that they had had to send some of their pork to Moturoa to be frozen. This had induced the directors to extend their accommodation, and they hoped in future to cope with any increase that might occur. The cost of the additions was £7BO, and, with the necessary plant, the total eost would be £ISOO. ' Shareholders would notice tha.t they were dividing £075 among suppliers," which was an addition : jd per lb. In addition, the insurance fund, which the previous year practically balanced itself, showed a credit balance of £IOO this year, and suppliers would thus receive back 5d out of every Is paid for insurance. (Applause.) The position in regard to condemned pigs was very satisfactory, the percentage being only 1.88, as against over 2J per cent, last year. In one ease the directors had to take, extreme measures to protect the interests of the Company, but thanks to the persons immediately concerned and the Stock Department satisfactory results were achieved. The directors had taken in hand the question of dealing with shares, not fully paid up, owned by shareholders who had ceased to be suppliers. A fairly large number had accumulated,

mostly taken up by farmers who had since sold out their farms. After giving tin; proper notices, the directors had forfaited 047 shares, and had placed the amount paid up 011 tliem, £271 7s sd, to reserve account. Notwithstanding that their output hud increased by 11 or 12 per cent., the expenses had not increased. The reconstruction of the slaughterhouse and hanging shed, costing £147 7s lid, had been charged to repairs and renewals. That item might reasonably have been charged to capital account, but, as they had had a good year, it was good business to wipe it off in the year. Taking the actual balancesheet, there was very little comment to make. Despite the fact that 047 shares had been forfeited, the shares allotted stood at 10.058, showing an increase of 355; £359 additional share capital had been paid up. The bank overdraft showed an increase of £IOOO, but against this stock in hand at the. end of the year showed an increase of £I3OO. Taken on the whole, the balance-sheet was very satisfactory, and was one of the best the Company had ever issued. If the Company had the continued support of the shareholders and received an increased supply of pigs, there was no doubt next season would prove as good.

The chairman then formally moved the adoption of the report and balancesheet, and tliis was seconded by Mr. J. Da vidson.

In reply to Mr. Dean, the chairman stated that the Company paid share-, holders the same price for pigs delivered at railway stations as at the factory. They had to, in order to secure the pigs. To a further question, he stated that it cost under Is Id per pig for expenses of receiving, including railage. To Mr. Dean: The Company had every facility for making use of by-products. The only thing they lost besides the squeal was the hair. (Laughter.) The hair was a commercial article, as they had received an offer of 1'22 10s per ton for it delivered in Sydney. They had experimented, but were unable to dry it without a loss. In any case, he thought that the whole season's output would not produce a ton of hair. Mr. ,1. 0. Taylor suggested chaffing the hair and mixing it with the manure. He also complained that the factory stuck too hard to the rule re maximum v.eiihl.

The chairman said they had io adhere to this, as sides of bacon over a certain weight realised id to 3d per lb less.

To Mr. .1. li. Mabin, the chairman said that the Company had handled 2S.'{ porkers. With additional accommodation thev could handle more, though he pointed out that, as the Company had not got an export licoin-e, thev would have to be disposed of locally. To. Mr. Luxtoii, the chairman said that, with the bonus, the average pries paid out amounted to 5.117 d per lb. The average weight per pig was 133.57 lbs, as against 131 lbs the previous year. Mr. .1. 0. Taylor congratulated the dire"!ors on the successful result of the season's operations, and the report was adopted. ELECTION OF DIRECTORS. For the two vacancies on the directorate there were three nominations— Messrs ,1. Brown and .1 Hall (retiring directors) and .T. B. Simpson. The ballot resulted: .1. Brown :j(i, J. Ifall :)0, J. B. Simpson IS, and the first two were elected. Mr. M. Hopson was re-elected auditor at the same fee as last year. AN APPRECIATION. Mr. J. liall stated that the success of the Company was largely due to the chairman, who had been connected with it ever since its inception. He thought the time had arrived when they should show their appreciation of his ability by voting him some tilting remuneration. He moved that the chairman's honorarium, be .€so.—This was seconded by Mr. A Chard. Mr. .1. 1!. Simpson, whilst complimenting the chairman for the excellent results achieved and the lucid explanation of the balance-sheet, considered that the honorarium should remain as at present, £2l. —The resolution was carried. At a subsequent meeting Mr. A. Morton was elected chairman of directors,