FREEZING COMPANY.

Gisborne Times, Volume VIII, Issue 524, 22 September 1902, Page 2

FREEZING COMPANY.

An extraordinary general mooting of the Gisborne Sheephirmers' Freezing Company was held on Saturday, to eunlirm proposed alterations in the artteles of association, adopted at tho previous meeting Articles :ia and tlti.t were t mflrmed. as passed at the previous meeting. A long discussion ensued over the first portion of article Oh. The Chairman (Mr DeL.tutour) said that the Company had incurred an expense of IS. i, 1(15,n0n of which had been paid, and Tin,non borrowed. They had to pay that Tld.noo off. It, could tie paid oh over a series of years and the capital could lie accumulated bv the shareholders without pay 1 g aiiythmg by deductions from the i o fits. fins was the easiest, why of redeeming their mortgage. Their estimated prolits on last year's working had already been augmented by £BOO, and he was satisfied that they would be further augmented to £ISOO before the balance sheet, was closed. Messrs F. flail, W. Iv. Chambers and

Lvsiuir spoke against the proposed alteration, Mr Hall saying that when the Company was tloated the capital was supposed to be £2s,onn it was understood that if any further capital was required, the shareholders had nothing more to pay. and were entitled to the profits of the Company so long as it was a company. He had not, been at the meetings for three months, and it was the first, time that he had heard the article discussed. _ Mr p. T. Kenway asked i there was any better scheme suggested by those who did not- agree with the present) suggestion. Mr Hall : What are you going to do with the profits at £BOOO or £IOOO a ! Hi- ’Kenway : Divide them according to the sheep put into the works, in accordance with the articles. The Chairman said that they had had the benefit- of Mr Chambers’ advice m draft mg the article. Mr Hall was ill at the time- Although they might :U----terwards re.cyet it. it would lie unwise to attempt to carry the article alter the opinions expressed. Another year the shareholders might understand itbetter. The shareholders) would have to find some other way ol paying their debt- . .

ISIr Stracha.u c Why this haste to pay off the debt. ? (Laughter.) . Mr Lysnar : We have only sot, into harness- hot, us pull a bit lust. Mr Clark said that they were wantimi to provide for a lot of machinery, and pay off their debt, as well. If further capital were required, it. should lie obtained from people who aad not subscribed. A motion by Mr Kenway, that the article lie adopted, was put, and was lost by one vote—ll to 10. Kventnally Article 91), was conlirmetl as follows “ Every shareholder or other person who shall have bought any fat cattle or sheep, the property of any shareholder in the Company who has subscribed his iull quota on the basis of tid per head of sheep owned or held by him as aforesaid may have such cattle or sheep frozen at the works upon the same terms as the shareholder selling such stock would have had in his own right. The original shareholders in the (t is borne Freezing Works Company, Limited, who have not, otherwise subscribed! shall Ire ‘entitled to dividend and proportiona share in the capital of the Company, but, until full subscription as shareholders to no other benefits.”