FARMERS' FERTILISER CO.

Taranaki Daily News, 11 May 1918, Page 3

FARMERS' FERTILISER CO.

CiBXERAL iIEBTLNti OF SHAiU-:-HOLDERS. A general meeting of local shareholders in the New Zealand Farmers' Fertilisers Company wag held «t tlie Soldiers' Gift Yesterday afternoon. There wis an attendance of aiUout SO gentlemen. Air. J. S. Connett was voted to the eh a i r, and apologised for the absence of llr. E. Maxwell. | Mr. Connett expressed satisfaction at seeing such a largeagathering of slmrcholders, Realising a s lie did tilie amount of discontent there was in the minds of those interested in the company, he had thought that the best thing to do was to hold a meeting of the local shareholders and endeavor to get a representative of the directors to attend and place before the meeting the true slate of affairs. This had been done, and Mr. Boddie, tlie acting-chairman of the company. wag present to explain the whole position fully. Referring to the fact that many of tlie shareholders felt that they had not 'been able to get from tlie company what they had been led to expect, ho thought sufficient consideration iiad not been given to tiie difficulties created by the war, which had altered the whole aspect of tilings. He thought, however, that those, responsible for the calling of the meeting should explain the purpose of it IJe then read the notice summoning the meeting, and asked Mr- Tate to address those present Mr Tate said there was great dissatisfaction in the district because there was no local representative on the directorate, and in consequence local sharei holders were left in the dark as to what I was being done. It was also felt that greater expectations had been held out to the farmers as an inducement to take up shares than were possible of realisation. Some TOO shareholders, representing about £SOOO of capital, bad been secured in Taranaki, largely o n the understanding that, manure would be available at a cheap rate almost immediately. TTe believed that had it not been Tor such "inducements not S(T shares would have been taken up in Taranaki. 'Dissatisfaction was so keen that shareholders had not paid up the calls made upon them. It had been felt that the turning down of both Messrs «nd Connett, when nominated for the directorate, was a ''slap in the face" for tlie 1 aranaki shareholders. However, he t.iought the holding of the meeting, in order to give a representative of the directorate an opportunity to justify the actions of the company, was the proper step, especially in view of the approach of the annual meeting, ap<l a better course than for tlicm to take more drastic action, and so seem to be fio'hting agqjnst themselves. ° Mr. Boddic admitted his surprise at learning that a hostile meeting was to be weld, and expressed his pleasure at the opportunity of meeting the Taranaki shareholders and explaining matters to them. The directors were fully aware of the danger of men going out in the interests of the company depemlin« on the results of their work for tlmir payment, and 'in consequence liad taken every- precaution i n selecting their representatives. , In- spite of the safeguards taken, however, the directors were disappointed to find that in some eases those selected had succumbed to the common human tendency to ex<t<moration. when a £5. note was hanging in the balance Such steps had bee n taken by the directors as Tvould prevent a recurrence of such things So far a3 the renresentation of Taranaki on the directorate was concerned, the hoard would welcome such a course. The onlv ground of complaint seemed to be the appearance of so little progress- but he considered that such a'feeli„„ M - a ' fi , * outcome of lack of forethought. TheH were forces at work which were in m<2 ITT™ lo anv ™™™nt r.W tW rS that had for ''f , OTV " P r °tfction. That op. was one Jf tl,f?° farmers was unknown To din- v thTfj 35 SMOnd onlv to Denmark Z Z f aT:r i « n-I":: T was'conto the rL" ri r ,P ° f co ' "Wation onlv 'l«ce .leaving 'to f„,. m . M h j? flr "' necessary to the aimers success. Large amieß of ™ J«lc traders reaped harvests off armer. and l, v combination and other means sought to raise prices. Eighteen months ago the Farmers"' Fertiliser Company was fwniK , with n f(w> ._ tftl of £500.000, in £•> share* 49,000 of whiQh had boon allotted, £*4oooo. Of the fiOOfl shareholders, 0.1 Per cent, were farmers who owned and controlled the company on purely cooperative principles. The works we're m t.lm course of ereetion near Onehup"the sun, 0 f £43.000 Imvin? been spent in acmviring a site, 'buildings, and plant ™' tlie chairman and engineer were rrturmnfir from an extended visit to England. Canada. America, and Australia, where tiliev had been in search of the latest and most up-to-date plant and methods used in the manufacture of all classes of acids and fertilisers. The formation of sueh a company on cooperative lines would bo of vast national importance. Already the call for increased production was heard, and that call would become more pronounced as the years went on. Unless the farmer could secure a full and readv supply of fertilisers at a reasonably low price, he could never hope to greatly increase the production of his farm. Fertilising manure, and plenty nf it, was the greatest need of (lie average farmer of the day. The real reason there had not been greater prom-ess was Wat dtirinsr the first 1(2 months they had been blocked ftr interests strenuously opioid in them, and Ibut for ttor/ th 4 -v Wo Ven ninth's f IIT f.T, Pr ahead than titer were nf present T!i" ver- fe»t ffcnt they had Wn able fn raise *?<Mn,noo op top nf all the hcavv demands made on the people and in <• +W of finan<"!.-il otrinyeprv should ?n----w're confidence in the undertaklnjr. T' r ''jrwtors had been for»ed to the eone 1 -. - : "n t.hat the first nwfimntivi secured f—- ' V erection r-f build:™ and plant wo- 1 ' \n oyceederl now: Inrf. after the vi"~' "ireful and exhaustive "pmrirv tbey we" 1 convinced ■fc'hat there would lie no »!»■ Hal chappf ip the market in those ™"< +»ro for npfytVr top c p ('■ bad decided to proceed witli the re:'-.

and, when completed, tliey would havo tSe latest and most complete equipment in the Southern Hemisphere. Documents in the possession of the hoard showed that they would be aible to place manure On the market at a price most favorable to shareholders, but until their own mills were able to turn out manures in sufficient, quantities it would be impossible for them In afl'pet Ihe market. Mr. Boddic answered a number of questions, in the course of which he said that if (lie unpaid calls wore paid up within a week of the annual meeting proxies would he valid. The best legal advice had been obtained, and they could be sure that those who had signed applications for shares would have to perform nil the obligations relating thereto. The directors, of course, had to get in the unpaid money in the interests of those who had paid up, Tlcgaruing. the supply of manures other t-tan those the company had set out to manufacture, he wul that when the capital value reached £300.000 the directors considered thev would he in a position to secure to advantage such other manures for shareholders as were required fl>ut not, manufactured a.t the company's works, and bv that means thev would be able to lift the real Jmrden of cost from the prime article. The company had secured privileges that would ensure a sufficient supply of raw material for the next 25 years, and other sou/ces of supply were under offer. It was impossible to say how much more might be done in the future fban could be seen at the present time- Asked for a definite time as to when the company would he in a position to put manure on the market, "Mr. TSotldm stated that depended lartrely on t''« information brought, hflclc by the chairman and engineer. who ivere due in a fen' dnvs. T'ie whole matter was of vital interest to every fanner, whether a. shareholder in the company or not. Mr. CVinnett, said ho thrnujht Mr. Bml'lip's address had cleared the atmospbennd convinced those present that the directors -wore nct-in? : n tlm best intor"s+s of tHie eomnaTiY Tte moved c hearty vote of thanks to the speak"" the motion being carried with acclamation. '