FARMERS' BACON COMPANY.

Wairarapa Age, Volume XXV, Issue 10713, 21 April 1913, Page 3

FARMERS' BACON COMPANY.

MEETING OF SHAREHOLDERS. DIRECTORS CRITICISED. A largely-attended- meeting of I shareholders' of the Wellington Farmers' Bacon Company was held at Pahiatua on Friday afternoon, says the Herald. The, chairman of directors (Mr .1. C. Cooper), who presided, explained that owing to lack of support the company had incurred a steady loss every month with the exception of r'ehnuiry. The average munher of pigs received at the works during the last 20 weeks had been 30 pigs per week. Some weeks the company received no pigs at all. In reply to Mr Hchlaway, sen., Mr Cooper stated that the approximate loss up to March 31 was £607. He stated that the company's first c-urer was not a success, and a. considerable amount of the bacon had been in consequence to be sold at less than it cost to produce. Mr O'Connor questioned uVIr Cooper with regard to the price obtained by the company. Ho considered it should have received a better price. Mr Cooper explained trjat the company sold for 9d per lb, hut the other ■.companies only got 9:}dT Asked the reason for accepting the lower price, he pointed out that such was advisbalo in putting a new article oil the .market.' In reply ta Mr A. Eddie, the chairman said the cost of running the plant was too big in proportion to the output. He gave particulars of the amounts paid for wages and power., Tlie company,had put through " (SCO pigs, and sustained a loss of £6OO. The cost, therefore, had been at the rate of £1 a pig. . Mr Eddie referred to a circular the company had issued, which, he stated, had frightened some farmers. It caused one nwii to-send 40 ofhis pigs t:: another company. Mr M. Alpass commented adversely on the. low price offered by the company jav pigs, whilst other com--panics were offering's high as 5-Jd perTJv.' He declared that there had he,eit ; ;lmd ina.iiagement all through..; Mr- A.; iMcFar'ane, a director, retorted that Mr Alpass had never sent, ::hy ' pigs to the company's works'. Th-;> :(:';yi!iany % did not have enough 'Ovpitn:l to start with. •' It was not ,in the same position as a-dairy• conv" .eaiiy to mike "advances to suppliers. ■Some shareholders had been loyal'to---the but others" had not\| ■■sent any at all. \ Messrs Dyer and, Holdaway venti'lfli'od grievances in regard,to the con.denm'mg of pigs 'sent to the company's works, and- the prices-, tinny' obtained. Mr Alpass snicl that when prices were low the company took sharehoMr ■'crs'--"-p:g»« only, but afterwards toolc anybody's pigs. Mr.Ooope'r said, that «t the present titne-ths Farmorf;' Freezing Company (the parent company) were 1 buying pigs-..in order to keep the connrctirm goipg,< The annual meetingliad pjvsXed' a resolution with . reference to purchasing pigs only from shareholders. He advised an arrangement he-, in'g. the Freezing 'Company +o-be taken, in as dh arch olders of the Mfah Company, and' tn run the bacon lnvsine«'-s as' a trading concern. " |

Mr T. Moss ■said •« rutin tier of the shareholders, were clissniisfiod with the. -maßaiment/ The circular issued- Ijv the Board of Directors had rdiakcn confidence, in the company.— a (Heiv, bea,r.)' He read extracts of remarks made by Mr Cooper to an "Rketohuna uewspaper representsiti ve, with, th-a object of showing that they tend?'j to put the company in an mi-" favourable light and, cause sharo'lml dei;s t r >.' sand their pigs to opposition companies.' Jn ju,stree to Mr"iVlp«ss. : Mr. Mew?, said that, gentleman had stated rtt the. time the ,<?ornnaoy was being fonn.ed that ho-would take rip shares, hut that he had a good market elsewhere.for his pies. "H e pionosed.t%t a committee of five s'hould be appointed to confer with the directors. Mr A. Barrell seconded the motion. He also, expressed the onitiion that that-circular sent out.to .shareholders bv the. Board was ill-advised. The iiik.ial'expenjses had been much greater tha.tr anticipated. The general ininression: was that the. company had been riding'for a fall. He-suggested adjourning the meeting for a .fortnight. ' Mr Cooper resented the statements •made by' Messrs Barrell and Moss. He said the directors of the" Meat Company would meet the Bacon. Company in any reasonable proposal. If the Board had made a mistake ''with regard to. the circular, he was very sorry. Members of the Board had stated that the complaints of share-. . holders-.respecting' the circular 1 were only an attempt to. shif the blame on to someone olse. ':'■''."' Messrs T. Moss (Newman); A. Bryde (Nireaha), A. Eddie (Mangabno), M. Alpass (•Matiganiaire), and A. Barrell (Mangatainoka), were apnointed a comnnittee to confer -.with tho Board of Directors at Masterton on the 24th in'st.