The Bacon Works.

Manawatu Standard, Volume XL, Issue 7922, 30 September 1904, Page 3

The Bacon Works.

, At the Fire Brigade Hall yesterday afternoon a meeting of shareholders m the North Island Mild Cure Bacon Company was'held. to consider proposals in connection with the removal of the factory and finance.. About 30 shareholders were present. Mr S Bolton occupied the chair, and in opening the meeting said that as the shareholders knew the Directors had been instructed to go into the matter of the erection of a new and up-to-date factory. They had done so and found that the erection of such a factory would cost something like £10,000? They were therefore there (1) To consider the advisability of the erection of a modern bacon factory on the Manawatu side of the Range; (2) To consider the advisability of increasing the capital of the company. The latter question must be dealt with, because before they could erect a factory they must have money. The proposal was that the' capital of the company should be increased by £10,000. There had been another suggestion that the capital should bo increased by £15,000, making a total "of £25,000. The money would be raised by the isQue of £5 shares, either 2000 or 3000. They would only require 45000 to start, with, and it was therefore proposed that 1000 shares be fully paid up and that they bo preference shares. The balance would not be allotted until after tho balance of ths old share 3 (some 1040) bad been allotted. Then the balanoe would be allotted in turn. Anyone holding two shares now would be entitl. Ed to receive one preference share and tho balance remaining over could then be allotted. The remainder of the money required could bs obtained by mortgaging the plant and property at 5£ per cent-. One thousand of the original shares woso at the present time the security of the directors for the suafaotee that they had given the bank for the existing overdraft. As to the question of site, three were under offer to tho company's manager, all on the Foston Line. One was six and a half acres in area and the only drawback was the drainage. Another was on the (jppoeite side of the road end was on the railway lino proposed to be run to the new racecourse. The other was also adjacent but was not en the railway. The chairman then said the ficst recommendation was now open for discnssioD.

The Chairman, in reply to a question, read'the rule relating to shifting the factory, it being found that there was power to erect the works where most suitable. ' . ' . .

Mr J. A. Nash said there was no doubt Palmerston was the place for the company to carry on its operations, and he felt sure that if the works were remo red to Palmerston it would be easier to get subscribers, As for the cure it was a first class one. He could speak for that, because he had passed tons of it through his hands and found that there was a demand on the part of the public for Morepork. Mr Nash moved " That this meeting considers it advisable that the works should be erected m Palmerston." '

Mr S. Russell, Hokowhitu, seconded. Mr Richards, Woodville, wanted to move " that it was not advisable to erect the factory on this side of the ranges," but that being a direct negative, it could not be accepted.. Mr McKibbm said he had a considerable amount of sympathy with this resolution and thought that at the present lime it went too far. Mr Nash had not chosen to give any reasons worth discussing for the removal of the factory to Palmerston. The directors were aware that there was a letter from Nelson Bros, stating that at the expiry of the present lease which had two years to run, a .reduction would be made m their charges. There was no> doubt that the agitation had been ent rely due to over-charging in Woodville and with that he agreed. He would be quite satisfied that the factery shculd be erected in Palmerston if it- were shown that it would be advantageous to the company. He thought there should be an opportunity to discuss the matter with Nelson Bros. He moved an amendment to the effect that " failing satisfactory arrangements being -made with Nelson Bros., they consider the advisability of the erection of a modern factory," leaving the question of site in the hands of the directors.

Mr Gilbert, Woodville, seconded the amendment.

In replying to a question by Mr J. B. Oltirkson the chairman said that 700 £2 103 shares had been guaranteed if the factory were removed here.

Mr Hodder said id was very much easier to get shares taken up if the factory were in Palmerston, it being a larger centre. Palmerston people would not support a factoryjon th 3 other side of the ranges.

Mr Nash, in replying, said he did not feel called upon to give any reasons for the removal of the factory. The matter had been fully, discussed through the press for the last eix^ months, and he had no hesitation in sayiflg that there was no farmer in the district who did not know the reasons for advocating the removal. °

The amendment was lost, only five voting for it, and the motion was then carried. ■

The chairman then moved tho geoond resolution, "That it was advisable to increase the capital of the company to £25.000." * *

Mr E. 8. Abraham seconded the motion, and in doing so said that, apart from the question of moving the factory to • Palmerston, ib was desirable to increase the capital. Tbe Chairman explained that he had made tho amount £25,000 instead of ±'20,000 so that In case of future buildings being required there would be power to raise the additional money. The resolution was carried. \ The Chairman said the. resolutions would have to ba drafted in proper form and submitted to another meeting of shareholders to be held in a month's time. ,

Eeplyingto a question as to prefer, ence chares, he said shareholders would noL-be forced to accept a preference share. They would.have the option of doing so for a certain time and could ploaße themselves. ,;