IN LIQUIDATION

Evening Post, Volume CXII, Issue 106, 31 October 1931, Page 15

IN LIQUIDATION

FEILDING FREEZING COMPANY

"This is our seventeenth annual meeting, and 1 take it our last,'' said Mr. Hugh Burrell, chairman of directors of the Feilding Fanners' Freezing Company in presenting the report at the annual meeting of shareholders yesterday, "ana I hope the liquidator will have a far easier task in winding us up than we have had in trying to keep our heads above water. 5' At the conclusion of the meeting formal resolutions agreeing to the voluntary winding up of the company were passed, and Mr. L. F. Gray was appointed liquidator. FINANCIAL BLIZZABD. The company' 3 position was due to its being struck by "the same :financial blizzard that had paralysed the rest of the world." Instead of being able to increase its revenue by raising the freezing charges the company had been compelled to reduce them in keeping with the general clamour for an allround reduction in costs. Through, the Canada Casing Company, whose contract with the freezing company did not expire- until next August, going into liquidation, about £14,000 was lost. The directors realised that under the conditions, iv a very short space of time the whole of the shareholders' interest in the works would disappear, and it was felt that it wars fortunate that a cash offer .had been received which would return the shareholders about 40 per cent, of their capital. In the sale of the works no money had beon paid as commission, and Messrs. Borthwkk and Sons had carried the whole of the expenses since the end of the financial year, which had very favourably affected the shareholders' dividend. With a few exceptions all the old staff would be retained by the new owners.

The retiring directors, Messrs. Burrell, H. Akers, and J. J. Bryce, were re-elected as a directorate to carry on until the liquidator's selection was confirmed.