SOUTH TARANAKI BACON CO.

Taranaki Daily News, 19 January 1916, Page 3

SOUTH TARANAKI BACON CO.

ANNUAL MEETING, The third annual meeting of the South Taranaki Bacon Company was held at Eltham on Saturday. The shareholding dairy companies represented were: Eltham, Messrs H. D. Forsyth and R. J. Knuckey; Kaupokonui, .Messrs T. A. Bridge and W D. Powdrell; Riverdale, Mr. H. E. Batten; T. L. .Toll, Mr. J. D. Crowley; Manutalii, Mr. S. C. Tonks; Mangatoki, Mr. J. Marx; Awatuna, Mr. J. R_ Farquhar; Opunake, Mr. J. B. Hickey; Messrs R. Lanibie (Pihama), T. Linn (Mangatoki), J. Briscoe, J. Burke, F. Mehrtens, W. Carter (Eltham).

Mr. H. D. Forsyth occupied the chair, and in moving the adoption of the report and balance-sheet, said that the fact that suppliers liad received a satisfactory advance during the year, anu~ that there still remained a balance, which after paying interest on paid-up capital, was sufficient to pay a further sum almost equal to %ct per lb to suppliers, spoke for itself. The cost of manufacture had been somewhat increased during the past season. This was partly due to the increased cost of requisites and partly to having a slightly diminished supply of pigs. Dealing with the supply, lie said that there was no doubt that loyalty among the suppliers would go a long way to reduce the cost of manufacture and enable them to pay more for pork. There were many charges, such as secretary, manager, engineer, chairman, directors, power, interest and depreciation on plant and buildings that would be practically vhe same if they had double the supply of 4>ig3. The total of these items amounted to nearly £3OOO, and if the supply were doubled it would be seen that the cost of manufacture would be reduced in proportion, as the costs mentioned would 'be spread over double the pig*. It was, therefore, up to every pig-raiser in South Taranaki to supply the company with his pigs, and thus give thorn the necessary material to make a still greater success of this great asset to South Taranaki pig-raisers. Ho was well aware that quite a number of suppliers did not recognise the great benefit the company was to them, and were inclined to think that, because competing companies came into the district and paid high prices they could do witnout the co-operative concern. But just jet the co-operative factories close down and then they would see what the proprietary companies would pay for pork. By supplying the co-operative factory, which pays on results, the farmer received the actual market value for his pigs. The proprietary companies were not going to be run off this district without putting up a good fight, and the fact that they paid a higher price for pork in this district than they did in districts where the co-operati"e cfincern was not operating, was convincing evidence of the great importance it was to farmers to have their own co-opera-tive concern.

As stated in the report, after due consideration and making full enquiries, the directors unanimously decided to erect works for the slaughtering and boning of cattle, to be carried on in conjunction ■with the pig business, and thus enable us to keep our works running at full pressure,' and make the most use of our present buildings, plant and power and also to make it worth our whilo to erect offal works, and thus turn to profit what is at present costing money to get rid of. From the best information obtainable they were satisfied that there were good profits to be made out of the boning of beef. No company could handle a limited minfber of cattle more economically than could the South Taranaki Bacon Co., as they already had' the greatest part of the buildings, plant and power, and they also got back to the fact that the bigger the business the less in proportion the cost of handling and manufacture. In order to make provision for the necessary capital to carry out the scheme, the directors had decided to ask shareholding dairy companies to take up an additional share for every two now held. The result had been that all except four small companies had, up to the present, complied with the request, and they trusted that those four would follow in the steps of the majority. The directors had agreed to give their own p.n.'s, and also signed a further joint and several its security to the bank for the balance required. It was their intention to bo straight-out purchasers of stock to carry on their new works or pay the fanner at per 1001b for suitable stock delivered at the works.

Mr. Forsyth then dealt with some damaging statements with regard to their bacon and hams which had been circulated by their enemies, and which were totally untrue, and when the shareholders knew the truth these statements would do them more good than harm. Their cure for tlie year find been excellent, and complaints from customers were a thing of the past, which spoke highly of their manager and staff. He moved the adoption of the report and balance-sheet. Mr. Woolford (Te Kiri) seconded the motion, and congratulated tlie directors on the very satisfactory balance-sheet.— Carried unanimously. The auditor's report was a very favable one. The trading account showed a credit balance of £4383 10s 10d. The expenses had been reduced in nearly every particular. Mr. J. Marx said that the South Taranaki Bacon Co. was on a very sound footing, and only needed the support of shareholders. Mr. Powdrell asked when the new freezing works would be open. He said the works would be of very great advantage, and was the farmers' own concern.—The chairman said the works would be open about February. Mr, Gane brought up the matter of washing the carts of suppliers, and the manager (Mr. Butcher), assured the meeting that there' were plenty of facilities at the factory for the washing of carts. In answer to Mr. Robertson, the chairman eairt that Wednesday had proved the best day for receiving at Mangatoki. The following were appointed directors:—Messrs T. White. J. D. Crowley and C. J. Hawkins. Mr. E. 'Parrott wa3 re-appointed auditor at a, remuneration of fifteen guineas. Messrs Marx, 'Powdrell and Knuckey were appointed an executive committee for the ensiling year. At a meeting of directors held subsequently, Mr. H. D. Forsyth was re-elect-I erl chairman —Hawera Star.