The Fielding Star. Published Daily. THURSDAY, DEC. 14, 1893. THE LONGBURN FREEZING COMPANY.

Feilding Star, Volume XV, Issue 191, 14 December 1893, Page 2

The Fielding Star. Published Daily. THURSDAY, DEC. 14, 1893. THE LONGBURN FREEZING COMPANY.

■> On Saturday next the fifth annual meeting of the shareholders of the Longburn Freezing Company will be held in Palraerston North. The principal object of the gathering will be to consider the following resolutions : — That the capital of the Company be increased to £45,000 by the creation of 3000 new shares at £5 each ; That the qualification of a Director be ten shares in the Company, hnd that article 00 of Association be altered to that effect. We have always contended, and the result has given ample proof of the absolute correctness of our opinion, that the capital of this company was too small in the beginning to allow of the Directors fulfilling the objests the promoters had in view when the company was initiated. At a very early period in the history of the company the Directors discovered this unpleasant fact for themselves, and made a gallant fight to remedy the error, but of course without that success their courage deserved. They have now taken that step, which they should have taken at least two years ago, and propose to increase their capital by fifteen thousand pounds, which sum should be sufficient to enable them to make a fair start again. That the required new capital will be subscribed, if the resolution, is. adopted, we feel confident, because the shareholders — aud even those who" are not proprietors in tho company, who are employed in stock-raising iv the surrounding districts — have learned to believe that the existence of such a factory near them has the effect of keeping up the prices of sheep and cattle, besides affording a convenient market for them. For these reasons we contend every flockowner, no matter how small, should lend a willing hand to assist and support an institution which has done in the past, and will do in the future, so much to advance their material interests. We approve of the reduction in the number of shares required to be held by a proprietor to qualify him for the position of a Director. It is not the number of shares a man holds which gives him the capacity to assist to successfully manage the affairs of the company. It is business knowledge, experience, a capacity to quickly recognise the changes in the markets, and a willingness to be guided, as well as to guide, in all matters where the interests of the shareholders as well as the clients, the real supporters of the company, are concerned. A man may have this character and yet not be able, without inconvenience to himself, to invest enough of his capital to qualify for a director however much his fellow shareholders may desire to avail themselves of services which they recognise as {valuable. The share (qualification for a directorship should never be prohibitive. We hope that a new era of prosperity is about to dawn on the Company. With even ordinary good management the Directors cannot fail to work the factory at a profit to the shareholders. They have everything at their hand. All that they require is tho working capital they now propose to raise. That they will succeed in obtaining this we are confident.