INGLEWOOD BACON COMPANY.

Taranaki Daily News, 16 October 1916, Page 3

INGLEWOOD BACON COMPANY.

AXXUAI. MEETING. Ihe seventeenth animal meeting of the Inglewood Co-operative Bacon Company was held at Inglowond 011 Saturday, Mr. Art'aur Morton, chairman of directors -presiding ov«r an attendance of .'ih'iit eighty shareholders. CHAIRMAN'S ADDRESS. Til moving the adoption of the annual rop.nt and balance-sheet, already publishorj, tJio chairman stated that, in commenting or !:he balance-sheet the task was a pleasant one, because this year the balance-sheet xvas the most .satisfactory in the history of the company, which had now completed its seventeenth year. The year's working showed a substantial increase in every way that eonkl .strengthen the position of the company. More shares had been taken up and a large amount of capital paid up, more pigs received, a bigger price paid and bigger profits made than during any year of the company's history. During the year the prices of all produce for food consumption had ravaged high, and though bacon did not always, rise correspondingly with the rise of meat, there 'had been no reason to complain of the prices received. The price paid out was proof of this. With the bonus, the factory had paid a total of £is,2os, as against £I3.SG4 last year, an increase of £4400. Last year additions had been made to the factory and piant to enable them to cope with the larger number of pigs expected. The additions had been completed, but fortunately had not been required, for though the rumber of pigs had increased, the demand had. been so keen that with the exception of hams, which were kent for Chrismns trade, all their stock went out as fast as used, and so saved storing and freezing charges. Claims and the insurance fund had been about the same and this fund showed a credit of £O4 as against £lO3 10s 2d the previous year. When the fund was instituted, it was promised that any surplus would be refunded pro rata. Though not impracticable this entailed considerable v/ork on the secretary, as there were 424 suppliers. This year the direciois had decided not to make a refund. and the principal reason was that in \ iew of the future condition of the industry it was thought wise to retain as much as possible. He referred to the recent amalgamation of bacon companies, and said that they did not know what policy that amalgamation might adopt. Possibly it might adopt an antagonistic attitude, and the Inglewood Company would need funds at its command to meet the opposition. Possibly it might not, but it was considered wise to strengthen their position as much as possible. In taking stock and in other matters—which he enumerated —they had safeguarded the company's position in view of the strenuous opposition they might have to contend with. Inglewood was now the only cooperative bacon company in New Zealand, and they must make it so strong that it could maintain its position in the face of all opposition. During the year iiie company had received 0130 pigs, an imi'Mse of 633. The average weight was 134 28. The average price paid, including bonus, was 5.97 d per lb. The average price, paid for baconers was £3 4s Id, as against £2 14s 3d-the previous year. Porkers averaged OO.flllbs. as against AO.SB; 5 l-5d per lb was paid for them as against 4 3-10 d, and the average for each porker was £1 10s 0d as compared with £1 12s 7d. There was the usinl peicentage of diseased and con dcmnc-d pigs, 00 (or 1.47 per cent.) being condemn'rl and 400 (or 7.07 per cent) were found to le partially affected. The pigs received at the various stations were as follows: Inglewood 3100 (increase 370), Smart Road 508 (increase 13); Tariki 420 (decrease f>), Midhirst 302 (decrease 04), Waitara 1003 (increase 156), Toko 328 (increase 132), an J Douglas 288 (increase 00). The cost, of collection was under Is lid. Five hundred and eighty-three shares had been taken up during the year and the number rf shareholders had increased by 105, and at least 50 new shareholders had purchased shares from non-s.upply-irig shareholders. Four hundred and twc.ily.four shareholders had supplied pigs. The produce sold realised £24.220,as -.'gainst £17.817 .the previous year. Five pn cent, depreciation had been allowed, so as to be in line with the legi.-ifitii.il passed last year re imposing tax or. excess of war profits. In this conneclion he did not see why the bacon company, which was purely a cooperative one, could not be put in the same positon as co-operative dairy companies and exempted, because every sliarchoHcr was individually liable, whether or not the company had paid the tax.

The chairman commented in detail on thn balance-sheet, pointing out that various 'ncreases were due to the higher co-t and also to the fact that a larger output was handled. It would be necessary soen to consider the question of increasing the capital, as only 120 shares were available to issue to new shareholders. Mr. A. Chard seconded the.adoption of the irport and balance-sheet. THK DISCUSSION. .Mr. Taylor congratulated the directors and the 4alf on the successful season. He expressed hi? satisfaction at them not having joined the bacon monopoly. Mr. J. B. Simpson asked the reason why bacon had been returned. The chairman explained that no factory could absolutely guarantee every piece (;f bacon being perfectly cured. He set forth the various reasons. The actual amount lost in this way was £230, or less than 1 per cent., which was les-:' than the recognised percentage. Mr. Yiates considered the directors slnuld not have reserved money to fight the comi'ine. The best way to fight it was by paying out as high as possible. He considered the insurance credit would allow a rebate of 3d per pig. Some suppliers might supply heavy one year, and not have many pigs next year, and they should not be penalised. Also, it was unfair to penalise the share milker. The chairman said their policy was to study the interests of the company as a continuous concern, not the interests of any T.dividual supplier for one year. Mi, i-'abish objected to non-suppliers receiving interest on share capital. Some discussion ensued over the reliabiltv of the scales, after which the motion fir the adoption was carried. DIRECTORS. THe chairman, in calling ror nominations to fill the places of Messrs. G. A. Bridgeinan (resigned) and C. E. Dobson and A. Chard, retiring by rotation, pointed out that the two former bad left th-j distr'ct, and as the Inglewood company was practically a North Taranal:i cjncern, lie urged suppliers to tako advantage of the opportunity and elect two men from the -Waitara district, in fhich th'-re were a large number of shareholders. Mr, A. Chard was re-

elected unopposed); Messrs. T. Luxton (VVaitara) and S. Topless (Urenui) being elected unopposed to the two vacancies. Mr. M. Hopson was re-elected auditor. WAR BONUS. Mr. J. O. Taylor moved that it bo a recommendation to the directors to pay the permanent staff a war bonus of o per cent, on their salaries for twelve months. This was seconded by Mr. Bakewcll, The chairman stated the directors from time to time increased the salaries of the staff, some of whom had been w.th them since the factory started, showing that the directors did studj' tlitir interests. He would prefer that tiit matter left in the hands of the directors, and an amendment to this cPivt was carried, on the motion ot Messrs. Old and Harris. GENERAL. Votes of thanks were accorded the retiring directors, whose good work on the directorate were eulogised. Mr. C. E. Dobson returned thanks. In reply to Mr. J. O. Taylor, the chairman stated it would not pay to send Home frozen pork. Votes of thanks were accorded the chairman, manager, secretary and staff. CHAIRMAN OF DIRECTORS. At a subsequent meeting of directors, Mr. Anlur Morton was re-elected chairman.