The Feilding Star. THURSDAY, MARCH 16, 1893. The Longburn Freezing Company.

Feilding Star, Volume XIV, Issue 114, 16 March 1893, Page 2

The Feilding Star. THURSDAY, MARCH 16, 1893. The Longburn Freezing Company.

When this Company was started only sufficient capital was raised to erect freezing works to freeze for stockowners. It was afterwards decided to erect a felhnongery and manure works as being necessary adjuncts, from which reliable profits could be derived. The altered condition of the freezing trade, when companies have, in a very large degree, to become purchasers of stock to freeze on their own account to keep the works going, has, of course, placed the Longburn Company in the position that most other freezing companies are (or have been in) — in having too little subscribed capital to carry on such a business. It has, therefore, become necessary for them to make a fresh issue of shares, to make their capital equal to the changed condition of the trade. The starting of this Company was undoubtedly the means of enhancing the value of stock in this district ; and there can be no question that its being closed will reduce values again, and place the stock-growers at the mercy of the larger companies who are trying to get a monoply of the trade in the Oroua-Manawatu, atd who are united in their determination to give only their own price — agreed on-— for stock when these works are clos* (1. The works will close next week, when all stock purchased will be killed. The works will then have been going about three months, and the stock put through in that tim*will be somewhere about '23,800 sheep and 2,291 lambs. From these there will be for export 251 casks of tallow, 1 1 7 casks of pelts, and 161 bales of wool. We expect the results of the short period tiiv Cowpaiiy have heeii working will be a satisfactory one, meat being a good price at Home, and tallow, and the other by-products selling well. A notice, relative to the issue of new shares, appears in outadvertising columns. The Manawatu Times says : " Those shares must be placed, or else the works must be closed. The settlers have the key to the position in their own hands. If they are alive to the value of maintaining the works as a factor in regulating the price of their stock, they will at once respond to the appeal of the Directors, and take up the necessary shares. If on the contrary they see no necessity for this course, and are disposed to grow their stock with the certainty of having to accept whatever outside buyers may choose to oiler thfcin, they will allow the Company to be closed up. We cannot think that the settlers will allow this 'atter course to be pursued. But it is only by prompt action that it can be averted."