WELLINGTON MEAT EXPORT COMPANY.

Wairarapa Daily Times, Volume 5, Issue 1470, 30 August 1883, Page 2

WELLINGTON MEAT EXPORT COMPANY.

(Times). Tho second annual meeting of the the above-named Company was held yesterday afternoon at the Chamber of Commerce, Mr W. 0. Buchanan, M.H.R., the Chairman of the Board of Directors, occupying the chair. The attendance of shareholders was good. The Chairman, in opening tho proceedings, said that as the report and balance-sheet .(already published) had been in the hands of tho shareholders for several days past, he presumed they might be taken as read. He moved their adoption. . In. doing, so, he desired to say that at the. time they were prepared'they had nothing to go upon except cable • messages, and the Directors considered' at the time that the average amount realised at Home was 6|d. However, it. was fully established that the meat sent'Houie by the Company had arrived in sound and good condition. He was glad to be able to say that, although a slight defect had arisen when the Company's machinery was first started, this had been overcome, and everything was working smoothly, and at present from 250 to 300 sheep per day were being frozen. Regarding the obtaining supplies from tho West Coast, he might say that little had been accomplished as yet, but the Directors hoped to make arrangements shortly for bringing down stock alive or else in a frozen state by a vessel designed for that purpose. He regretted that the overtures received from Marlborough, Wanganui, and Patea districts, though fairly satisfactory, were not so good as the Directors had anticipated. Alluding to the paragraph in tho report recommending a dividend on the profits for the year, he remarked that he had learnt that a difference of opinion existed. He would ask the shareholders to weigh carefully all the considerations connected with the case of the shipment per Lady J'ocelyn before coming to a hasty conclusion. He thought they would all agree with the paragraph in this report recommending a dividend. The future prospects of the Company were exceeedingly bright, and the cablegrams which appeared in the New Zealand Times of that morning would convey a more significant idea upon the subject than he could hope to convey in any remarks he might might, He would move the adoption of the report, Mr J. E. Nathan, in seconding the resolution, said that he had heard that adverse criticisms would be made regarding the balance sheet, so far as regarded the charges of the shipment per Lady Jocelyn. He would remind the meeting that the Company was a Joint Stock Company, which had been formed for the purposes of an investment, The Company had been formed with a view to making a profit for the shareholders. The Directors merely had the interests of the shareholders in view iri acting as they had done. He would ask the meeting if it was reasonable to suppose that business men would have embarked capital in the Company unless they anticipated 12| per cent, interest for their money. Again ho asserted that the Directors had, in studying the interests of the shareholders, acted wisely and perfectly right, _ Had the shippers taken more shares in the Company their profits would have been larger, and what they had taken out of one pocket for the purchase of shares they would have been enabled to put back again in the other pocket in the shape of dividends. If the shareholders considered that the Directors had not served their interests, let them, by all means, elect Directors who would serve them better. The experience gained in the past would enable the Directors to reduce, very considerably, the charges on the shipment by the Doric. As to the statement that some of the shippers had made loss, if it were true, he deeply regretted it; but if people would ship "culls"they had only themselves to blame. Ho would urge upon shippers that if they had desired to make a market at Home they must ship good cattle.

Mr Coleman Phillips was glad to be able to say that the cargoes shipped had arrived in good order; and lie was also pleased to hear that one sheep from the Wuirarapa had realised 54s in the London market. He hoped there would be no disunion among them. If a mistake had -occurred with regard to the charges, ho tliouglit it would be better to appoint a small Committee to inquire into the matter. He certainly thought that the shareholders should have been satisfied with say 7 per cent and that the balance of profit might havo gone towards reimbursing the shippers for the loss they had suatained. In order to warn Bbippors to send away none but good sheep, he might say that he had only netted fa on his shipment per Lady Jocelyn, whilst another shipper had got sb, and another had averaged 9s. His shipment consisted of sheep averaging 541b, He trusted that the Directors who were to be appointed by the meeting would endeavor to carry on the business of the Company on purely commercial principles. As an amendment to the motion for the adoption of the report, he would move, I' That a Committee be appointed to inquire into the charges made by the Lady Jocelyn and report to a subsequent meeting," Mr J. Stevens (Stevens, and Gorton, Rangitikoi), in seconding the amendment, said that if the Company made

12 shipments per year, and each shipment gained for the Company the same amount of profit as accrued from the Lady Jooelyn shipment, they would obtain a dividend for the year amounting to 120 per cent per annum. He did not see that, in .the face of their having had only one shipment, the Directors were justified in declaring such a large dividend. Had any merchant extorted such a price as had been extorted from the shippers, they would not have been permitted to reign very long in commercial circles,. The transactions'bf the-Company did-not warrant such a large dividend, and he believed that the shareholders would havo been satisfied with a lesser dividend, which actually was 20 per. cent iustead of 10 per cent. He sincerely hoped that the Directors would allow the matter to be inquired into by an impartial Committee, as he considered the charges were |d in excess of what they should have been. Mr Krull expressed a hopo that the amendment would not be agreed to. The Directors had worked hard, and therefore he did not think that a committee should be appointsd to inquire into their conduct, The success of the Company had been unmistakable, owing, no doubt, to the untiring energy and the valuable time the directors had spent in the business of the share.' holders; but, for all that, he could not altogether agree with the disposal of the profits as proposed in the report, The flockowners had risked their sheep and thereby had supplied the Company with capital to carry on the business, and for that reason ..he. trusted 'the Director* would meet the shippers ill a fair spirit, and thus overcome any bad' feeling which might haye arisen on the part of the sheep growers. ■» Mr George Beetham considered that Mr Phillips hadnoc realised the position of affairs, as the amendment traversed the whole work of the directors. He desired to point out that the recommendation of the directors with respect to the dividend had nothing whatever to do with future dividends which might be declared, It should not be lost sight of that many of the shareholders did not possess the least interest in .stock. The Directors were aware that the shippers had lost by the Lady Jocelyn shipments, Mr Phillips offered to withdraw his amendment, but Mr Nathan objected. Mr Nix expressed the opinion that the charges had beon excessive. \ He had been given to understand that the Company was to havo been a co-opera-tive one.

The amendment was then nut and lost,

Mr Krull moved, as a further amendment, "That the report be adopted, except so far as related to carrying forward the sum of £331 13s lid, and that that amount be returned to the shippers per Lady Jpcelyn," Mi: Hawkins seconded the motion, and in doing so said that the shippers entertained the opinion that father too much had been taken out of them. He (losired to say that he did not think Mr Phillips had the slightest idea of wounding the feelings of the Directors in bringing forward the amendment; The amendment was carried, and the report as amended was-adopted. The election of the Directors in tho place of Messrs Lang, 0. Pharazyn and J. T, Dalrymple, resulted in the return of the last-named gentleman and Messrs Dodds and Matthews. Mr Krull moved,', 1 That the Directors' travelling expenses be recouped them in the future," The motion was carried,

.Mr J. CL Powles was re-i'!.v,ted auditor.' '

Mr Cumly expressed surprise that the Directors had done nothing towards establishing an export trade in dairy produce.

The Chairman explained the matter had not been lost sight of by the Directors, who had ascertained that as an extra chamber on board ship would have to be constructed for buttor, the jN r ew Zealand Shipping Company had informed the Directors that they could do nothing in the direction indicated unless a shipment of 100 tons was offered.

Mr Stevens proposed and Mr Russell seconded, a vote of thanks to the Chairman and to the Board of Directors. 'lho motion being carried, the proceedings terminated.