NOT LANGUISHING

Rotorua Morning Post, Volume 2, Issue 233, 25 May 1932, Page 7

NOT LANGUISHING

STATEMENT BY DIRECTOR Commenting on the circular a director stated: "We especially wish to emphasise that the reconstruction proposals now. submitted are not as a result of the present season's operations, but in respect of the previous season (1930-31). We circularised all suppliers in January last, making a full and complete statement of the position as regards pigs supplied in that season, and disclosed that losses had been made which would necessitate some adjustment of capital. It was not thought expedient to take immediate steps to reconstruct the company, but rather to await a completion of realisation in order to aseertain the exact position of our shareholders. "The directors also had in mind the reeommendations of the investigation committee appointed hy suppliers at the last annual general meeting, which recommended, among other things, a reconstruction of the capital, and to provide for the shares to be paid up by appropriations based upon the pounds (weight) of pork supplied. The directors now propose to give effect to these matters. The company has received pigs during the past season and, as indicated above, th© directors are very pleased indeed with the support Further, we consider the season will be an entirely satisfactory one. "Before asking suppliers to approve of reconstruction of the company, on a new basis, the directors wished to justify the eonfidence placed in them at the last election and to show that they were in a position to render" suppliers that service to which they are entitled from the company. The proposals submitted, therefore, are not those of a company which is languishing, but of a company which has re-establish-ed itself and which, in order to progress, finds it necessary to throw off past losses and to be entirely unfcttered."