BACON INDUSTRY.

Taranaki Daily News, 16 October 1922, Page 8

BACON INDUSTRY.

THE INGLEWOOD COMPANY, ANNUAL MEETING. The annual meeting of the shareholders of I the Inglewood Bacon-curing Company was held at Inglewood on Saturday, Mr. A. Morton (chairman) presiding over an attendance of about 30 shareholders. In moving the adoption of the annual report and balance sheet (already published), the chairman said the year had been an entirely satisfactory one, although the prices realised for bacon were not as high, on the whole, as had been anticipated. Unfortunately ths . causes of the lower prices were such that it i was not. possible to arrive at any other result. ) The number of pigs coming forward last year i was so great that it was inevitable that there , must be a falling-off in prices. The prices at ' which bacon had been selling were no better than pre-war prices. Owing to the number of pigs handled, the cost per pig had been considerably reduced. According to an arrange- ■ ment with the Smart Road works, 2470 car- , cases had been stored there, and by next week ; these should be cleared out. This had prov?d i a very satisfactory arrangement, in view of | the large number of pigs on hand, as it had ; enabled them to handle all that came fori ward. Next year he expected an even greater ! number of pigs would come to hand. He understood that one large factory down the line was in difficulties and would probably close down. If it did close down there would be great difficulty in handling the number of pigs and thefro would probably be a glut. During the year the tariff arrangement be- ] tween the New Zealand and Australian Governments had created a good demand for New Zealand hams in Australia, owing to the fact that, duties had been decreased. Years ago a considerable amount of bacon had been exported to Australia, but increased duty up to 4d per lb had stopped the trade. The duty was now reduced to 2d per lb, and a considerable export trade had again started up. A short time ago it was difficult to dispose of hairs and bacon, but the Australian trade had had a good effect. With regard to the balance sheet, the chairman said the satisfactory position which had always been maintained was still in evidence. The share capital during the year had been increased by over £1(100. The number of shareholders at present stood at 792. of whom 647 were actual suppliers of pigs. This was nearly double the number that had ever heen sunpliers before. The directors had been considering how far they could allow the shareholders to increase, and had decided that it would be inadvisable to Increase the list any furi ther in the coming year. It was necessary to i draw the line now, in fairness to the shareholders. The onlv way In which they could increase the shareholders’ list was to enlarge the buildings and plant, and at the present time this was impracticable. Last year had been spent on enlargements to the buildings and curing plant, this having become ne; cessary by the increased supnly of pigs. Mr. Harding suggested that in view of the costs incurred in carting carcases to the Smart Rord works and other carting expenses, a twoton motor-lorry should be purchased and ‘.he horse and cart the company at present bad might be disposed of. It was pointed out' that the horse and cart would have to be retained in any case, and the opinion was expressed that the costs attached to a lorry would not jusify Its purchase. Mr. Harding asked if It would not De unwise to close the shareholders’ list against further applicants. The chairman said if everyone were allowed to take shares the company would get more pigs than it could possibly handle. Mr. Harding asked if the suppliers who had supplied pigs at 3’/ ? d could not have their price made up to 5d (the price received by . sunpliers who sent in pigs while prices were higher) by means nf a bonus. The chairman said the amount received on realisation of the 3%d bacon was not sufficient, to allow of an.v substantial bonus being j paid. In answer to Mr. Milne, the chairman said the percentage of diseased pigs received last year was 4.38 per cent... as compared with 4.79 per cent, the previous year, and only 1 oer cent, were totally condemned, as compared with 1.35 per cent, the previous year. I The report and balance sheet, were then adopted. ELECTION OF OFFICERS. To fill the vacancies on the directorate caused by the retirement of Messrs. A. Chard and G. H. Herbert, only these two gentlemen were nominated, and they were declared reelected. Mr. R. D. Milne (Stratford) was elected to fill the vacancy caused by the resig- ; nation of Mr. W. H. Were. I Mr. T. C. H. Nicholls was reappointed audiThe manager, secretary and staff were accorded a vote of thanks for their services during the year.