WELLINGTON FARMERS' MEAT COMPANY

Wairarapa Age, Volume XXXII, Issue 10690, 9 August 1912, Page 5

WELLINGTON FARMERS' MEAT COMPANY

ANNUAL MEETING. The annual meeting of the Wellington Formers' Meat Company, Ltd., was held in Murray's Hall yesterday after'noon, there being a large attendance of shareholders. Mr J. C. Cooper, chairman of directors, presided. The secretary read the notice convening the annual meeting. The chairman moved that the report and balancv'-sheet be taken as read. —Carried. CHAIRMAN'S ADDRESS. Mr J. C. Cooper, chairman of the Board of Directors, moved the adoption of the report and balance-sheet, and in doing so spoke as follows: — I feel it my duty to explain the special reference made by the auditor to the fact that tlio valuation of consignments xmrealised and stocks on hand was made by the company. The reason for this which can be very shortly explained is as follows: The directors during the past season never lost a favourable opportunity of making forward sales, and ag a con&e.,ueflce at the 30th June, the consignments unrealised amounted to only £21,900. Of this total, wool alone 16 valued at £11,965. This is the drnf* value being 8d" and" 9d for slip§ Wool which in the last sale realised ll|d and 9d for lower quality and pieces, which averaged 9d in the last London sales. The tallow also was taken in on about the same basis, most of which has since been. sold at considerable advances on valuation. The same remarks apply to the mutton and lamb. As a matter of fact within a few days of the balance, about only £IOOO worth of odd lots of mut'to:i, lamb, and pieces which, it was '"•■ possible to offer, remained unsold. Our stocks in store which amounted to rather more than £7OOO in value were taken on. the same conservative basis.

A SUCCESSFUL SEASON. You will therefore note that the I actual profits for the last year will he a good bit tetter than the £5787 19s 7d as shown in the balance-sheet, and including amou'&ft written off for de< preeiation. In addition to which, I might point out the actual deficiency from last year by the time we were in a position to start business was very much in excess., of the £393, shown in the balance-sheet of < last year, as we had to run the company during the slack season—paying all the overhead charges, and in addition vre had to prdvide for a large amount of alterations to the works and plant. I think when the whole i& taken into account, it will bo agreed that the i result of the year's operations has j been vcrv satisfactory.

QUESTION OF DIVIDENDS. The question may be asked by some, why we did not pay a dividend? I can only say tint your board of directors considered it was their first duty to build up the finances of the company, arid believe by so doing, it will be only a short time when it will be as well able to pay a dividend as any other similar business. They desire at the same time, to point out that the company is of great local value, apart from its possible earning capacity, when it is pointed out tint. 110,671 shorn and 70.137't0mb0 and. also 1201 head cf cattle have par'~oJ through the works. Indeed, we lrlieve this total is a record for works of our size and capacity. Apart from frozen and tinned moata sent away from tlie works, 2151 bales of wool an 1413 casks of "tallow were' exported, alp-) 629 casks of peltr.'. The whole of the tillow was, of course, the company's property, but this was not the case with the wool and pelts. Thvs will be understood when I explain that of the total stock of sheep and Of the cattle exported, the bulk were 53,825 sheep and, 37.206 lambs wove bought by the company. Of the bjdanee, large export firms put throuorh 43;683 sheep and 29,622 lambs, while settlers on their own account put through 6202 sheep and 10,264 lambs. Of te cattle exported, the bulk were put through on behalf of export' firmis or gettlers. These figures only apply to the stock actually exported as frozen meat; These figures will showthat leso than half the exports .were the property were the property of the property of the company. QUALITY OF PRODUCE. It is Very gratifying to be able to point out the comparative high values which our exports are able to command in the Hom e market. Our mutton during the past season, has been bringing quite up to best Canterbury prices, and although our lamb has been a little behind, I believe another season it will be quite or nearly on a par. While our wool, if not fetching better prices than any other, has, at least commanded equal to the best prices ruling for similir wools on the London market, and the same applies to all our exports. The fact that we have been able to attain a commanding position in the world's markets has enabled us to pay the high prices paid for stock last year, and there is no doubt but that this splendid position is due to the care exercised in the grading and gcner.il get-up of our meat and other goods. While i :i this question of handling goods I may as well explain tlie effort? of this and other companies to improve the handling of meat here and in the Home ports. A's ig generally known, many of the freezing companies, thanks to Mr Foster, managing director of the Export Company, who has been working on this matter for years past, have formed an association with this object in view, and this has resulted in considerable improvements at both ends). In addition to which, the association's representative, Dr Robinson, has at last received the assurance of -the Port of London Authority'that they will immedia* tely- start to erect sorting sheds and cold stores at the Royal Albert Docks. This will b 0 a great improvement on-

past methods, and will, no doubt, assist to greatly improve the appearance of our meat by the time it arrives at the store er market. Also it will have the effect of lessening the claims for insurance—all of tkiy must have the effect of improving prices at this end.

Among the many interested -parities who have taken an active interjest in this matter i felt that I must not overlook our own agent, 11V Gilbert Anderson. x must also refer briefly to the Producers' Accent ion, and their efforts. Unfortunately, their representative at Home, Mr Shelton, appears to have pinned his faith to the South West India Bock Scheme, but whatever advantages it may have, the fact tliat the Port of London Authority refused to consider it without guarantees which were not forthcoming, placed their proposals outside of practical consideration. PROSPECTIVE. Referring to the prospects of trade for the coming sea-sow,- there appears to be on doubt there will bo a shortage of wethers in this country, but on the other hand, given a fair lambing, there is likely to be considerable increase of lambs, assuming weather j conditions are favourable. In Australia, owing to the ln + %tf vevo [flrotlg!!?; T ho oi lambs, is »ot I likely to be as large as . vpar « but i6ri the other hand, mutton may be iil excess of last year's total. [ ARGENTINE A3 A RIVAL.'

We have not any reliable information iof tlio position in the Argentine, but [•there is one thing about the Argentine that must r.ot be overlooked, and that is the rapid increase of their lamb export. In 1911 the exports amounted to 1,092,000 lambs, being an increase of over.soo,v. as against any previous year. Last year being a period of draught Uieir mutton exports amounted to 350,000 less than the previous year, but their haih exports were only 50,000 less. It is very evident from this, that the Argentine is out io make a 'bid for the lurcb trade. Fortunately for v& ' ilmr r-liii.atie conditions make it impossible for them to compete with us in quality as they have dene -with their mutton. But it means that in the injure, with so much second quality km-b ava.!?ble we must endeavour to make fs many of ours, first grade as possible. With regard to the capacity of the Home market'-to cope with possible supplids, 'everything .depends upon the conditio:* of trade. Fcrtu* nately, in spite of labour' troubles, trade appears to be excellent, A fact largely due to the rapid expansion taking place in other countries, such for instance, as Canada, China, and some of the South American countries.

EFFECT OF LABOUR TROUBLES

I fool that Tcannot conclude my remarks without some reference to the labour trouble of season. As might have- been expected th.it great strike at Home caused us some uneasiness:', especially in view of the fact that we are endeavouring to run a very cautious business, and carry as little risk as possible. This being so, at times we "had the greatest difficulty to effect -forward sales at prices to pay. Locally the strikes at the Wellington works naturally c:r. i :cd come feeling among our employees. Fortunately wo found our men a very reasonable body of men to* deal with. T only hone it will be possible to engage the most of them next season.

LOC.L VALUE-OF FREEZING WORKS.

As showing the value of the works to the town. I might sto.tp .that, in addition to salaries paid, ps shown in the .balance-sheet, a sum amounting to £13,416 was paid in wages, wliile loc.il tradesmen received £3002. The value of the works to the farmers I need hardly recount here, as they are now well known.

A CAPABLE STAFF. .' in conclusion, I wish to say a word for the staff of the company, as there is no doubt that, but for tha ability displayed, and the loyal co-opera tioi> not only of the heads of departments and responsible officers, but also junior officers in the company's service, the result we hive attained could never have been, achieved. I know myself that many of our employees have given 'us work and an enthusiastic zeal which could never have been purchased with money. Holding, as 1 do, the most responsible position in-the company's service, I know that I have always been ready to censure and not always too ready to praise. I wish to acknowledge the loyal' Assistance that I have received. With this reference to the staff I wish to move formally the adoption of the report avrd balance-sheet. (Applause.^ Mr H. Morrison, in seconding the adoption of the report, thanked the Chairman for his valuable address, which would ,e he said, be cf great interest and value to ■settlers and producers generally. He congratulated the company on its successful season, which he knew way greatly the result of the labours of their managing director, Mr G. O. Cooper, and responsible officeirs. As a director of the ' company, lie (Mr Morrison) was not in favour of paying dividends until the company' was established on a fir n basis. Tin adoption of the report and bairn o sl'eet. was carried unanimously. ELECTION OF OFFICERS. Messrs Walter Cameron, Hugh Morrison and J. H. Tatham were elected to fill the three vacancies on the directorship, the tiro former being re-elected. Messrs Badham and Bias were reelected auditors of the company, at the same remuneration as previously. It was decided that the' ■remuneration of the directory remain as in previous years. The Chairman, in moving a vote «f thinks to tlie staff, said that the company was most fortunate, when

operations were commenced, in securing the services of such & capabhx. staff, who added considerably to tna success which had attended the work of the company during the past two" seasons. He would like to hav e beem in a position to grant bonuses, but the* sbareholders moist first be considered.

Mr J. Milne, secretary of the company, briefly responded on behalf of the staff.

Mr Morrison, in moving a vote of thanks to the Chairman/said that th«r shareholders were to be congratulated' upon having such a capable man aaMr Cooper at the head of affairs. Had it not been for Mr Cooper tho succesful concern known as the Wellington. Farmers' Meat Company would not now be in existence. (Applause). The meeting was then terminated.