PATEA MEAT WORKS.

Hawera Star, Volume XLVIII, 1 August 1924, Page 3

PATEA MEAT WORKS.

PUBLIC MEETING. A well-attended meeting of residents of Pa tea. and district was held on Tuesday night., His Wort.ship the Mayor presiding. His Worship explained that the object of the meeting was to consider the question of raising sufficient capital to enable a new company to be formed to take over the works. The time of the year, His Worship stated, was not the best for raising funds, and, in addition, the dairy farmers had not too good a season; hence the difficulty in obtaining capital. The town of Patea had responded splendidly, and the country had also done well, but a further sum was yet required to enable the new company to proceed to allotment. The works, which were valued at £IBO,OOO as a going concern, were being offered to the new company at £IIO,OOO, and of this amount the public was only asked to' subscribe £30,000. The guarantors were prepared to put- £IO,OOO into the new company, and the balance would be arranged for by means of debentures. The offer was a most- generous one. and could not be bettered anywhere in the Dominion. If they let this chance slip they would not get another, as the guarantors were not prepared to carry on. The new company had to go to allotment by August- 9th or else the share capital already handed in would have to be returned.

Mr. Christensen said it was gratifying to find that the townspeople of Patea had responded s o splendidly to the call for share capital in the new company, and he hoped the required balance would be forthcoming before long. It would be difficult to overrate the importance of the works to Patea and district. Unfortunately for the new company, there had been proprietory concerns in the district, who had been sending representatives to the farmers and offering them good prices because of the competition with the local cooperative concern. The farmers had, unhappily, come to think that this state of aft’air s would last for all time, when, as a matter of fact, the reverse would be the case should the co-operative works go. If the works went, things in the town would be worse than when he came to the town 36 years ago. There fleer then only two shoos on the left-hand side from Bedford Street to Oxford Street, and trade was practically non-existent. It had been estimated tnat if the works closed down, 57 houses would be empty in Patea, and, in addition, the harbour would be closed! as the trade would not suffice to keep it • open. The harbour rate would, however, still remain. The extra cost, too, on goods coming to -the. town in such an event would be at least £1 per ton. He hoped that all who had not been canvassed for shares in the new company Mould come forward Mithout delay and do u hat they could in the matter. The money put into the woi-ks by the farmers in the past had been returned over and over again by the increased price of stock, '"due to the works being in their midst. The farmers. ondng to the competition, had really received more than the proper market price for their stock. As an instance, they u-ere paid at one time 9|d per lb. for their lamb, which Mas being sold later in London for 9d. Personally, he was extremely anxious to see the works retained in the town , and anything he could do in this direction he M'ould only be too pleased to do. (Applause.) His Worship stated that, wit-h regard to the neM r company, he lvas proud to think that the workers of the to urn had taken up no Jess than 535 shares, which •was. a credit to them. (Applause.) The business people of the town had taken up some 3000 shares. He did not promise that the" nerv shares •would earn a- big rate of interest, hut he could say unhesitatingly that the money would be returned indirectly in less than twelve, months. In the new company, Patea, through the share capital subscribed, would have a big say in the management—a thine: it had never had before.

After a brief discussion, it was unanimously resolved that all present do their host to obtain subscribers to the new company, a number of those present agreeing to increase the number of shares already applied for. —Press.