WELLINGTON MEAT EXPORT COMPANY.

Wairarapa Daily Times, Volume 6, Issue 1771, 27 August 1884, Page 2

WELLINGTON MEAT EXPORT COMPANY.

ANNUAL MEETING. (From the N.Z. Times). The annual meeting of the Wellington Meat Export Company (Limited), was held at the Chamber of Commerce yesterday afternoon, Mr W. 0. Buchanan, M.H.R, Chairman of directors, occupying the chair. There were about 12 shareholders present. Mr Buchanan opened the meeting by reading a letter from Mr J. R. Lysaght, of Hawera, in which that gentleman expressed his regret at being unable to attend the meeting, and stating that he was not desirous of re-election as a director, in consequence of his inability to attend the meetings, The report, which has already been published by us, and the balance-sheet were taken as read, and the chairman made some remarks in reference to the former. He congratulated the shareholders on the erection of the works and successful way in which work had been carried on. The insulation of the chambers was so complete that, although the engines had stopped for about 30 hours in December last, the temperature only fell two degrees, and .the engineer was of opinion that had they been full of meat at the time no harm could have been occasioned by the stoppage. The principal cause which prevented large profits from being shown was that out of 180 days that the works wero going, from August to January, there were 86 days on which no meat was received. He referred to the much better support given by stookowners.to the Southern companies, which enabled those companies to keep two machines hard at work, and placed the Dunedin company so as to, show a very satisfactory balance-sheet)' it not only paying a substantial dividend, but even returning a considerable proportion of the charges ' to the suppliers of the meat, as well as ' forming a good reserve : fund. He strongly urged the necessity for keep- | ing the eompany at work, unless they wished to see a repetition of'the unsatisfactory balance-sheet, or worse. He explained that no dividend had , been declared, notwithstanding a credit balance of £1514 9s lid, by pointing out that that balance only ranged up > to the 30th of June, and that owing to the want of support on the part of stockowners the company had to make a venture of its own in the Morida, and until the final result of that unfortunate shipment was known, it was impossible to tell what the real profit was. Another venture had been made in the Ruapehu, and he hoped that might turn out very different to the one in the Florida, Besides, there had been no allowance made for depreciation in the buildings and machinery, and further shipments on the company's own account had been arranged for next month. With regard to the conference of delegates of various meat freezing companies, nothing definite had been arrived at, although it was a matter of congratulation to, find that the shipping companies had reduced tb,e freight on beef one halfpenny. Since the last annual meeting, Mr Roberts, of Messrs Murray, Roberts and Co., the chairman of the Dunedin Freezing Company, went to England about four months ago, with a general power from several companies, but thoy had not yet heard what he had been able to effeot, He proposed the adoption of the report, which was' seconded by Mr J, .E. Nathan and carried. Mr Krull asked for the exact amount of the loss on the shipments by the Florida and Ruapehu, and cautjqned the directors from making too many engagements ahead. If the country did not back them up, jf better for them to stop operations than to run any risk. ■ Mr' McDougall askedlbr a'return showing the exact cost of sheep and .the expenses of freezing) &c., and the, Chairman pointed out; that the loss on the two Shipments referred to was not very great, and tjje fjpcrptary would give the shareholders any <jesised information, Mr W. Beetham proposed Messrs W. Booth, W- Fraser, and J. P. Russell as new directors, and the motion, whioh was seconded by Mr Anderson,; was carried unamiously. On the motion of Mr Krull, seconded by Mr Beetham, Mr C, P, Powles was re-elected auditor, at an -increased remuneration of £lO 10, notwithstand- . ing some objections raised by Mr Anderson. Mr Krull then moved that the directors should be paid JIOO per annum, so that the chairman receive two shares and the remaining eight divide the balance in proportion to their attendance, This being seconded by Mr Beetham, was agreed to, and the Chairman expressed his gratitude. Mr Krull proposed a vote of thanks to the officers and secretary • of the company for their efficient services. . Mr Anderson seconded this and Mr Wright the secretary, responded; Mr G. Beetham, M.H.R,, then gave some valuable hints as to the situation of the frozen meat trade. Having recently returned from England he did not think them justified in expecting

that the low prices would continue. He attributed.-them :to the fact that the last winter had been exceptionally mild all over Great Britain, the stacks of hay and fodder being hardly touched, as the grass, was growing throughout the winter. The difference in-price between the best classes of English and New Zealand mutton were really .very small,,arid in many cases "the; Scotch mutton had' fallen in an increased rate compared to the fall in New Zealand mutton. He urged the necessity of continuous action on the shareholders, and did not approve of the decision to suspend operations temj orarily, as he had been told by English agents that they could only push the sale of New Zealand meat in the proyinces if backed up by a continuous supply; They were not able' to sell colonial mutton one week if the next week they''had to fall back upon local farmers. ' ,';,,.. Mr Buchanan pointed out; that it would be advantageous if they could extend operations, so as to be I 'able to employ two machines, which could be done at a very slight increase of expenditure. ; "'*'■';. After a vote of thanks to the chair, the meeting adjourned.