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FREEZING WORKS PROJECT.

WAIKATO SCHEME ADOPTED. SITE NEAR FRANKTON. Plans for the establishment of two new freezing works in the Auckland district were announced on Thursday afternoon. The directors of the Auckland Farmers' Freezing Company have decided to proceed with the erection of works at Horotiu, four miles south of Ngarnawabh, and Messrs Vestey Ero?. have undertaken the establishment of works in the neighbourhood of Auckland and the extension of the Wnangarei works. The two main prujects involve an expenditure of £50,000 each, and the additions at Wnangarei will cost £25,000 to complete, a total of £125,000. An amalgamation between the Auckland Farmers' Freezing Company and the Waikato Farmers' Freezing Company was effected by a conference on May 12tb. The principal provision in the agreement made between the two companies was that the Waikato company undertook to secure the subscription of £30,000 in shares in the Auckland company, and the latter agreed that upon fulfilment of this condition it would erect branch works in the Waikato, with a capacity of LOOO sheep per day. The promoters of the new company had secured purchasers for about £15,000 in snares before the negotiation-) for the amalgamation were concluded, and since then they have obtained a further sum of £IO,OOO. Having, promises of subscriptions for £3OOO, the promoters of the Waikato enterprise do not anticipate any difficulty in securing the full amount of the required capital hy the end of the month. In view of the satisfactory progress that had been made in financing the scheme, a joint meeting was held on Thursday afternoon of the directors of the Auckland company, and the provisional directors of tha Waikato company. As a rasult, the directors of the Auckland company under took to pr:ceed at once with tha erection of freezing works at Horotiu, four milas south of Ngaruawahia. The proposals of the company Wers explained by the chairman, Mr- Joseph Barugh. A site of 100 acres, bounded by the Waikato river on on 3 side, and the Main Trunk railway on another, and considered to b"a most suitable, particularlyin respect of water supply and drainage, has been purchased from Mr William Washer. Tenders have already been called for the equipment of th 3 works with machinery capable of freezing 3000 601b carcases daily, this provision being in excess of the company's original guarantee of a capacity of 2000 carcases dai'y. The directors will meet on Tuesday afternoon to consider these tenders. Unles3 there is serious delay in the delivery of the machinery, owing to the war, the new works will be ready for operations not later than December of 1915. The capital cost of the new schema u estimated at £50,000, of which £20,000 will be contributed by the Auckland company. The nominal capital of the amalgamated enterprises is £200,000, of which £69,000 has been subscribed with a propsective addition of £SOOO when the Waikato subscription is complete. A further allotment of £20,000 shares is feo be offered to the present shareholders in the company. The capital for the Waikato works has been subscribed by over 900 farmers between Auckland and Taumarunui. and the original shareholders in the company, numbering about 1000, are nearly ali farmers in tha Auckland province. Mr Barugh stated that the company new comprises all the leading stock breeders in the province. The promoters of the Waikato scheme have been invited to appoint two representatives to occupy complimentary seats on the directorate of the company, until arrangements have been made for the number of directors to bs increased from seven to nine.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/KCC19141219.2.11

Bibliographic details
Ngā taipitopito pukapuka

King Country Chronicle, Volume VIII, Issue 731, 19 December 1914, Page 5

Word count
Tapeke kupu
592

FREEZING WORKS PROJECT. King Country Chronicle, Volume VIII, Issue 731, 19 December 1914, Page 5

FREEZING WORKS PROJECT. King Country Chronicle, Volume VIII, Issue 731, 19 December 1914, Page 5

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