WELLINGTON MEAT EXPORT COMPANY.

Taranaki Daily News, 16 August 1918, Page 4

WELLINGTON MEAT EXPORT COMPANY.

DISCONTBXT AT ANNUAL MEETING. (From Our Own Correspondent). Wellington, August 13. Shareholders expressed /discontent at the annual meeting of the Wellington Meat Company to-day. The chairman, in his survey of the company's position, stated that stocks were heavier than at this time last year, responsibilities were greater, and the uncertainties as to' markets and their control made necessary the greatest caution in declaring profit. The directors, Laving available an equalisation of dividends reservo of £IO,OOO, had decided to use it for the j payment of the dividend and to, taike into profit and loss account only amounts actually earned, carrying stocks, etc., and expectations therefrom forward to the current year. They hwl every reason to Ibelieve that the; issue ■would be satisfactory. But la the meantime it would be false policy to bring to account estimated; profits which under adverse condifckais might not materialise ibut on which: taxation 'must Ibe faced.

SeveraJ shareholders urgeS that the position wasfatf from Sati&laxstory; Other meat companies were making satisfactory profits and their shares were quoted at good prices. But the-shares of the Wellington Meat Company were offering below par without buyers. The shareholders were not satisfied, and there was a feeling among thin that some of the country men at present constituting the. Board of (Directors ought to retire in "favor of city men. Business brains were needed to assist the managmg-idi-rector at ih& present time. Shareholders considered it was a matter for-thewilrec-' tors themselves to arrange. Afto some general discussion the-(bal-ance sheet was adopted, and the nutting closed without the matter beingicarritrd any further.