THE WELLINGTON MEAT EXPORT COMPANY, LIMITED.

Wairarapa Daily Times, Volume 5, Issue 1457, 17 August 1883, Page 2

THE WELLINGTON MEAT EXPORT COMPANY, LIMITED.

SECOND ANNUAL REPORT. The Directors have now the pleasure to place before the Shareholders their Second Annual Report and accounts showing the operations of the Company for the year ending, 30th June last. It will be gratifying to Shareholders to know tho Company's first shipment of IVozun meat, per "Lady Jocelyn," consisting of 5,794 sheep, and ; 3.52 quarters of beef, arrived in London in excellent condition, and that telegraphic advices have been received reporting the sale of the mutton at satisfactory prices. The Company's refrigerating works and offices on Waterloo Quay are now completed, and an agreement has been entered into with the New Zealand Shipping Company, to take 5,350 sheep by. their direct steamer "Doric,'" leaving this port about 20th Septombeinext, Arrangements for further ship, ments at regular intervals are being made; of which Shareholders will be duly notified; and it is anticipated that there would be no difficulty in finding. full occupation for tho Company's works from the time they are set 'in , motion ; indeed, basing their opinions on the experience of other Meat Freezing Companies the Directors look forward with certainty, to the speedy necessity for providing machinery andstorage room of double the present capacity. Overtures have been made from the Marlborough, Wanganui, and Patea : Districts for the construction of branch refrigerating works at those places, but the present capital of tho Company is. insufficient to enable these requirements to be complied with at once.

■ Your Directors are quite alive to the ultimate necessity of establishing contributing depots at the several points whence supplies of stock may be derived for shipment from Wellington, bub the central establishment having now been provided, it will devolve upon each district to come foiward and subscribe further capital in order that this object may be carried into effect, 1 oreseeing the want of further funds in order to prosecute the undertaking' with vigor and success, the remaining unsold shares were, in May last, /' oftered to the public, and meetings' have been held in Wanganui and tho[ Wairarapa, resulting in the formation\ of committees,:with a View to making known more fully the objects of the Company, and -disseminating among stock-owners a knowledge of the benefits ot an industry established in their interests, Very considerable promises ■ of further support have been received, and there is every reason to hope that tho initiatory difficulties are now fairly overcome,

The accounts for the year show a net profit of £B3O 13s lid.,, derived from interest on deposits, and profit on shipments, which it is recommended shouf4 be applied in the yedustiqn of preliminary expenses, by sum of £IOO, bv the appropriation of £389 to the; purpose of a dividend t/b the ratp of 3s 3d per share, or equal ja 2Q ppr cent per annum, leaving the sum of £331 }<}s lid to be carried

Three vacancies at the Itoard require, ty be filled, caused by the resignation, of Mr 11. H. Lang in April, and tbp retirement of Messrs Charles Pharazyn P. Dalrymple, as provide*} by the articles of association, tl\e lattef of. whom offers himself for reflection.

In conclusion, the Directors are en- ■ couragetlto hope that tlie result of tjjei'r. v Stewardship for theyear will mee,t with 1: the appoval of the proprietors, and they have to say, that with moye extended i experience, they feel assured of a great future for. the: Co.mpany, wjiich'jfi destined to offecj; an entire revolution in the business of stool? "breeding fehtQUghaut this extensive district, Wellington 15th-August,•> 1883,