C.S.F.M. CO., LTD.

Gisborne Times, Volume L, Issue 5136, 31 March 1919, Page 2

C.S.F.M. CO., LTD.

An extraordinary meeting of shareholders of the Gisborne Sheepfarmers’ Frozen Meat Co.. Ltd., was held at the Company’s office on Saturday to consider-two resolutions. One was to remove certain restrictions upon the directors’ power to borrow monies or to purchase properties. There was a good attendance of shareholders, and the requisite quorum of persons and of votes being present the chairman submitted the first resolution, which has been repeatedly published, to amend Article. 62-.

The motion was seconded by Air. John Clark and there being no discussion the resolution was declared to be carried by the statutory majority required in the case of a special resolution.

The next business was a resolution to increase the nominal capital .of the company from £150,000 to £250,000. The resolution was proposed by the chairman, who stated that the shares required for the commutation of the head rate of 2s charged this year to pay for the cold storage might reach 70,000 and the present balance of the unissued capital would not meet this requirement. While a less increase than £IOO,OOO would be sufficient the directors o< nsidered it better to provide for the future inevitable development of the' company. Mr. Kenway seconded the resolution. , Mr. G. J. Black expressed dissatisfaction with the policy of the company’s wool business, which dissatisfaction he claimed was general, and suggested that rebates were promised which meant unfair concessions ,to a. few at the expense of the main body of shareholders. He also strongly protested against the head rate being impo :ed in connection with the expenditure at the wharf in buildings. . , . , Mr. Machell also objected to the company’s expansion in general mercan tile business, and claimed that this action of the company was depreciating the value of its shares. In reply to questions the Chairman stated no decision had yet been come to as to the distribution of profits made in the wool business. No such decision would he made until the results of the season’s working were known. The cost of the cold storage being provided was estimated at £2-5,000. There being no further discussion the resolution was put to the meeting and declared carried.