BAY OF PLENTY FREEZING COMPANY.

Bay of Plenty Times, Volume XLII, Issue 6023, 4 March 1914, Page 2

BAY OF PLENTY FREEZING COMPANY.

ANNL'AL MEETING.

The annual meeting of shareholders of the above company was held at Opotild on the 10tu inst, when there were about GO present, and Mr J. W. Gordon (Chairman of Directors) presided. The directors' rcpoit showed that since last annual meeting iwooa.ls had been made on shareholders, one of 5s and cub of £ I per share. On August 31, 1 1J13, calls amounting to £2118 wf re unpaid, and since that date the puin of £101 5s had been paid, leaving £11)06 15s still unpaid out of llie called up capital amounting to £13-14. In accordance witli the articles of association, three directors, Messrs 1\ Keogan, A. Anderson and 0. Gordon, retired by rotation. No nominations had been received to fill those vacancies and three extraordinary vacancies exist on tho board.

The balance sheet showed that the expenditure during the year had been £125 4s l*d. The number cf shares unissued was 3,8-28 out of a nominal capital of 0000 shares of JJS each. The Chairman said that only 50 per cent of the calls made during the y.ear had been paid, and they had not sufficient capital to go on with the works He thought it would be best to submit theinatter to the shareholders and let them decide what should be done. He said two courses seemed to .be available : to go into liquidation or else take measures to collect the outstanding liabilities. A. letter was read from Mr Gill, of Te Puke, pointing out that it was proposed to establish freezing works in that direction and asking the Opotiki shareholders to throw in their lot with that undertaking. Mr J. Carroll considered it was fortunate the directors did not go on with the works, for they would have lost money. He suggested that a meat canning works be started as four-fifths of the stock seat away was of canning quality. They did not require a bi^ capital for canning works and the frec/.iog works could bo added lator. For tinning, the stock had not to be c early so fat and they could get just as good "a price for it. He did not favour joining in with Tauranga. Mr Keegan (Opouriao) said he thought Mr Cairoll had struck the right° note; and said they should go into the question of canmug. They had plenty of stores and old cows suicable for canning, while in his opinion they had not enough stock for freezing. He stated that the land was being given over to dairying, not to fattening, and with the exception of lambs, what stock was fattened in the district could be easily sol 3. Mr 1?. K'err thought Mr Carroll's remarks were worthy cf consideration. A suggestion was made by Mr Munro that they might be able to go in with Tauracga and arrauge to withdraw their capital in Jive years' time.

Mr J. U. Gow thought there was something in J^i% Mutr/s remark, us thwc was not surticient stock in the aismct lor local works. Mr Carroll considered the interests of the district, were lather towards the east than towards Taiir-nuga. Mr Tabu was ture there was not suiticient stock in the district to make die canning proposition a payable one. L'itimately Mr Keegau moved that thu dircctois be euipoweied to go into the ii_ueation of meat tinning and bacon curing, and report in threeuiunths. Mr~Chiipuuiu eeoouood tho uioiion. An amendment was moved by Mr Tubb and seconded by Mr 0. Kvuus, that before any question ot works was considered, all outstanding calls bo got

m. Mr Carroll pointed out the imiairness of the amendment, stating that i ouo uupaid call could blook all pro-g-ie^s \f it were carried. MrTabb then withdrew his amend - incur, and tho rosolution wad c.uried whh ouly two voles being; recorded against it.