WELLINGTON MEAT EXPORT COMPANY.

Wairarapa Daily Times, Volume XV, Issue 4511, 31 August 1893, Page 3

WELLINGTON MEAT EXPORT COMPANY.

Annual Meeting.

The fourth annual meoling of the Wellington Meat Export Company was hold iD the C hamber of Commerce yesterday afternoon, Thirty-two shareholders were present, and Mr W, 0, Buchanan, Chairman of Directors, presided. In moving the adoption of the annual report and balance sheet (already published) the Chairman said that tho Directors regi etted very much that thoy bad to present such an unsatisfactory report. The quantity of Block coming fiom siock-owneis hud so diminished that the direct jrs had seen it was impossible to expect a dividend from that source, l'ho directors bad elected to go into the market and purchase, and although tbu result was very iiusatisfaciaiy, they felt that they bud done the right thing, aud they would have to continue that policy, The Company could be made e paying one only by recog isiug the uliersd condition of trade, The season in London had been an exceptional one, Ttieru liud be<-n an extraordinury drop in prices owing to the gieat; drought in the Home Country and unuer the circumsiunas bo tbougm the Company bad como out very well 'lho Company had now ut piant second to none in the Colony, and be leit satisfied thai the Company would get their share of the tiaiie no matter what prices rultd. The number of sheep purobused from direcicra was 8561, and when be told them that tbe Company itad purchased over 100,000 during the year, they would see that tbo number purchased from directors was very tmall. In addition they bad purchased 600 Bheep and 50 cattle for local trade since June 80th. Viewed by the light of tbo experience of tiie past two years, the extension of the works at JNghaurauranga appeared to be rather premature, but it roust be remembered that till the annual meeting in 1891 tbe plant had not been sufficient. The number of sheop in tho district bad increased by 1,200,000 during the last three years, and the company might, therefore, hope that their plant would not romain so idle as it had done re* cently. The manure worb had been [an unqualified success, am} tbe I ammonia freezing plant bad been working for seven months during last summer in a most admirable way, both as regards economy and efficiency. The directors had written off | £21,882 l!)s lOd, and this should be enough to assure shareholders that they bud not been paid dividends without ample allowance for depreciation. Arrangements bad been made to lessen the risk upon shipments to the London markets, Ho was not at liberty to go iuto details, but he could assure them that the arrangements wore most satisfactory. The company had lately taken up the business of carcase butchering for the trade. It was not necessary to say anything on the proposal to reduce the number of directors to five, that matter having boen fully dealt with in tbe ciroular Sent out with the annual report. Mr C, Pbarazyn, who seconded the motion for tho adoption of the report and balanco sheet, taid that tbo prospects of ihe company Wcrs good, Mr G. Allen regretted that there was no dividend, but could see nothing to carp at, Tbe direotorsj bad had to work against the tido. I

Mr Tanner said the publication of tbo balancedlM't came with a great shock, as better things had been expected; but after a little time they had come to tbe conclusion that, the affairs of the company were not so bad as they looked, The shareholders ought to have every oonfideuoe in the prospects of the company, and their directors, who hadacted as theyehould do as trustees of thn shareholders money. The ebareliolders slmuM thoroughly understand the position before the report was adopted, For idnnco, tb'-ro was the item sundry creditors, £80,759 lis Bd. Was not that amount largely due to tbe banks ? It was just as well for the shariholders to know bow the com"

pany stood with regard to tho banks. If tho total loss upon the working, account fot the year was only £621 ! 14a Bd, then he considered that very satisfactory uuder the circumstances, but the tenor of tho roport showed the loss to bo morn.

Mr W, Boyd askeJ what was the state of tho company's, banking account, Was tho bank book on the table f

The Chairman said the amount, so far ps the bank uccouat was involved, was under £BOOO, and since tho balance-sheet had heon published tho amount had been considerably reduoed. As to what Mr Tanner had said about the company's losses, ho must point out that there was also the losa (if the dividend, and them was no depreciation fund. 'l : he company would prosper, or tho reverse, in sympathy with llio general condition of affairs throughout the Colony. Ho bad nevor lost faith in the Colony, particularly that part in which the shareholders had thrown their lot. The motion was then carried. Mr J, Stuekey moved, and J. Booth seconded, 1 That Messrs 0, P. Powles and D. T. Stuart be re-elect ed auditors at tho same remuneration as last year.' Mr Coleman Phillips moved,' That Ihe usual remuneration (£250) be paid lo the directors.' The motion was carried,

Mr W. H, Levin expressed his appreciation of the services given to the company by the directors. The shareholders fully recognised the measure of responsibility thrown upon their shoulders during the past year, The directoi'6 could lmvo no greater incentive to improve the position of the company than the knowledge that under tho present eircumstantes they had the full sympathies of the shareholders. He hud made these remarks on his own behalf, but ho l«H sure he was expressim; the general opinion of iho slihi'rholders. The Chairman said ho fully appreciated the remarks made by Mr Levin, and the directors wern indebted to th« shareholders for the confidence reposed in them. The directors would make every effort to present a moro satisfactory report next year. The Chaimn explained that the election of directors could not take place until the resolution altering the number had been confirmed. On the motion of Mr Coleman Phillips, seconded by Mr J. Booth, a vote of thanks was awarded 10 the officers of the Company. Mr Sladden (secretary and manager) returned thanks, and the meeting adjourned until 12,15 p.m, on the 10th September. The extraordinary general meeting for the confirmation of the resolution altering the number of directors was fixed for noon on the same date.—N.Z. Times.