THE FREEZING WORKS

Taihape Daily Times, Volume 7, Issue 151, 1 March 1915, Page 4

THE FREEZING WORKS

A FORWARD MOVE. SHARES FULLY SUBSCRIBED. TENDERS ACCEPTED. Success has culminated the efforts of the promoters of the Otaihape Meat and Produce Company in its endeavour to dispose of the 7000 £5 shares in 7ft; maximum weight, 281 b. order to enable the company to proceed with its building programme. On Saturday several tenders were accepted by the directors, after the shareholders' meeting.

There was an attendance of almost forty shareholders at the meeting, and the chairman of directors, Mr H. D. Bennett, occupied the chair.

Mr Benrtatt said that the meetingwas called for the purpose of reporting the position that day. He detailed the arrangements made with the Bank of New Zealand respecting an advance of £25,000 and the efforts made to float the company. When freezing works for Taihape were first talked Of the promoters sent out canvassers to ascertain the support which would be accorded the proposal in the way cf shares and stock. When the canvassers had got half way through territory over which the works would operate, it was found that sufficient stock wculd be available to support the works. Regarding shares the preliminary canvass, brought offers to purchase a total of 7,500 shares. There was nothing legally binding about these offers, and the directors fcjund that promises had not been capable of fulfilment in many cases, through various circumstances. Of the 7,500 shares promised in the first place several had since intimated their intention not to take up shares promised. These had been struck out. Oth'er proposed shareholders had asked that allotment b e held over, which had been done to meet individual circumstances. This latter list represented 690 shares. The list in hand represnted 6,690 shares. r n addition another 190 had been promised for that meeting. That made 6880 shares in hand against 7000 wanted. There ware 6400 shares through the books. These were paid for as far as vas necessary and complete. The renaming 480 would be completed and Tlaced in order at th'a conclusion of he meeting. At last meeting there were (390 shares on the preliminary list of 7,500 and in addition there wculd probably ba further applications after thai meeting, but the directors could not count on these. He hoped it would not be necessary for the directors to underwrite shares but they had suffi?ient faith in the proposal to underwrite 500 and had offered to do so. if necessary. What were not taken up that day would be underwritten and 'hose en the 690 list and new shareholders would be allotted parcels from the block to be underwritten. Dealing with finance Mr Bennett stated that the Bank guarantee would need to be signed preferably by every shareholder. When this hajjl befcn done and 7000 shares placed, the advance of £25,000 would be available. The tenders, which held good till Wednesday next, could b'a accepted when 7000 shares were allotted.

Several of these present then agreed !.o increase their holdings and the 7000 mark was reached when Mr Jas. Wbbb increased his allotment from °.O to 100 shares.

"We have now passed' the 7000 mark, gentlemen. I think that deserves a round cf applause." said Mr Benaett. Incessant clapping followed for some minutes.

PROPOSED CANNING WORKS

Mr Bennett then intre'dueed the question of installation of a canningplant. The directors had ascertained that side products could be payably worked, in fact it was most desirable that there should be a plant capable

:f dealing with by-products. Now that the required 70C-0 shares wei'a taken up and completed it would be for the shareholders to say whether another 500 shares should be allotted to provide for canning- works. Really the company wanted 8000 shares plac-. ed by the end of the year. He thought that shares purchased from now on should go towards a canning factory. Anyway the shareholders could expect an appeal after the first season, to provide for canning works

Mr W. J. Poison congratulated tbe farmers of Taihape and district on such a proud achievement. This was a young district, but it had succeeded in dcing what several older districtswere unable to do. The works would create a fat stock district here and there was every prospect of a successful business being built wp and ho feit confident that the works would be a sound and profltale concern for the shareholders. (Applause). Tli e chairman stated that the Railway Department had assured the directors that there would be no difficulty respecting the carriage of the carcases which would go straight to Wellington by special trains and thence into the boats. There would be a minimum of handling'. Through speaking early the Railway Department intended, to increase this year's vote for iasulated trucks at the expense of the vote for sheep trucks. Mr M, Dixon favoured th(e installation of a canning plant and instanced several Souh Island works that had erected canning factories which were profitably adjuncts tp the main works. I

THE ' ENGINEER'S OPINION. Mr L. G. James, engineer to the company, delivered a short address. He desired to impress on those present the possibilities cf the frozen' meat industry as applied to Taihape. By the aid of a map he showed that, in th'e South Island, works were a success in confined areas. The Taihape works would have practically 3;000,000 acres over which to operate. They were designed on the most improved and up-to-date lines to deal with 1000 sheep daily. Hawke's Bay supplied 10,000. carcases daily off an area of 2,400,000 acres. Taking the arjaa of Taibape's territory as a basis the works should be more than fully employed. If the Government took all the frozen meat next season the works would be too small. A canning factory was a profitable source of revenue. With it by-products could be preserved and meat extracts manufactured instead of turning everything into fertilisers. He stated that at present he had a commission to erect two canning works in the Dominion for an English company. That should convince the most sceptical. Mr Batley considered the canning works necessary. He was in favour of adjourning the meeting to Wednesday next when the matter cduld bje placed before those shareholders not present and no doubt the share listwould be extended as a result of another meeting.

Mr M. Dixon seconded the proposal which was carried. Th r 4 meeting then adjourned tjill Wednesday n'ext at 11 a.m. THE DIRECTORS' MEETING. ————— > :f TENDERS ACCEPTED. ? Subsequently the directors met to deal with the several tenders received. Seme were accepted, but the tenders for suction gas plant and freezer w-ere held over to enable further enquiries to be made respecting the merits cf suction, gas and steam. The following tenders were dealt with:

'Electrical Installation. —-Accepted, J. Greenshields and Co., Christchureh, £2,653. Declined, A. D. Riley, Wellington, £2,620; Turnbull and Jones, Wellington, £2,726; J. J. Niven- and Co., Napier, £3,043. Riley's tender, thcugh en th'a face price the lowest, was higher than the accepted tender, due to the stipulations as to the period of progress payments. Digester, etc. —Acce.pt.ed, 'J, Orabtrco and Sons, Wellington;, £2,4 ; 00. Declined, J. J. Niven and Co., £2606; W. Cable and Co., Wellington, £2770; Masterton Implement Co., £2921. Main Building.—Accepted, Russell and Bignell. Wanganui, £18,130. Declined, Dick and Flyger, Palmerston North, £20,300; J. L. McMillan, Wellington, £21,072; Taylor and Hodges, Masterton, £21,200; Campbell and Burke, Wellington, £21,353; N. Meuli, Wanganui, £21,829; E. Hall and Sons, Timariu, £25,000.

Accommodation Housjes.—Accepted, Russell and Bignell, £6OO. Declined, H. Hesketh, Taihape, £586 10/; J. L. McMillan, £600; Taylor and Hodges, £606; G. Wrightson, Taihape, £640 10/; A. Thompson, Taihape,, £650; Campbell and Burke, £659; Sexton and Anderson, Taihape, £670; N. Meuli, £687; Dick and Flygjer, £700; E. Hall and Sons, £BBO. Although Mr Hesketh's tender was the lowest, the directors considered it would be better to condense th'a successful tenderers as much as possible

EnftiJnieer'p, /residence. —Ateceptedr, Russell and Bignell, £567. Declined', Campbell and Burke, £596; Dick and Flyger, £600; A. Thompson, £630; G. Wrightson, £636 10/; J. L. McMillan, £640; Sexton and Anderson, £648; Taylor and Hodges, £651; H. Hesketh £655; N. Meuli, £665. Yards. —Accepted, G. Wrightson. £m J L. McMillan £574; E. Hall and Sons, £685; Russell and Bignell, £700; Taylor and Hodges, £707; N Meuli, £843; Dick and Flyger, £900; Campbell and Burke, £1,154,