PATEA FREEZING WORKS

Gisborne Times, Volume LV, Issue 6203, 7 October 1921, Page 5

PATEA FREEZING WORKS

LOSS ON YEAR’S WORKING. BUSINESS MAY BE SOLD. HAWERA, Oct. 6. The annual meeting of the Patea Freezing Company was held yesterday. The profit and loss account showed a loss of £58,385, mainly attributable to loss on cased meats and tallow from the previous season’s working. It was moved: “That this meeting of shareholders request and empowers the directors either to obtain further capital or financial assistance for the carrying on of the company’s operations, or enter into and complete negotiations for the sale or disposal of the' company’s works or other assets or parts thereof to the best possible advantage, and with this end in view resolve that this meeting stands adjourned until October 26th.” An amendment was moved that words “such sale to be subject to the. confirmation of an adjourned meeting of the shareholders afte? the full financial position has been explained” should be included in the resolution. The motion as amended was adopted. In the coprse of the discussion the chairman, Mr. O. "J. Hawken, said that the banks held security over the whole of the assets with the exception of the store-room, whereon the Government had advanced £7500. He could assure them the directors were not going to throw the works away. He was quite willing for the shareholders to be consulted before the negotiations were finally completed. If they could get a good price thev would sell, but otherwise they would not. They understood where they made losses in the past, and a gain might be made there later. They had good works in a good district, and what they wanted was good management, and finance. Much interest. is being taken in the matter in this district. The tone of the meeting was distinctly optimistic. and the outlook was regarded as much brighter. Recently rumors were , current that the works were going into liquidation, but the tone of the meeting, suggests that that course may be avoided.—P.A.