FERTILISER PURCHASE

Sun (Auckland), Volume II, Issue 440, 23 August 1928, Page 13

FERTILISER PURCHASE

REJECTED BY FARMERS FURTHER VOTE TO RE TAKEN (From Our Own Correspondent) HAMILTON, Wednesday. Shareholders of the New Zealand Cooperative Hairy Co., Ltd., at the annual meeting to-day rejected a proposal to purchase the Challenge Phosphate works, and decided to take a referendum on the subject. Mr. S. H. Judd, of Horahora, moved. “That it be a strong recommendation to the directors that they give serious consideration to a scheme for purchasing the Challenge Phosphate Company with a view to its being run as a co-operative company, the necessary finance to be obtained: (a) by issuing ‘manure’ shares to our suppliers on the usual terms; (b) by issuing shares to any other co-operative dairy company who will link up with us, these companies to have the right to hold the shares either as companies or issue them to their suppliers, their holding to be on a butter-fat basis with us and they to obtain their manure on the same terms as ourselves.” In seconding the motion, Mr. W. L. Ran stead (Matangi) said the cost of purchase would mean one-eighth of a penny per lb. butter-fat, or about 2s 6d a cow for four years. This would easily be recouped in the rebates. Opposition to the proposal was expressed by several suppliers, while others voiced approval of the scheme. Mr. W. Goodfellow, managing-direc-tor of the dairy company, gave an explanation of the fertiliser position and left it to the meeting to decide on the project. Mr. Hynes Fulton, chairman of directors, said the directors were not associated with Mr. Judd’s motion. Pie said he would support a referendum on the question. The motion was lost by 44 votes to 40. it TV'. Boyd (Matangi) moved: That in view of the lateness of the hour and the fact that many shareholders had left the meeting, a referendum be taken.” This course was adopted.