SOUTH CANTERBURY FREEZING CO.

Press, Volume LX, Issue 17982, 28 January 1924, Page 10

SOUTH CANTERBURY FREEZING CO.

ANNUAL MEETING,

(special to "the tbbss.") TIiIAKXT, January 28./ At the fourth annual meeting of the Cooperative Freezing Company of South Canterbury, Ltd., Mr C. E. Kerr presided. The annual report stated that very little business had been done By the company during' the past year. A considerable amount of application and allotment money still remained unpaid, and unless payment were made- soon, legal steps xou'd bo taken to get the money in. During the year Mr A. Hamilton, . a member of the 3Jcat Control Board, gave an address on the -working- of the Meat Board, and tho prospects of the meat trade generally. This season had commenced remarkably well, as far aa the prices of lamb and mutton were concerned. The weather, however, had been disastrous, and farmers have said that -they could not remember such continuous drying winds. At the present time the directors were negotiating with the New Zealand Refrigerating Co., Ltd., with a view to purchasing the Smithfiekl Freezing Works. So far only the preliminary steps had been taken. The retiring directors were Messrs T. D. Burnett (Mackenzie County), D. Grant (Levels), G. B. Cartwright and D. Campbell fWaimate), all of whom were eligible for re-election. There being no further nominations, the gentlemen mentioned were elected. In his opening remarks, the chairman said that at the last meeting they had discussed the advisability of keeping tho company intact, and at the present state of the company's affairs, he sincerely hoped that the shareholders would not consider any question of winding up. Freezing companies in the North Island had suffered serious losses ot late, whereas the only loss incurred by the South Canterbury Company was the cost of preparing plans for the proposed building. If it were at all possible to purchase tho Smithfield works at a reasonable figure, ho considered that the company would do well to secure them.

Mr Burnett, .M.P.,' telegraphed to tho meeting regretting his inability to. attend, and stating that he was absolutely of the opinion that before considering the final liquidation of the company, a serious attempt should bo made for South Canterbury farmers to own, control, and run Hheir own works. With that object in view, be was prepared to increase his present holding of £IOOO to £SOOO, conditionally on the Smithfield works being purchased at a reasonable price.

- In the course of discussion, Mr Moffat 6aid he thought the company should be wound up. Fresh capital would be hard to obtain at the present time, and there had been no forward move of any sort in the company's business.

Asked how many oases of those who had failed to pay their application bzJ. allotment money had been legally tested, the chairman replied that general defaulting shareholders had been threatened with legal proceedings, but the money haoj been paid, and no cases had reached the- Court. Mr D. Angland said that the Smithfield works had been a very strong concern, and yet had lost money. He considered it advisable to wind up the company. Mr J. Trotter said he was of opinion that nothing could be lost by carrying on a little longer. Mr J. McCort moved as an amendment to another motion: "That the company be held intact in the meantime, in order to see if anything can be done in regard to purchasing Smithfield."

The chairman said that in the event of the directors not being able to do business with the New Zealand Kefrigerating Co., they would be in favour of winding up the company. Mr A. McPherson spoke strongly in favour of carrying on. They had every confidence in the directors, and in the work they had done, he said. Mr Angland said that after hearing tho discussion, he was satisfied that tho directors were working on sound lines. Eventually it was decided to carry on tho company in the meantime. The report and balance sheet were adopted. LONDON WOOL SALES. (BY CABLE—PBESS ASSOCIATION COrYBIGEI.) (AUSTRALIAN AIJD N.Z. CABLE ASSOCZATIOJI.; (Received January 27th, 5.5 p.m.) LONDON, January 26. At the wool Bales there was a good selection of Australian merinos and New Zealand scoured crossbreds. The market was very firm for all sorts with fine slipes ten per cent, above December rates. A New Zealand lot branded Eclipse, mode 36id per lb.