CO-OPERATIVE FREEZING COMPANY.

Wairarapa Age, Volume XXXII, Issue 9592, 11 September 1909, Page 5

CO-OPERATIVE FREEZING COMPANY.

STATUTORY|MEETING OF SHAREHOLDERS.

THE SITE QUESTION UNDECIDED,

MATTER REFERRED TO THE DIRECTORS.

WAIRARAPA AND WELLINGTON SITES TO BE INSPECTED AGAIN. _

About one hundred settler? from all parts of the Wairirapa and West Coast attended the statutory meeting of the the Wellington Farmers' Cooperative Meat Freezing Company, which took place at Pahiatua yesterday af«ternoon. Mr J. C. Cooper, Chairman of the Provisional Directors, occupied the chairMr Cooper explained that the meeting had been called in conformance with,section 87 of the Companies' Act. 1908. He asked that the report (which has already been published in this journal) of the Provisional Directors be taken as read, and in moving its adoption said that up to August 18th there had in reality been subscribed shares to the value of £28,000. Several of the counties had not yet been properly canvassed and he was confident that by a systematic can • vass ,the amount required could be easily raised. Of the above sum only between £7OO and £BOO had beer, subscribed by the settlera of the West Coast. Taking this into consideration, it would not be un reasonable if the shareholders in this district should evince a desire to erect the works in the Waira rapa, in which case they ought to take into consideration the question of taking over the shares of the West Coast settlers or of allowing them to use their capital to establish works in their own district. He mentioned that in the event of Wellington site's being abandoned they would not, in all probability, require the amount at firit considered necessary for the construction of the works. Asa matter of fact £40,000 should be sufficient to establish works in the Wairarapa. It was somewhat unfortunate that the amount of money paid up was, not in proportion to the amount of share capital subscribed. The directors had endeavoured to keep down expenses as much as possible and acting on those lines much of the canvassing had been done by shareholders, while canvassers had been allowed a commission of 2\ per cent., an overriding 1 per cent, being allowed the chief canvasser. It was noticeable that the district canvassed by shareholders showed better results than the others, and he strongly recommended that in future they make every effort to get their j own shareholders to take up the work.

Mr Quirke seconded the adoption of the report and stated that while th® Wellington sites were under con sideration he had been of. the opinion that the company wonld require some £50,000 or £60,000 before commencing to build. Since then, however, he had modified his opinion in view of the fact that he understood that an inland site was now to be chosen, which he considered could be erected for £40,000, but that amount should be assured before r.hey com • menced operations. He had been informed that the people of Masterton were making a big effort to get the works erected at Waingawa and that they had subscribed £5,000 towards that end. This was a good thint* as far as it went, but he held that it should not be allowed to in • fluence the directors in their choice of the sites.-

Mr H. Booth (Feilding) referred to the remarks made regarding the smallness of shares taken up on the West Coast. They certainly cou Id not take up shares if they did not know wßere the works were going to be erected.

Mr J. Balsillie (Palmerslon North), in supporting the previous speaker's remarks, held that should the circumstances warrant it there was nothing to prevent them erecting works on both sides of the ranges. He deprecated any idea of a separation as their interests were to all intents and purposes identical. But the mere fact of their deciding to erect two works should not prevent them from pulling together. He understood tha*; the Longburn Freezing Works were for sale at a reasonable figure. The meat companies already in existence, he held, were not go> ing to pay good prices during the coming season, if they could posI sibly help it. They had the ball at their feet, and were going to kick it. Mr T. Hodgins (Pahiatua) said that the Wpst Coast people seemed willing to use Wairarapa capital for securing the Longburn works, but why not raise the money in their pwn district for the purpose? Mr Falconer said that the matter of procuring the Longburn works was worth tnore than passing consideration, and, personally, he was glad to hear the references made in favour of it. Mr J. G. Brechin (Pahiatua) asked

if the Loi-gburn proposition had been under consideration of the directors at all. i The Chairman said that he had made enquiries, but the Longburn people would not put a price on it, but wanted an offer. As a result of this they had decided to leave the matter over till a later date. Mr J. Wingate (Longbuvn) said that on the West Coast they had been approached by settlers from the Wairarapa to join in the movement. Now, however, there was a movement to have the works where the West Coast settlers could noi usa them. If they were liberated from their liability he would say in regard to the Longburn works that they could be started by the farmers in a few months. The works and land were worth £50,000. If the farmers could not help themselves jthis season they would suffer. Mr R. McKenzie said it was a mistake to damp the ardour of West Coast settlers. His long experience had taught him the value of co operation in these matters. Mr J, Lomax (Hamua) said he could not see why the works should not be at Wellington. It the works were going to succeed they must be at the seaboard. Mr D. McDonald (Waitakora) endorsed the previous speaker's remarks. Mr E. Whitcombe deprecated the coasts being set against one another. The West Coast had had works and they had failed, as they knew it to their cost. As Mr Lomax had said seaboard works were essential and it was experienced in New Zealand that inland works had not been generally a success. Mr Brechin said in justice to the West Coast they should be given a fair hearing. No satisfactory seaboard site had yet been found up to the present. He asked if a suitable site could be procured, would the West Coast settlers subscribe as the seaboard site would require an extra £12,000. The whole question was which scheme was the best. The report was then adopted

DIRECTORS' REMUNERATION.

Mr Mark Caselberg (Tane)"said in reference to the matter of remuneration to the directors that it was one of importance. The bulk of the work would fall on the Managing Director and he moved that a salary of £150., exclusive of expenses, be paid to the Chairman of Directors, and the sum of £1 Is be paid to sach of the other directors for every meeting attended. Messrs W. R. Godfrey and H. J. Dagg seconded the motion. Mr Hugh Morrison (Masterton) thought that £2OO would be a more suitable remuneration for the Chairman of Directors. Mr McDonald thought a shameful amount to offer the chairman of Directors. He nloved an amendment that the chairman receive £2OO and expenses and the Directors £1 Is and expenses. Mr Hugh Morrison seconded this. Mr J. R. Franklin mored that the chairman receive £250 and travelling expenses, and the Directors receive travelling expenses in addition to the £1 Is. Mr Allen seconded this. At this stage matters began to get complicated, and Mr Booth suggested that a way out of the difficulty would be to pay the actual expenses of Directors. Mr Caselberg agreed to have his motion altered as suggested by the previous speaker regarding the remuneration of directors. Mr Caselberg's motion was then put to the meeting and carried.

THE SITES QUESTION.

The Engineer's report on the Wellington sites, which has already been published in this journal, was submitted to the meeting. On the motion of Mr McElroy, the report was adopted, and the report of the committee un the sites was received. Mr Cooper stated that after the report on the Wellington sites the Directors had secured other reports on sites in the Wairarapa. He was sorry to say,, however, that the reports on the Wairarapa sites were not very complete. He briefly outlined the the points relating to the Bites inspected and the Engineer's report (already published in these col • umns) was read. The chairman, continuing, *aid that he would like to say that eo far the Wellington sites had been unsatisfactory, but a good one could be procured in the Wairarapa. Mr Cameron asked what was the price asked for the Waingawa site compared with the Government valuation. ' The secretary stated that there was about a' 10 per cent, increase in | the price asked. Mr Whitcombe moved that the Directors be instructed to make a further search for suitable sites if possible in a position that can be reached from both sides of the ranges, and that canvassing: be continued on both sides subject to such sites being found. Mr Hodgins moved an amendment that the question of the site be referred to the permanent directors He maintained in support of his amendment that the Directors were in the best position to make the selection.

Mr Brechin, in seconding this, said that there was not sufficient information for those present to come and go on.

Mr Franklin objected to the amendment. He was in favour of taking the Engineer's report on the Tawa Flat site.

Mr Bicknell (Lower Valley) said that in reference to the Pigeon Bush site the Engineer had stated to him that if the water was right this site was the best He could say that as one who knew this site that ths water supply was perfectly ample for tha works. He moved a further amendment that Mr Laing-Meason be instructed to report on the question of the water supply at the site. Mr Wingate asked why Foxton had not been mentioned as a site. He referred to several sites that had been offered to them in the vicinity of this place. Mr Cameron moved an amendment that if sufficient land be procured at Waingawa a site be selected there. Mr Falconer seconded this. Mr Balaillie favoured the matter being left to tfie permanent directors to report on. The site was the making or otherwise of the Company,

and it did not want to be hurried, Mr F. W. H. Kummer favoured the directors going further into the matter, as embodied in Mr Hodgins" amendment. The directors could make enquiries as to the site and then submit their report to the shareholders. The whole question was one of great magnitude, Mr Hodgins agreed to the previous speaker's suggestion that the directors suhmit their report on the sites to the shareholders. The was then put to the meeting and carried almost unanimously. Mr Caselberg moved, and Mr Cameron seconded, that the directors confine themselves to the Wellington and Wairarapa sites. Mr Balsillie moved a notice of motion to the effect that in the event of the site being chosen on this side of the range the West Coast shareholders be freed from their liability. Mr ty. McKenzie moved that the directors confine themselves to the Wairarapa, and that the company use its endeavours to assist settlers on the West Coast to transfer their shares. Mr Falconer seconded this. MrpYanklin asked what about the East Coast settlers. Should not thuy be freed from their liability also. ' '■»»■ % Mr Groves moved an amendment that the directors be instructed to procure sites on both coasts fop two works, subjected to sufficient capital raised by the West Coast settlers. Mr Franklin seconded this. Mr Balsillie, at this stage, lert the meeting, having to catch the Palm« eraton train. He stated heatedly that the West Coast people were not receiving fair treatment. The motion that the selection of the site be confined to Wellington and Wairarapa was then put to the meeting and carried.

ELECTION OF DIKECTOR&

The result of] the ballot for the election of seven directors was arv» iiounced as follow: Messrs J. CL Cdoper, G. Pain, J. A. Groves, R» McKenzie, P. W. H. Kummer, it. Hodgias and R. Clephane. ,-j* This concluded the business of the statutory meeting.

EXTRAORDINARY MEETING.

An extraordinary meeting was afterwards held, when a special resoldtion in regard to an alteration in the Articles of Association was passed as follows - —"ln any case where .a shareholder being a stockholder the company has failed to take his sheep withi.i one week from the date oa which the company has been notified, such shareholder.shall be at liberty to sell his stock to any other fat stock buyer or company, and in all such cases t*>e shareholder shall not forfait his share of the bonuses. These provision shall not apply to any shareholder not havii g a registered flock, but who may from time to time put fat stock through the works. On all such stock the ordinary bonus shall be paid." On the motion of Mr Brechin a hearty vote of thanks was accorded to the Chairman, and the meeting terminated.