MOEREWA FREEZING WORKS.

Hawera Star, Volume XLVIII, 18 October 1924, Page 12

MOEREWA FREEZING WORKS.

SHARE READJUSTMENT. APPROVED BY THE HOLDERS. In 1918 the North Auckland Freezing Company was floated with the object or erecting works, but it was found that it was not strong enough financially to carry out its purpose, and an agreement was made with the Auckland Farmers’ Freezing Company in February, 1919, for that company to erect works at Moerewa at an estimated cost of £120,000. The North Auckland Freezing Company undertook to provide not less than £50,000 of this amount, the balance of £70,000 to be provided by the Auckland Farmers’ Freezing Company, and ):he Auckland Farmers’ Freezing Company was to issue shares of a special class, termed C shares, to the North Auckland branch shareholders. Owing to the unusual conditions that following the war the. construction and equipment costs were greatly increased, and the original estimate was greatly exceeded. This additiona’ expenditure, has hampered the financial prosperity of the Moerewa branch, though the branch, being in operation has been of inestimatable value to the whole of the North during the very trying times the farmers have had to pass through in the last few. years. In order to put the shareholders in the North Auckland branch on an equal footing as regards dividends with, the shareholders of the other branches 1 of the Auckland Farmers’ Freezing Company, and to place the branch on a sounder financial footing, a proposal was put forward that the holders of the C shares should accept one fully paid a share in place of every five fully paid £1 0 shares held. A meeting of C shareholders to consider the proposal was held at. Kaikohe. After the proposal had been fully discussed and p number of points raised Ivy shareholders satisfactorily explained a resolution was carried approving the pronosal.