SHEEPFARMERS FROZEN MEAT COMPANY.

Gisborne Times, Volume XXVI, Issue 2361, 30 November 1908, Page 6

SHEEPFARMERS FROZEN MEAT COMPANY.

ANNUAL MEETING

Tho seventh annual meeting of the Gisborne Sheepfai mors’ Frozen Meat Co. was held on Saturday. There were present: Messrs C. A. (ieTsuitour (chairman of directors), F. AL Hutchinson, F. Hall, J• Clark, ~. Tv. Chambers, C. Gray, J‘ • B• Baikcr, W. Graham, W. B. Barker, 0. Monckton, T. Barker, V. Barker, C. j Barker, J. B. Ivel.U, and the manager (Mr. W. V. Ceflerwu.il).

CHAIRMAN’S ADDRESS. The annual report and balancesheet, (previously published) was taken as read, and in moving the adoption'of the name the chairman said: The vear now closed has been a difficult ‘one for the factory. The management has had to contend with, a continuous fall in markets for its principal commodities. .I he bottom of this .'fall was very difficult to foresee and provide against. Tho corner has been turned not only without loss but with a moderate profit and the fullest possible return given to shareholders during the year- The recovery of wool should restore confidence, a lid restored confidence .is all that is needed to bring back the good times wo have become used' to—for all other conditions to ensure prosperity to the farmers of New Zealand exist as they did before the late fall in values. The additions to the Company’s plant and buildings have been completed, and all power now m use is supplies by gas made, on tho premises The economical results are fully up to the estimate, and altogether justify your engineer's advice. With the natural expansion of business, it will be impossible to escape from further structural additions to the buildings, but this year at least there will b( r breathing time, and ail effort t hoiihl be made, even at some little sacrifice, to .reduce indebtedness. For some time the management has been anxious to assist the farmers to attain better results. A number of small lots going Home under separate brands‘causes a weak market for such lots. Under such a. system there is no hope of getting a. well-known Gisborne brand, winch would be looked for and bought .ahead unseen. London agents have recently been travel line- through New Zealand Iftl - mo; of the direct loss on sales which 'result from such meat going on to the market with unknown and mn|farious brands. These representation; although no doubt influenced by hopes of business, are amply borne out by results. There can be no question but what the farmer, who has only one lot to market, does not and cannot obtain the same results ,as are obtainable- by another, who is ’able to spread his stock over a series of shipments and average the markets, ft i- also established that the unknown brand, however good it may be. fetches ""less than a brand which is known and which can be .relied upon in quantity and quality. I am told that a pool and equal division of profits is 'impossible. Two reasons are commonly given. First, each farmer is credited W ith believing haown stock to be the best, ft this were so. it is quite clear he is not getting the best price, which, after all, is the principal matter. It is -also said that the agents for the farmer would not favor a pool, which might trench a little on their 'business earnings. No men have (kne more tor the pioneer work of the dl trict than the merchants and bankers, v. bo provide agencies for the farmer. and no one would wish to trench on their legitimate reward. I believe the bankers and mercantile agents would gladly aid and assist any movement wliic-h would give their friends better results and an improved financial position. The farmers gain would not lie made at their expense. but from the better prices realised in London. The Company is quite ready to do its part- It would be an easy tiling to establish a high grade under the Company’s brand lor all sheep entrusted to it. There is no reason why the Gisborne Cooperative brand should not become at well known and as keenly sought alter as Canterbury prime, nor why the price should not approximate very closely to that of the same established brand. Logically it would pay all our shareholders to pool their stock'. This is a counsel of perfection 1 do not expect to see accepted. The lamb trade is improving. There are few farms where the plough could not lie /used to a limited extent. While recognising that the farmer knows his own business best, what is being done in other, districts, not more favored, prove, s that a bare living may bo changed into prosperity by the legitimate dcVo-pnient of the

•lamb trade. Tdi e factory having ample power is now a ble develop many side industries which would he profitable to its shareholders and of ■use to the farmers. Boom could ho found for eggs and butter, while -storage might bo, and indeed is, being supplied to tradesmen dealing in perishable goods. The ice trade also is being catered for—not only as a. luxury in hot weather, but as the natural preservative for household food. As far hack 1903 the Government wore considering the e.stablisment of a local grader for batter. This appointment ought no longer to be delayed. If a building were provided on or near the Ka.iti wharf the Company would be prepared to supply the cold for chilling and would- supervise if required. Your lightering business is growing in volume. The pressure upon the plant to meet irregular arrivals of imports and the increasing exports of the district has made additions to plant imperative. These additions and the port charges red ace the profits which might reasonably he looked for from this branch, of your- business. _ The public facilities for the working of goods are still very inefficient, while no storage is provided for wool arriving by rail or waggon. As exports are the surest index of the prosperity of any district th<£ exporter should lie treated generously. The indirect taxation at present favored by the Harbor Board falls with the .greatest weight upon the most diligent. The owner of land who does nothing escapes. It is at -least open to question whether such a. policy is in ihe best -interests of .a young and progressive .district. The farmer while congratulating himself upon escape "from a rate should also consider what ho pays indirect! v upon his exports, and ■upon, every imported article he requires, I believo the true policy should be to do 'away with all char*'

ges except sucOi as are sufficient to pay for necessary services and with hie most .economical working plant a Inch can bo obtained to keep the .•iver open. It is pleasant to bo able to state 1 hint no "Company has been hotter served by its staff than is your Company. in' aJl' departments the services 'rendered -Stave been fairly and ungrudgingly given. The year has been especially trying to the manager, the first engineer, and to the r.< irine superintendent, but every difficulty, and they have been many, has been met and overcome with a quiet persistence, which I have admired and valued. Air. F. Hall seconded the motion, ii uid the report and balance-sheet wore .adopted. Mr. J. Clark moved —‘‘That this meeting, in accordance with the recommendation of the directors, resolves: That out of the year's profits a. dividend of five per cent. be appropriated to holders of ordinary shares and two per cent, to holders of bonus shares, and that a bonus be granted to shareholders fully qualified in terms of article 9, of 1-Jd per cheep or two lambs, the property of such shareholder, received for export at the works during the financial year. One cattle beast received for export to count .as 12 sheep. The dividend and bonus to be payable at the offices of the Company on or after the 28th day of February, 1909. 3 ' Air. C. Gray seconded the motion, which was agreed to. The retiring directors, Messrs F. Hall, C. J. Parker, and C. Gray, were re-elected on the motion of the chairman, seconded by Air. Clark. Messrs T. A. Coleman and O. S. Watkins, on the motion of the chairman, seconded by Mr. W. It. Barker, were re-elected auditors, iat the ■■amo remuneration as last year. The Chairman said that .in 1904 he intimated that the time had come for the directors to receive some remuneration, which had been given since then. But there had' been no minute placed on the books, and he thought it would be advisable to .'have that done.

On the motion of Mr. V. Barker, seconded by Air. W. Graham, the following motion was agreed-to—“ That the remuneration of directors be £1 Is to each director on actual attendance at meetings of the board, or of the finance committee, and that all payments of directors’ fees heretofore made are hereby ratified and approved.” Mr. AY. K. Chambers moved that the chairman’s honorarium be the same as in tlie past. He remarked that he did not know' whether the shareholders realised the enormous amount of work which devolved on the chairman. Air. Hutchinson seconded the motion, which was carried. A vote of thanks to the chairman terminated the meeting. At a subsequent meeting of the Board of Directors, Air. C. A. dcLautour was re-elected chairman of directors.