A FARMERS’ SCHEME.

Taranaki Daily News, 19 December 1922, Page 5

A FARMERS’ SCHEME.

SALE YARDS AT OKATO.

DEVELOPMENT OF NEW PLYMOUTH.

A mooting of coastal shareholders of the Farmers’ Co-operative Organisation Society was held at Okato last night to discuss matters of interest to shareholders. There was a fair attendance. Mr. J. Wooldridge was voted to the

(hair, and there were also present: Messrs. C. Dickie (deputy-chairman), J. S. Connett (director), T. Taylor (general manager), and R. Runciman (produce manager). Mr. Taylor stated that about two

years ago a canvass of the district was made, when 1223 shares were subscribed. It was known at the time that calls would be made on these shares up to £5 and possibly over. The directors had promised to erect yards at Okato, provided 1000 shares were subscribed. Unfortunately, they had met the slump, and up to the present it was found impossible to erect the yards. There were many shareholders who even now considered that yards would not pay. He pointed out that under the articles of association they were compelled to call up the capital, and could not treat shareholders preferentially, even though they had not so far fulfilled the promise to erect yards. He did not think that shareholders would hold them to this promise, if it was generally conthat the erection of yards in the district would not pay. The erection of yards would cost at least £lOOO.

Mr. Crockett explained that shareholders along the coast subscribed capital on the definite understanding that yards would be erected at Okato. He did not think it right that the money should be spent at Hawera. He also took strong exception to what he considered misrepresentation, as he held that it was understood that the shares would really make them liable up to £5 each, whereas they were actually liable up to £lO. Mr. C. Dickie said that the directorate of the Farmers’ Co-op. would not be a party to aay misrepresentation. He was not familiar with the district, but he questioned very much whether sale yards would pay along the coast, which was now mainly devoted to dairying. If the farmers of the district could assure him that yards in Okato would be a payable proposition the company would carry out its promise and erect them. Mr. J. S. Connett urged shareholders to sink any differences and do what business they could through the New Plymouth branch, which he looked forward to becoming the headquarters of the company. He sympathised with the shareholders, and thought that if th© calls were to be insisted on the company should erect the yards. Mr. Crockett thought that if it was impossible to arrange for yards at present, coastal shareholders might ba agreeable to allow their money to be utilised in stocking up the New Plymouth branch. The general manager said the New Plymouth branch had originally been intended purely as a bulk store to handle goods landed nt New Plymouth. It would cost £lO,OOO to fully stock up New Plymouth. In reply to Mr. Honey field, the manager said* that it would not be possible to forfeit half the shares. Mr. Dickie agreed with Mr. Connett’s suggestion that New Plymouth might ultimately be the headquarters of the concern. New Plymouth was now a deep sea port, and no doubt in a little while the whole of the produce of the province would go through New Plymouth. At present a good deal of the produce went south, even from close to New Plymouth. He considered, however, that it would only !be a question of time when the frozen produce from the whole of Taranaki, and North Wellington also, would be shipped via New Plymouth. He was chairman of the Patea Freezing Company, and they had asked the Shaw Savill Company whether they could give them ships at New Plymouth, as they recognised that once regular shipment was assured it would pay them to ship through New Plymouth. The opinion was expressed by several that they were prepared to at once pay up their calls providing a start was made to erect yards. Tn reply to Mr. Dickie, the manager said that Okato had first call in the matter of the erection of yards. Mr. Wooldridge said that Okato was the best sale centre between Opunake and the Waiwakaiho. Mr. J. Crockett moved that the directors be recommended to proceed with the erection of yards at Okato. This was seconded by Mr. Jackson. Mr. W. J. Larking moved as an amendment that the money to the amount of the share capital be utilised in stocking up the New Plymouth store. This was seconded by Mr. Maloney, and lost, the motion being carried.