THE CO-OPERATIVE FREEZING PROJECT.

Dominion, Volume 2, Issue 482, 15 April 1909, Page 2

THE CO-OPERATIVE FREEZING PROJECT.

WELLINGTON WORKS AVAILABLE., Iu addition to the three sites suggested at. the M'oodvillo conference for the proposed farmers' 'co-operative freezing • works — ■' namely, the M'oodvillo Freezing Company's premises, the free sito offered by tbo Foxton Harbour Hoard, and a Poriiua seaside site, as suggested by the chairman of the meet-' ' ing—a fourth site is now rumoured, namely, . tho works of tho Banks Meat Co.j of Ngaliauranga,\ near Wellington. A report has been circulated that tiio Hanks Jleat Co. had offered to sell out to the proposed cooperative company, and invest tno»estimated value of its assets ill the new company It-is apparently not accurate to say that ' the Banks Meat Co., of Ngahauranga, has • mado ah offer or been approached a*" all on tho matter but it is evident that tii> company is in a position in which it would very likely bo willing to entertain a proposal to sell or amalgamate. Tho company's works arc at present in possession of the deben-ture-holders, who, in order to preserve their interests against creditors _ who wero suing and were going to distrain, secured tho' tho assets of the company, and put Mr. Nicholson, tho'a'ccountant, in charge- as receiver-on their behalf. .Speaking to a Dominion , representative yesterday, Mr. Nicholson said that his company hid made no offer nor been approached by anybody in reference to the proposed Farmers' Co-operative Freezing Company. , When .ho took charge of the works-the financial position was not satisfactory, but ho immediately retrenched where • possible, and exercised supervision, with the result that tho company was now. iworking at a profit. They had now a valuable asset.- But at tho time when they first discovered their deficit, . if tlio farjners had then approached tliein to sell, they might liayo. been willing to selL cheaply. IJ> was still -likely, however, that overtures, if, m'ado, would be favourably considered, because tliey wero catering for the . same class of people as tho proposed co-ope-rative company would represent. Tho subject, however, had never yet lieen raised. A meeting of the debenture-holders was to bo held at Woodvillo on April 29, and if there wero any desire on_ tho liart of tho farmers ' that tlio question "should bo raised, that meeting would be a good time, to do so. • The meeting was, being held to 'receivo his report for, tho first six months, and this would show a very respectablo profit. The Banks Meat Company, besides having . tho trado of a largo number of tho city butchers, does also a considerable" amount of slaughtering for other butchers who do v. their own buying of fat'stock. A recent official estimato of tho assets of tlio company put tho vnhio at" something over £11,000. It is claimed'that it would bo considered a fair basis for. discussion if an amalgamation wero proposed on terms that .would transfer the interests 'of tlio deben-i ture-liolded and admit tho shareholders at about 2s Gd: in the £ of the faco value of t their-' shares. ', •