PATEA FREEZING WORKS.

Taranaki Daily News, Volume LVI, Issue 203, 25 February 1914, Page 2

PATEA FREEZING WORKS.

NKKI) KOU I'KESII CAPITAL. Tin- necessity for introdueing fresh •apital into tiie Patea Farmers' Co-oper-ative Freciing Co., Ltd., -was stressed at a representative meeting of settlers of Patea and district held at Patea on Saturday. The Mayor, who presided, said thai the re-building 0 f the works will, of great importance to Patea. Xol only were the works the chief indu-stiT of the town, but alreadv the country settler* had fell the drop in the price of cattle caused by the fire. .Mr. Powdrell, chairman of the company, said the directors had unanimously decided that'unless further support were coming from the settlers of the district, the concern would go into liquidation. At the present time the works were run on a guarantee given br the directors for 125.000, with a stib-'guar-antce of £ IH.dOtl given by forty shareholders. With such a guarantee he felt I that it would not be wise to incur a j further liability 0 f £7OOO over and above the insurance (.€3000) in re-build-mg. It was, he said, neeessarv that tanners should have the works r'e-bniit, as they must have additional outlets tor their stock at the present season. Moreover, in face of the recent harbor loan that had been decided upon, they must see that their port was supported, othcrwiM' the rate would be heavier "ml lie understood that if the' works' closed one of the boats would be taken oil. It would also be a serious loss to latea tradespeople if the works closed down. The works also enabled farmers to know what their stock was worth on the Home market. He also referred to the advantage settlers secured by buying iheir manure at the works Uisl year the works showed a pro'it of Cl/UO. and but for the lire he feM | certain the balance-sheet would this year have opened their eyes. lie showed the progress made this vear compared with last year. He contradicted a statement that Messrs Nolan and Tonks had a preferential interest in the concern They had a large amount of capital, but no preponderating voting power ■Shares had already been taken up well latea had taken 350, llawera 550 and W avcrley 350. The Patea Shipping Co. and the Kaiipokonui Dairy Co. had also promised to take shares. ' He estimated that £lil)0l) would enable them to rebuild substantially, but if the works were three times as -big they would have the stock to kill. Tiie general opinion of the meetin" was that it would be better to close down the works rather than be hamper. "'! by insnllicient capital. A resolution was passed that the works were essential to the district, and should be re-built. Committees were appointed to canvass the surrounding districts for 'hares, ami on forms of application being handed round the room shares to the value of tiOO were at once taken up.