MIDLAND SALEYARDS COMPANY.

Press, Volume LX, Issue 11479, 12 January 1903, Page 3

MIDLAND SALEYARDS COMPANY.

.—, >. -, PROPOSED AMALGAMATION WITH

ADDINGTON YARDS COMPANY

The annual. meeting of the shareholders of the Midland Saleyards Company was held on Saturday. Mr G. Witty, M.H.R., chaiiTnan of directors, presided. The annual re«ort stated that the directors regretted the very small amount of business done "at the yards owing to the apathy of the Shareholders, both as buyers and seller;.. Some of the directors had dome what they could, but at last had to give it up. The directors sold ten" acres of their land to the : Christehurch City Council for an abattoir site," adjoining another eleven aores obtained by.the Oc-unoii from another source. The Council |aye now almost completed the erection of a moat up-to-date "aibattoir, which has material-v affected and increased the value of the Midland Sa_ey<ard„ property. The yards, building, etc., had not had muoh wear, and they were in first-class order, and have very little depreciated in value. For some time past the Midland Saleyards Company and the Canterbury Saleyards Company had been discussing the advisability of araalgamation, and this matter would he kid before the meeting. The credit to profit and loss for the year was stated as being £1220; and the expenditure £841 3s lid, leaving a balance to credit. ' J

The .Chairman moved the adoption of the report and balance-sheet, and regretted that the ouriook was not as good a« it might have been. They had met that day to consider the question of the amalgamation with the Addington Saleyands Company. He thought the present state of tho Company was due to the apathy of shareholders, not the sale of the site, for t'ho abattoirs had increased the value of their land very muoh. They had, given the City Council £5750 for the drainage and the siding, the latter of which would alone have cost about £1000 if they hod to deal with the (lovernment. With regard to the negotiations for amalgamation with the Addington, Saleyards Company, a 00-nmit-tee of the | Adaington Saleyords ComparM had met the directors of fch<? Midland Sale yards Comp_,ny, and a confe-viiee had been •held, and the tenrus of amalgamation a.greeo. to. These Avrre that they had the votim* power up to thaiir rospeetivo capital. The Cantfibury Saleyaids Company wanted to have se%'en years before the removal of the yards. The directors of the Midland Company, however, did not see their way c.ear to accept these proposals, but prcanised that the Midland Sa erards should be open for the eale of stock when required; that the saleyards at Addington should be closed in three years at tflie option of .the ahaaieholders. They also wanted /the shareholders of the Midland SaJeyards Company to have t__e same voting power as the Canterbury Saleyards Company. The latter agreed to the proposals, ard it was for the shareholders how to say whether they would amalgamate. It _eemed to him that in view of the circumstances itwould be well for the Midland. Saleyards Company to ajnalgsunate with the Addington Saleyards Company, and make the yards the Metropolitan Yaids far

Christehurch. He wanted .to point out Ui-t t_e getting of the abutouv there nu___ a groat mproveui-ofc- id «~w property in toe district. i'he proposals of tbe M-dlaud Company were t_at the Canterbury _—tvyards C6__n_ay should purchase the Slid-aiM i*-kyanis Company's propeny for the cap tal sum expended, euc_ purd—wsc money to be ■pj_d by the issue of tuhy paid-up shares m the Ca-terbury S_.eya__B Company, th*> latter to pay all exiNUug dc-bia and hah—ities of the Mid-u_d Company. The Mid_and fcyalejords to be op_n and sales he-id there whenever required by the public. The Siueryards at Addingion shaL be ctos d wit-sin threa veaxs or sooner at the ivquest of a throe-fifths majority of sharehoki_.*s. The shareho.ders in the "Midland Sakya__s Company shaH have equal voting powers. Mr Strouts seconded the motion pro forma. ;

Some discu-HUon ensued as to the printing of the balance--— eet and the considearatiori of the matter of ant_.g_-__a.t_on. The adoption of the report and balancesheet was agreed to. M ssfis J. C- Clarkson; S. Bailey, N. Hobhs, and M. Ryan were declared elected as directors. Mr ThcnihiL Cooper was re-ek'cted as auditor.

On the motion of Mr-Hanson it wm resolved that the meeting, adjourn till called together hv the diroctois to d soitw the question of amalgftmation, and that the ba__acesheot be printed. It was resolved 'That a very hearty vote of thanks be recorded an the minutes to Mr B lis, the secretary of tbe Company, for the zeal and interest displayed by him in connection with th_ Company, a__ express Jig " the regret of the shaieholders at his having to resign." Special votes of thanks were poised "to Messrs W. B. CLarkson and TosswilL

At a meeting of directors held affcrirwards Mr George Witty, M.H.R., was reappajntied chairman for the ensuing year, and Mr En_-<r-son Clarkson vice-chairnN_n. The above gentlemen and Mr Wm- Bailey to form-the Executive Committee. The question of appointing a .«ecre«tary was held over until the next meeting, the directors expressing a wish that Mr E-lif - mid be able to ocmtinue his duties with T* own business.