POVERTY BAY MEAT WORKS.

Hokitika Guardian, 7 November 1923, Page 1

POVERTY BAY MEAT WORKS.

PURCHASE BY VESTEY’S. GISBORNE. Nov. 3. The Poverty Bay Farmers' Meat Company’s works at W'aipaoa were suit! hy auction to-day by order of Hie Registrar of the Supreme Conn, al the request of the mortgagees. A single bid was made, being hy Air F. Tolcrton, on behalf'of Nelson’s (Now Zealand). Ltd. It was tor £I92.(XX). The total consideration was. however, £225,00:) the hid being subject to a mortgage on the property whieh the purchasing company takes over. The sale, which a if cited the biggest property ever offered in one lot iii Poverty Bay. was conducted by Messrs AA'illiams and Kettle, Ltd., at their wool store in Customhouse street. There was a large attendance of meat companies’ shareholders and others, and a lively interest in the proceedings was evinced. It was known that A'c-Hey's ■through their Dominion representatives, Nelson’s (New Zealand). Ltd., contemplated the purchase ol tile works and it was thought possible that the efforts of the directors oi the meat company during the past lew weeks might bear fruit in the form of a hid Irom another source. Ibis possibility did not materialise, however, and when, after the conditions of sale had boon read, the auctioneer opened the sale, only the one hid was received. lhe whole procedure occupied the space of twenty minutes, and a property that

lists Ik‘On valued ai various times at over £400.000 passed to the purchasers for a consideration of £22n,000, the reserve placed upon it by the mortgagees, the National Jiank oi New Zealand. Kii(|uiries made after the sale elicited the information that, the purchasers nt the factory intend immediately to transfer their freezing operations from their old works at Taruheru to Waipaoa and to dismantle the ohl works. The lightering plant will be retained.