INGLEWOOD BACON COMPANY.

Taranaki Daily News, 15 October 1918, Page 7

INGLEWOOD BACON COMPANY.

-^DVEIBENTH-AXXCj!IL».]J;EEIIXG. The nineteenth annual meetings,"of the Inglewood Bacon Company was held on Saturday, when Mr. A. Norton (chairman of directors) presided over a very moderate attendance of directors. CHAIR MAX'S ADDRESS. In moving the adoption of the annual report, the chairman said that it was a letter lor regret that there was a very considerable falling off : 'i the supply o"i pigs received at the factory. Last year the number received was the highest in the history of the company, and the paycut was also a record. He did not know of any particular reason for biiis falling off. It was probably due t.i a variety 01 reasons. The increased manufacture oj cheese in the district, where it Was for merlv all butter, and the spread of tho manufacture of casein in ihose factories that still manufactured butter, all had their influence. It seemed to him that farmers, in many cases, had gone out ol breeding pigs, and for tne few they required went on the market, and'then fattened them. Breeding pigs was such an easy matter that he could not understand why so many neglected such an important branch of the. farming nidustry. Whether it was tlwt- they were being so well out of the butter-fat, 01 whether it paid them better to use the whey or skim milk to rear the calves, ho did not know, but it wast certain that the breeding of pigs 'wan being neglected If it did not pay to produce them he could understand it, but'he was certain if fanners devoted more attention to rearing pigs and growing crops for them they would find it would ;iay them well.

A few acres of bnrley and a small patch ot mangolds would put s fanner in tlio position of carrying b:s pigs over, the winter in good condition ready for'fat: tening; , So serious was tlxe shortage that tlie large factories and many of the merchants were importing 'bacon from Aus tralia, and it could not be imported and sold at the same pr ; ee as in the past The result was that the merchant had to pay more for it, as did the consumer Tnglewood had paid a record price, and if they had received the same number of i pigs as in the previous rear they could have paid 3 ,4 d and possibly %d morn on every pig, because the expenses did not increase or decrease in to the number of pigs received- During the past year the company had established receiving yards at Urenui, and a fair number of pigs had been received there, some of which would, of course have been received at Waitara, but the establishment of the yards had been an advantage, and it was confidently expected during the coming year to receive a larger quantity This year, in order to mf.ko lip the deficiency in the supoli of pigs, receiving yarda had been established at Stratford, and a live agent had been appointed. The pigs received there would be a welcome addition and very materially make lip for the decrease at other stations. Whatever the results there might be. he would state that if the suppliers looked on the pig not as something to be attended to when they had little else to (io, but as an essential part of farming, and look or. the profits mado therefrom as essential, the factory would do bettev, and so would tha suppliers. TV.ring the year regulations l;ad been introduced to fix the maximum price at which the factories could sell their produce. These regulations which were n.ade in February last, r-quired revision, for they provided that the price at which the factory was selling an 'December 1, 1017, should be the maximum price at which they should sell, but no attempt was made to fix the prion at wliicli tliu retailor could sell to tliv consumer, who received no protection, and the merchant or middleman could put 011 whatever profit ho chose. The prevision that the price should be that ruling on Decembei 1, 1917. was also faulty because two or more factories might be se'iir.g in the same town at different prices. The regulations certainly needed revision t.n make them more workable and mere in line with what regulations should be. Moreover, since December. 1917, there had been a considerable increase in the cost of production to the farmer, and in the cost of manufacture at the factory, and what might have been thought to be a fair price then would return a lesser net price to-day. It was quite nossible the regulations might revised in the near future, when these facts would be laid before the authorities and might have somewhat better results, He considered the balance :;heet was very satisfactory, mo shares had been taken up either by new shareholders or by old shareholders to met their supplies and the share capital now stood at £13.110, of which £7500 liis 7dwas paid up. There had been slight alterations and improvements to the factory and plant, including the setting up' of a crushing plant, the company now crushing its own manures, making that business more profitable than in the past. Unfortunately the quantity handled was comparatively small but the plant was capable of handling large quantities at a minimum of expenses. Various items of expenditure showed a reduction owing to the reduction in ilie number of pi«s handled, but there was a considerable increase in the cost of materials. Despite the decrease, they had retained the usual staff of permanent hands, but the casual hands showed a decrease. It was a source of congratulation to the directors and shareholders that, during these strenuous times, they had been able to retain their staff, some of whom ihad been with them since the concern started, and he did not think any similar concern could show such a record in the way of long service of its staff.

The bonus had been paid out on the following basis: All fcaconcrs on which 6Jd mail been advanced ljd on 7d advance the bonus was Jd and 7Jd, making the price on all n)j to with the exception of a fevr on which 8d had been paid. The bonus on porkers was either Id or Jd according as the advance was 5?, d or Gd. making the price for all porkers GJd. This must be admitted to be a satisfactory pay-out.

Early in the reason and perhaps also later, some nf (he v l ;areliolders had not been loyal, but had been tempted to sell elsewhere bv the slightly higher price offered. Had they been loyal and conserved to their own supply the pigs that had been diverted, the company would have been able to pay a. higher price. However, loyalty received its own reward, and to the great majority who were loyal, lie returned the, sincere thanks of the directors and they had the reward for their loyalty in the substantial bonus.

In concluding:, he hoped durinjr the eominp: Tear with tV> ndditional receiving station nt Stratford, that they would receive larger numbers of pig= than last year and he urged shareholder

to produce the maximum number they could, because if the company receivedmore he hoped to be able to pay out more tnau during the previous year Ao concern in New Zealand could handle pigs and put them on the market at the same economical cost as they could, and if shareholders would only give tliem the pigs to handle, he could assure them they would find the results very satisfactory. He then formally moved the adoption of the report and balance sheet. Mr A. Chard seconded.

In reply to a question the chairman said that while he admitted it was difficult to obtain meal, it was quite possible for farmers to grow food that would be equally as satisfactory. The chairman stated that the insurance fund showed a debit, owing to the fact that tiie insurance had been reduced at the commencement of the season to 9d and there had (ieen an additional number of pigs condemned and moreover tha higher price of pigs had meant a higher pav-out in thp ease of each condemned pig. The insurance deduction had now been increased to Is.

Mr Hodges suggested that as seed was difficult to get the company should take steps to produce seed barley for shareholders.

The chairman agreed with this. i.Tr Mcßtth said that last year it was impossible to get anything' and those who supplied a cheese factory were at a disadvantage, The report and balance sheet were then adopted.

J.rCTTON OF DIRECTORS. There were two vacancies on the d;ree ! orate caused by the retirement of Messrs J Brown and J. Hall, the latter of whom did not seel; re-election. In railing for nc{minat'ioii the chairman pointed out that the company was not an Inglev.ocd one, but drew it supplies from a wide scope of country, and he suggested that it would be a wise move to elector a director from the neighborHood of Stratford, as he considered that it was in (he best interests to have the directors spread over as wide a range as. possible, J Geo. Herbert (Urenui), A. Needhnm (Douglas), and ,T. Brown (I.laketawa) were nominated, and on a show of hands Messrs J. Brown and A. Necdhani were returned. In returning thanks Mr Brown urged nil to take the chairman's remarks to h,ijart an<J if they could not buy stuff to feed them they should grow it. Mien the. war ended he hoped to persuade his sons to go in for the production of pigs, which should be regarded as an essential part of the .tanning operations. Mr T. C. H. Nicholls was re-elected auditor

GENERAL. The chairman paid a high tribute to the work of tbe manager (Mr J. Allen), secretary (Mr O. Pull en) 3rd staff, an' l 011 his motion tiiey were niieuiiioufiy xocordivl a vote of than!:?.