TARANAKI PRODUCERS' FREEZING WORKS.

Taranaki Daily News, 30 August 1920, Page 8

TARANAKI PRODUCERS' FREEZING WORKS.

NINE?EENTH ANNUAL MEETING. The nineteenth annual meeting of the Taranaki Producers' Freezing Works Company, Ltd., was held at the Soldiers' Club on .Saturday afternoon, when Mr. Arthur Morton (chairman of directors) presided over a good attendance of delegates from shareholding factories. CHAIRMAN'S ADDRESS. In moving the adoption of the annual report (already published), the chairman said the year had been a very satisfactory one. They had not experienced any difficulty in regard to shipping, and had been able to provide ample accommodation for all produce offering. They had also been able to reverse positions in regard to the meat works, for whereas during the previous season they had had to lean on the meat works to the extent of 20,000 crates of cheese and a similar quantity of butter, this year they had returned the, compliment to the extent of over 20,000 carcases of me:it, which they had held in store since April. These were now being loaded on to the Otarama at the breakwater. The lqading would be completed on Monday, when their stores would be emptied of meat. Owing to produce not being held in store for so long a period as last year, the receipts for freezing and storage wore nothing like what they were the preceding year, and but' for Hie ii:eat the freezing charges would have been considerably less. The oxpensm on almost everything were less than the previous year, due mainly to the lesser amount of storage. Fuel showed a considerable decrease, for whereas in the previous year coal cost £1359, and electric current £761, this year coal,cost £543 and electric current £1149. During last year they had run largely on electricity, and they hoped' in tiie future only to u* steam when the electric current was not procurable. "Repairs and renewals had cost £2054, due to the necessity of renewing the doors in two of the chambers, but the woi'k had been done in concrete, and the buildings were better now than when first erected. The capital account had been increased by £149, additions to buildings, and £1.543 to machinery, this latter being almost entirely represented by electric motors. It was not proposed to dispense with the boilers and engines. These would be kept as a stand-by, in the event of there being any raibirc of the electric current or of it becoming cheaper to run by steam. The boo!: value of their'buildings"was much below their actual value. The investment made by taking shares in the Farmers' Moat Company, to enable the company to obtain storage if short, had proved both useful and profitable, the shares returning 8 per cent, interest. As shown by the report, they had' received a lesser quantity of butter—--3013 boxes—due almost entirely to the very bad spring. Cheese, on the other hand, showed an increase of 19,306 crates. At the end of the year, June 30, fliey had in store 23,747 boxes of butter and 43,321 crates of cheese. They Rfill had in stock 17,174 boxes of butter, j but as the whole of the butter in store prior to July 31 was being kept for local consumption this would be shipped away gradually. Of the cheese they now hart 17,710 crates in store, the balance having been shipped during the last two months, and the probability was that all would be cleared early in October. They now had an allocation for 7400 crates to be shipped by the Port Darwin in a fortnight, and expected to get another allocation before the end of September. The opening of the new siMson would practically i=ee the store

clear. He did.not anticipate that there would be any difficulty in regard to shipping during the coming season. In connection with the share capital account, it would be noted that they only had 556 shares unallotted. It was not likely that there would be any new shareholders, and seeing that last year they only allotted 76 shares, it was quite possible that these 556 shares would last a number of years, unless there was an increase in the output. It was probable this would be increased, as nearly all the available land suitable for dairying was being taken up, and the returned soldiers would also mean increased production. The shares available should, however. Inst two or three year?. He considered that the capital of £280,000 was sufficient, and if more shares were required it would be better to arrange to reduce the holding of the present shareholders. He then moved the adoption of the report and balance-sheet. This was seconded by Mr. J. F. Phillips (Waitoitoi) and carried without discussion.

ELECTION OF DIRECTORS. Messrs J. Brown, M. Fleming, and A. Morton, the three retiring directors, were re-elected unopposed. For the vacancy caused by the retirement of Mr. R. Dingle there were three nominations, namely, Messrs H. Purdie (North Taranaki), W. V. Harkness (Tariki), and F. Ranford (Stratford), and as the result of a ballot the first-named was declared elected. Mr. C. S. Rennell was re-elected auditor. , GENERAL. Voter, of thanks were accorded the manager, secretary, and staff for their efficient services. The chairman's honorarium was fixed 'at £SO. ELECTION OF CHAIRMAN. i At a subsequent meeting of directors Mr. Mortqn was re-elected chairman.