PATEA FREEZING WORKS.

Hawera Star, Volume XLVIII, 5 August 1924, Page 4

PATEA FREEZING WORKS.

SPECIAL MEETING RE AMALGAMATION. FRESH SCHEME PROPOSED. The scheme for forming a new company to take over the present works in co-operation with the guarantors was brought up first at a meeting of the company held some weeks ago. and postponed on two occasions, the final decision having to be made at a meeting of the shai'eholders yesterday at Patea. There was a fairly large attendance of shareholders at the meeting, and Mr C. Dickie, chairman of directors, pi'esided. In some introductory remarks the chairman outlined the position from the guarantors’ point df view, stressing the necessity of making a definite move at once. He quoted figures showing that the operations of the company for the season had been satisfactory, and that of the large number of cattle and sheep put through the works the very large proportion had come from South Taranaki.

Mr Christensen reported,' on behalf of the committee set up to go into the question of the new company, that the response had not been too good, and that about £BOOO was still required of the amount necessary to form the company. He added that he was somewhat doubtful of the chances of securing the amount within the period required by Act for going io allotment. He said it was much to he regretted that the farmers had not responded better, for the terms offered were unique, and no better conditions could be secured ,in any part of the world. He said he was prepared to suggest that an alternative scheme he put before the people of the district. He said the new' scheme was to provide the same amount of capital (£30,000) as a working capital to give directors a mv nd for P urc base of stock. The chairman said that the new scheme, if carried into effect, would be satisfactory, and would give the directors enough capital to carry on operations at the works. He stated that farmers in this district had been receiving for the stock sent to the works h ‘g“f r than in any other part ot the North Island, amounting in the aggregate to a very large sum, and alone warranting the existence of the freezing works. The farmer had a right to sell stock outright or consign or freeze on their own account, and by controlling the works had its ulti,n{ T\r destiny in tlieir own hands. Mr Finlavson also spoke of the great amount of work clone by the provisional committee and the very satisfactory response by all classes in Patea town, but regretted very much that other parts had not responded as was expected. ’ ' Some general discussion then took place, m the course of which all present at the meeting agreed that the shares applied for would he put into the new scheme. It was, however, made quite plain by the chairman that if the capital were not- raised the works would most definitely b© closed, and this, he added, would’ he a most serious matter for the whole district At the suggestion of a shareholder an appeal was made to those present to double or increase their applications for shares, and as a result nearlv 2000 more shares were added to the “list of applications. One member applied for 'JOO additional, and many others doubled their figure. Mr Christensen then moved that, in the event of the failure to raise the capital for the proposed new company, a new company lie formed to provide working capital, and that the committee at present formed he .a committee to go into details .necessary to carry out the scheme. This was seconded hv Mr Rutherford, and earned unanimously. m \ Y ofc e of thanks to the chair concluded the meeting. The_ provisional committee subsequently met, and went into details necessary for the campaign of action. that all who applied for shares in the proposed company' will agiee to support the alternative scheme should the former not he carried into effect.