Longburn Freezing Company

Feilding Star, Volume XIV, Issue 139, 13 May 1893, Page 2

Longburn Freezing Company

There was ,a large attendance at the general meeting of the Longburn Freezing Company last Thursday afternoon, ' to consider the present position of (he company. Mr Buiojc, chairman 'of Directors, occupied the chair, and gave a lengthy address on the position of the company, the causes which led to its present condition, and the difficulties the company laboured under. In concluding he invited those present to express (heir views or to ask any questions in regard •to, the -.affairs, ot%h9i<Mtsr^Tiji^^»«i a f^i'^^ In answer to a shareholder, Mr Bnick said that over 200 shares of the new issne had already been applied for. He would like to point out that there was no ' ° danger of those shares losing their money for ftnless 1000 shares were applied for the application money would be returned. Mr Donald Grant asked what the result of the canvass for shares by the Secretary and one of the DirMwrs hjU been — what was the 'feeling* of * lhe farmers ? Mr Buick replied that the 1 canvass was not a very complete one. Mr fieale and himself had only devoted two; days/to it, but they had met with a good deal ot sympathy. • : : : ■■?'-. -\ ■•,.-•■; :>■ " Mr Macpherson said he had devoted some little time toj in the Foxtou district, Kairanga, Bunny thorpe 1 Coly ton and Ashurst?. - The feeling nn< | doubtedly was that the works' should oe£ I kept open, Over 200 shares had been applied - for; land if) the I present TmeeYrog. resulted satisfactorily, a number of others "had promised to take shares;— : * * >iii -ir/I Mr Carr thought the- great mistake of colonial companies had been the starting with too little capital, and then? gojng» s round with the hat, a second time.' .j ' • , difference to the company have bifteh if 3 they had had .manure works from the first. «■■•"' >''•:>■ -!■ - : --i ''-■ -')-C .. Mr Buick replied that it could ber ascertained by remembering that they had received £ 500 for manure,' the manipulation of which had not cost anymore than used to be paid for the removal of the Offal. ;;• .! :;' :rcj v^.f Mr Jacob remarked that if manure I works had been erected the first year (he company would not nave lost anything at ' all. " : . ' ' "■.■-■''" ;;' '" "' ';; Mr Turnbuil asked if the hew shareholders would have any ' preference over " the old ones, or, if not, wbnld not it be a greater inducement *o thej» to take up ; . new shares. . ; ... . , r ) : v , Mr Buick did not see how that could '. be done. The only way would be to form \] « new company and buy out the 'old " one. Mr Ja^ob saia, ' as -an > evide'ncW of i the ' M care takin in buying, that he had been refused a price he askedv and had after.*: wards sold the " sheep to go to tlie Wnrgftiui works for sixpence ahead more. ' " ■ ■ ; "' "■'' '■' '■' ' :<y '' •*■<■»-*• Mr R. B. McKenzie remarked that although he was not a shareholder lie intended to be, and he would like to ask if it would not be airencouragement to new shareholders, to write off the tl)onsand pound loss the company was under. / Mr Jacob pointed oat (hat that wasf *. only five shillings a share and was hardly - worth thinking about as it would make very litttle difference. >- $ y r Mr Buick said that as_a comparison with the position of the company he would read a few figures to -allow that their position was not at all an uncommon one. The New Zealand Refrigerating Company, Btirriside ' and Oamarii, had both an authorised and subscribed capital of £40,000, £24,000 was paid up, while the lai\d and buildings, „v cost £27,248. South Canterbury Re- i; • frigerating Company, Timaru, £25,000 'i... capital, £22,200' subscribiid, £18,5781 paid up, .£29.418 cost of land, buildings, &c. Canterbury Frozen Meat Co., Belfast, £50,000 capital, £40,000 subscribed, £30,000 paid up, £47,181 cost of buildings, &c. Gear Company, £100,000 capital, £100,000 subscribed, -£48,000 paid up, £62,894 cost of buildings, *o. Welling* ' ton Meat Co., £100,000 oapital, £68,655 . : subscribed, £41,634 paid up, £6j>,550 cost * " of buildings, Ate. Wanganoi Freezing Co. £25,000 capital, £22,520 subscribed, - £17,646 paid up., £25,011 cost of buildings, &c. Longburn Freezing Co., £80,000 capital, £21,100 subscribed, £20,238 paid up, £26;i45 cost of buildings, Ac. - Mr Dunk thought the directors should have laid some scheme before (he meeting. What would happen it the £5000 was not subscribed ? „;- . .Mr Buick replied that in that oase the. ' •" company would hay* to go into liquidation. . Mr Jacob suggested that the secretary should hold meeting? in the oat districts and get assistance to make ai thorough canvass for shareholders. - * ' • ■ • Mr Fred. Pirani said it would be a - pity for the meeting to separate without j, | passing a motion to show the general feeling. . He would, propose, " That thja , meeting consider that every effort should be made to carry on the company', and ' that the Directors be urged to endeavour to obtain the necessary share capital." He pointed out, m answer to what had been said about writing off £1000, that the genuine assets of the company were over £30,000, while the liabilities", in. eluding share capital were under £29,000, besides that there were the expected profits from the shipments recently sent . Home. Mr W. Gk Haybittle seconded the motion, and pointed out that the meeting had been held quite as much : in- the ■ interests of the farmers as the. share- . : holders. The latter had sunk thoir capital, but it bad not been subscribed' with a prospect of getting a dividend, but to keep up the price of fat stock. If the district was composed of commercial men- they would soon see the matter in that light, but the farmer stopped at home and was too busy to see the trend of things m the proper light. . Mr Saxon considered the farmers should take the matter up in earnest themselves, subscribe for shares and induce . their neighbours to do so. „ fIUMI The motion was carried unanimously and the meeting terminated.