PATEA FREEZING COMPANY.

Taranaki Daily News, 8 September 1916, Page 6

PATEA FREEZING COMPANY.

ANNUAL MEETING. The animal meeting of shareholders in the above company -.'.'as held at l'atca on Tuesday, Mr. Walter 'Powdrcll (chairman of directors) presiding over an attendance of fourteen or fifteen shareholders. Tll moving the adoption of the report and balance-sheet, the chairman stated that after writing off £2o3i for depreciation there was a net profit of £SSI>2. The company was now getting into such a sound financial position that it was questionable whether they should take anv more capital. At one stage tliev had £111,01)0 worth of stoik on hand at the works, but they had to pay the farmer for his stock just the same. Sir. 0. V. Venree, M.P., after congratulating the director:-, on the satisfactory balance-sheet, said that if the company could get along with its present freezing chambers he would advise them not to extend at present, but to devote some of their surplus to repayment of advances. In reply, the chairman said that Mr. Pearce's remarks as to the possibility of the Government varying the .present arrangement re storage rlmrgps, would not .surprise him; after their action in regard to the hides they might do anything. Mr. Massey made the statement that the freezing companies were at present getting thousands of pounds which should go into tne pockets of the farmers, and such statements showed how foolish it was for even Mr. Massey to make pronouncements in regard to undertakings lie was unfamiliar with. Air. Massev had assumed that the fanner had been getting none of the freezing charges. Under present conditions the farmers know exactly the figures and demanded, the utmost penny the companies received, but directly thai contract was ended the freezing companies alone knew from day to day what the market was. The new plant gave a total capacity of KIS tons, and it would be folly not to provide storage to the greatest practical extent. Mr. 0. Synies considered thai storage was the cheapest padfiocking they could have. The report was adopted, and the refiling directors re-elected unopposed. .Mr. K. C. Horner be : ug re-elected auditor. The directors were voted £25 each. Mi. Fowdrell was subsequently reelected chairman of directors, and it was decided to proceed immediately with the erection of additional storage chambers. —Abridged from Star. 1