WEST COAST MEAT & PRODUCE EXPORT COMPANY.

Patea Mail, Volume IX, Issue 1075, 20 August 1883, Page 2

WEST COAST MEAT & PRODUCE EXPORT COMPANY.

The provisional directors met on Saturday. Present Messrs R B Hamilton (chair), J Parsons, J Gibson, A Palmer, R O Tennenl, O Hawes, D Fleming, John Paterson, J Hawkcn, W Gower, J McLean, A Drake, J Shield, E M Honeyfield, H F Christie,

H S Peacock, W C Symes, A Hunter, G T Bayly, F Read, John Ross, L G Bremer, S Tapi in,' J Hair. The- Secretary read’ the minutes and correspondence received during the He had received letters from Messrs Hawken, Finlayson, John Paterson, Lysaghl, O Hawes, and Hearn, agreeing'to be on the Provisional Directory; and from Messrs J Peat, P H Brett, Josiah Richards, W Parsons fWaitotara) declining. Other gentlemen had not replied, but most of them were present. A ' letter was read from Mr 0 F Barker,, applying for the position, of broker to the Company, at 1 per cent, on the capital value of shares secured by him, and agreeing to invest his commission in shares. Consideration of the prospectus was proceeded with. ■ Mr Tennent said he would be prepared to move an amendment on the capital;: He proposed “That the prospectus read, instead of capital £6OOO, capital £IO,OOO, in 2000 shares of £5 each, of which only one-half will be placed on the market at present, and to omit all the words after ‘months.’ ” He considered that tho hist meeting was merely preliminary, and that the prospectus would have to emanate from this meeting. The shares would be taken up largely, and he had heard outside that we should probably have tinning works, and if the Company did not take it up, private gentlemen would. Ho had hoard one gentleman say that ho was prepared - to put £ISOO into it. Mr D Fleming seconded.

Mr Christie said the committee had discussed the question of making the capital £10,000; but, although they agreed that it would be belter if it could be done, they were just afraid that they might not get the whole amount taken up. He thought it would be better to issue the whole of the shares, because they would be able to obtain an advance upon their uncalled capital if required. Mr -Sheild would like to second Mr Tonncnt’s inotion, but the fact was producers were called upon to provide the capital and stock too. If the town could find the money and leave ns to find the stock it would be a different thing. Chairman considered that £6OOO would be sufficient to start the Company. Mr Parsons thought the Company would be useless, unless they went into tinning.

Chairman said they went into that question in Wellington, and had come to the conclusion that it would not pay in future as it had in the past. Mr Peacock had a circular from the Wellington Company which he wished to read to the meeting. He had seen no document which showed him the advisableness of going in with any company.

Chairman: We have letters from both and we are going in with whichever company provides the cheapest storage;' Mr Tcnnent’s motion which was put as an amendment on the prospectus was put aqd carried and this became the substantive resolution.

Mr Christie moved “That the capital of the ■ West Coast Meat and Produce Export, Company, Limited, be £IO,OOO in 2,000 shares of £5 each.” He would leave it an open question bow much should be called up. Mr Hair seconded. Ho thought that the Company would require the larger capital. Mr W. Gower: Mr Coxon said that the CoWpany .would require about £4,000 ; that would leave £2,000 to go into tinning. Mr Christie’s amendment was then pnt and carried, and confirmed as a resolution.

The rest of the prospectus was then considered Clause by Clause, and finally adopted. Mr Taplin moved, “That'the appointment of Mr Barker, as Broker to the Company, be made subject to the terras pf his letter of application, and that the Secretary and the Solicitor to thp Company be empowered to make the necessary arrangements for carrying the same into effect.” Mr Gibson seconded. Mr Parsons moved as an amendment, and Mr Symes seconded—“ That the appointment of broker be deferred for the present.” Carried by 11 to 4, Mr Christie moved, Mr Drake seconded, and it was carried :—“ That the prospectus now before tho meeting be published in the Patea Mail and Hawera Star until the share-list is closed.” The following, on Mr Tennent’s motion, seconded by Mr Taplin, was carried : “ That all those who have not expressed their intention, in writing, to retire from the Provisional Directory be included in tho printed list.” The following names were also added to the Directory :—Messrs John Ross, F Read, R H Nolan, A Jardine, W Balmforth, W L Lncena. Mr W. Wilson, being unwell, it was decided to add Mr G. T. Bayly s name to the Hawera deputation. Those present then put their names down for shares, and before separating the secretary announced that 545 were taken up. A vote of thanks to the chair terminated tho proceedings, _ and the, meeting adjourned for a fortnight.