WELLINGTON FARMERS' MEAT COMPANY.

Wairarapa Age, Volume XXXII, Issue 10030, 2 July 1910, Page 6

WELLINGTON FARMERS' MEAT COMPANY.

NNUAL GENERAL MEETING. I The annual general meeting of th shareholders of the Wellington Farmers' Meat Company, Limited, was held ye3terday afternoon, to received their balance sheet and report. There was a large attendance, shareholder being present from all parts of the province. The whole of the proceeding were of a keen and enthusiastic character. Mr J. C, Cooper, managing director, presided. The secretary opened the meeting by reading the notice convening the meeting. The fir3t business was the appointmtnt.on the motion of the Chairman, of Messrs J. B. Emmett, and J. Connell as acrutineers to open the ballot box to count the votes of the three cr.didates standing for seats on the directorate.

Tnis was agreed 10. The report and balance sheet were taken as read.

The report stated that the directors has procured a suitable-area of land at Waingawa, and had accepted contracts for buildings at £18,071, and plant and machinery at £13,079. It was -inticipated that the Works would be opened on December Ist, 1910.Suitable arrangements lad been made with the Railway Department for the carriage of frozen meat to the port of shipment, and with the Shipping Companies for delivery at all ports in the South and East Coast of England. Negotitions for the introduction and co-oparation of Fat Stock

Buyers were iri course of progress. The retiring Directors are Messrs Groves and Rummer, Mr Groves does not seek re-election.. The auditors. Messrs Badham and Biss, retire, and are eligible for re-election. The chairman than muved formally that the report anJ balance sheet be adopted. In doing so he pointed out briefly the .position of the Company's affairs Though the balancfi sheet showed the capital of the company to be £38,726, with recent allotments, the capital up to date was only about £SOO short of in? required £40,000. This woulJ meai tnat ihe actual capit.ll of the compa y woull just about balance tha pr obaLle ex penditure on plant Referring to the contingent liability of £29,OUu for buildings and machinery, this also covered probable contingent liabilities up to £1,300. The item of £1,764 (arrears of call 3) though it apparently seemed a large sum, was mostly made up of th a last call struck just prior to the balance sheet. As a matter of fact the calls had come in fairly well indeed. With regard to the futura carrying o.i of the Company's basine3S arrangements were being made for purchsers of the meat at the Company's works, or in farmers' yards, and suitable arrangements had also been made for a London agency so as to handle the meat of all settlers who desired to send their meat Home. Of course it was well understood that the company was net a buying company, and in this respect was making no new depar • ture. As the great Canterbury Company, the Gisborne Company, and the Auckland company were run on the same lines, and its objects were

not so much to make profits as a company, but to bring about better competition for fat stock, and it wa3 hoped in consequence better price?. Notwithstanding this fact it coul I be seen by arrangements that tha directors had now made that settlers dealirg through it would be in a position to dispose of their stock in any way, either by sales in their own sards, on the hooks in the company's worl's, or by shipment on their own account, and in all and in every case the company would get for them the best possible price obtainable.

The Chaiiroan then detailed the arrangements made with the Railway Department with regard to the car riage of meat, and aho the contract made between their company ar.d the New Z.aland Shipping Company and the Shaw Saville, Albiou Company for the carriags of tha meat and produce to London. He wished aleo, before closing to point out that the capacity of the works were large, being 2,000 sheep per day, besides cattle; the material used in the work was the very best, the design was up-tc-iate; the machinery tha best the world could produce; and, finally, the works were, for their size and capacity, the cheapest of any freezing works in New Zealand. He thought that the shareholders had good reason to congratulate themselves in this respect. He hardly needed to point out that the directors had done their duty and would continue to do so. The future success of the company would net so much rest with the directors as with the shareholders. All that was now required was the shareholders .s- - - • stock, and given that their future was assured. With those remarks he would move formally the aaopMon of the report and balance sheer. Mr Albert Speedy and Mr R. D. McKenzie seconded the report. Mr McKenz'e briefly spoke to the adoption, referring to certain items of expenditure. The chairman then invited discussion on any questions.

Questions were asked by Mr T. P. Lett with regard to the expenditure of the item of property improvement account, £176 8s 4d. The chairman explained that this was for fencing, road work and drainage, in connection with the works.

Mr J. Hunter asked if the uncalled capital was all sound. The chairman explained that there was only about £7O that was unsafe, and this was chiefly in the town allotment.

Mr J. C. McKillop stated that in his opinion it was the clearest bal-ance-sheet he had ever seen, and he hoped that the directors would issue all future balance sheets on the same lines.

The chairman then put the motion to the meeting, which was carried unanimously. The auditors' report was adopted. Messrs Badham and G, Sellar were appointed auditors for the ensuing year, at a salary of fifty guinea each.

The Managing Director's salary was next dealt with.

Mr T. Hodgins, Pahiatua, moved as a recommendation from the directors that the salary should be £350 a year and expenses. In speaking to this, he pointed out that it was altogether out of proportion to the value of the work that the chairman was required to do, but they had decided, and it was agreed, that until such time as the Company had begun to earn, it was advisable to keep down all expenses as low as possible. He hoped that the Company would soon reach the stage that they would be able to treat Mr Cooper in the manner in which he deserved.

Captain White, Fahiatua,moved in accordance with the previous speaker, that the salary be £350. This was seconded by Mr I\ P. Lett.

|Mr Ac J. Speedy proposed that the remuneration be £SOO a year. Mr A. Groves seconded.

On being put to the meeting the amendment was lost, and the motion was declare! carried. The remuneration to the Directors, after considerable discussion, and two amendments to increase the amount had been defeated, the general shareholders agreed to accept the recommendation of the Directors that they should be paid actual expenses only. The Diiectors themselves, speaking to the motion, stated that L they hoped to reimburse themselves by the stock which they

would put through the Company's works.

Captain White moved that the chairman rceeive £l5O as a bonus for the past year's work in addition to salary already received, but the chairman promptly declined to accept this motion.

Captain White then moved a hearty vote of thanks to the chairman for the manner in which he had carried out his arduous duties during the past

year. This was carried unanimously. This terminated the business of the ordinary general meeting.

EXTRAORDINARY GENERAL MEETING.

At the extraordinary general meeting, held afterwards, to consider certain remit?, Captain White moved that the qualification for directors should be the holding of 20 shares instead of 5 shares, as now.

This caused considerable discussion for and against, but on being put to the meeting was defeated by a narrow margin, there being only a difference of two votes. The chairman then asked that remit 3 be taken instead of remit 2, this meaning in effect that the words "Perry Street" be deleted from the articles of the Association, and that the registered office of the Company be at Masterton.

The chairman pointed out that the Company's present offices were only temporary, and that it would soon be necessary for them tu have offices to suit the requirements of the Company's business. Mr R. D. McKenzie seconded this, and on being put to th°raeeting was carried,

The chairman then refeiffeJ to the remit in the name of Mr Adam Armstrong, but asked permission to withdraw this out of respect to the fact that Mr Armstrong was no longer in their midst. He deeply regretted that he had to tell them the gentleman referred to had passed away that day. He would move formally that the meeting adjourn out of respect to the memory of the late Mr Armstiong. .This terminated the meeting.