REFRIGERATING COMPANY.

Temuka Leader, Issue 1956, 15 October 1889, Page 4

REFRIGERATING COMPANY.

A general meeting of tho shareholders in the South Canterbury Refrigerating Company was held on Saturday, when the chairman, Mr E. Acton, explained the steps taken by the directors for enlarging the works and their reasons therefor. He explained that it had been pointed out during the last year, and particularly since the London values of frozen meat have been satisfactorily maintained, repeated applications and suggestions had been made to tho director that the present works were unequal to the requirements of the district, and should certainly be enlarged. Several gentlemen had pointed out to the directors that a considerable quantity of sheep were being railed out of the district and frozen elsewhere, north or south, showing that they were letting a profitable business go past their doors, and leaving the way open for the establishment of some rival company that might possibly endeavor to share the freezing business with the company. The directors had made arrangements to freeze 24,900 sheep per annum for Messrs Reid, Maclean and Co., of Dunedin, and a minimum quantity of 30,000 or a maximum of 74 000 for Nelson Bros., of Napier, taking care that the sources from whence these films derived their supplies did not interfere with those shippers who desired to ship on their own account. The directors anticipated that the company would be able to freeze from 250,000 to 280,000 sheep per annum when the works were enlarged. If the Nelsons supplied 70,000 sheep per annum, their existing engagements would bo 147,000 sheep per annum, leaving the company a margin of from 100,000 to 130,000 for further contracts, The obiects of the directors had been (1) that the South Canterbury Refrigerating Company should freeze all the sheep that are to be frozen in South Canterbury; (2) that the rate charged for the work should be as low as it possibly can be brought; and (3) that owners of sheep who desire to sell should be brought face to face with the buyer, so that they can make their own terms—whatever terms they please. The agreement with the Nelsons would, if they only supplied 30,000 sheep per annum, pay 15 per cent, on £IO,OOO, In reply to questions, the chairman said it was intended, if possible, to reduce the freezing rate to all round, uad that it was intended m a very short time to freeze cattle as well as sheep. Mr Guild pointed out tho great want of manure works, train loads of manure being brought into the district while all the

offal from the freezing works was thrown into the sea. A cordial vote of thanks was passed to tho directors and Mr Re:d, and the meeting terminated.