Longburn Freezing Company.

Feilding Star, Volume XV, Issue 194, 18 December 1893, Page 2

Longburn Freezing Company.

The fifth annual meeting of shareholders in the Longburn Freezing Com* pany was held at the Theatre Boyal en Saturday afternoon. There were 25 shareholders present, Mr D. Buick in the chair. On the motion of Mr Buick, secondrd by Mr Jarvis, the balance-sheet, which has already been published, was adopted. The Chairman said he felt sorry that tbe prospects of tbe company were no brighter than tbey were because he considered that the undertaking was a benefit to everyone iv the district. In regard to starting the works again they could do nothing until they had floated 2000 more shares, and stated tbat the second season showed a total loss of £1395 3s Id. Last season and up to tbe present date showed a loss of £3136 15s sd, whioh will be reduced by claims yet to come to band for meat damaged on voyage. Messrs D. Buick, Jas. Howard, and W. Coombs were elected directors of the company. The Chairman moved that the capital of the company be increased by £15,« 000 by the creation of 3000 new shares at L 5 eaoh. Seconded by Mr Beale and carried. Mr Reid asked if the L3OOO was to be used to pay off tbe losses or to start business again with P The Chairman siid the L3OOO, whioh represented the new shares, would be used for the purpose of commencing business again. Tbe losses would fall on the shoulders of the old shareholders, aud the value of their old shares would be reduced from L5 to L 3 eaoh. In answer to a question by Mr Saxon, the Chairman said the works would be opened for freezing purposes in a fortmehl provided the shares were floated. Several of tbe shareholders who had taken up part of the iast issue of shares said they had been misled by a canrastdng agent. He had told them that when 1000 more shares were taken up the company would freeze on its own account, and now the Chairman had informed them that the company only in* tended to freeze on behalf of others. The Chairman said the prospectus was clear enough and shareholders need not have beeu misled. The Directors had thought lhat the 1000 shares would have enable d them to make a fresh start but since then there had been heavy losses. Mr Reid said an agent in Feilding had led him to understand that tho company would buy and freeze on their own account as soon as 1000 shares were allotted. Ho said he would never bare taken up shares had he thought the company did not freeze on their own acoount. A special meeting was then held and several resolutions passed at last special meeting were confirmed. A vote of thanks to the Secretary and officers of the company concluded the business.— Standard