FREEZING WORKS PROJECT.

King Country Chronicle, Volume VIII, Issue 664, 29 April 1914, Page 3

FREEZING WORKS PROJECT.

*♦♦♦ AMALGAMATION WITH AUCKLAND. SATISFACTORY TERMS ARRANGED. Jjj The project for the formation of a company, and the erection of freezing works for Waikato and the King Country which was actively prosecuted throughout "the district, led to action on the part of the Auckland Freeezing Company with a view to arranging terms with the promoters of the new company. A conference of the directors of the two companies was arranged and was held at Hamilton on Thursday. Messrs Somervillj, R039, and Jackson represented the King Country. After lengthy negotiations during whiuh the various points were thoroughly discussed, it was unanimously resolved that an amalgamation should be effected. The terms ot- agreement provide for the promoters of the Waikato and King Country project taking up 6000 shares of £5 each in, the Auckland Company. The latter undertakes to build works in the Waikato within eighteen months, the new works to have a capacity of 2000 sixty pound sheep per day. Further. the Auckland works are to be enlarged to a capacity of 3000 sheep par day as compared with 1500 per day at present. The directorate of the company is to be increased from seven to nine. The voting power of the shareholders is one vote for every five shares, but no shareholder can have more than five votes irrespective of the number Gf shares held. It was further agreed that Messrs Hellaby's interest should remain in the company. The terms are considered in every way satisfactory to tha Waikato and King Country, and the promoters are to be congratulated upon the outcome .of the.neg'oUations in the interests of the farming community.