THE PATEA WORKS.

Hawera Star, Volume XLVIII, 2 September 1924, Page 4

THE PATEA WORKS.

A SUCCESSFUL MEETING. A meeting of persons interested in the retention of the meat works in Patea was held on Friday night, His Worship the Mayor presiding. There was a good attendance. His 'Worship explained that the meeting bad been called chiefly to consider the formation of a hew company to aesp the meat works in town. It had been proposed to form: a company, to be called the Patea District Meat Company, Ltd., with an authorised capital of £40,000, divided into 40,000 shares of £1 each. The capital of the company, his Worship stated, would. be used for the purchase of stock and the disposal thereof in England and elsewhere. The company would be. on an entirely separate entity than the present company, the Patea Farmers’ Coop. Freezing Company, and would in no way be liable for any debts of this institution. Neither would any of the company’s capital be expended in the acquisition of any property or plant, the scheme being one whereby stock is purchased, slaughtered, and treated and ultimately disposed of for the company’s benefit. The new company, in short, would be a company working on lines on which the Trust of a couple of years ago did so. well. The capital of the new company need not be paid up immediately, 2s per share being paid on application, 2s on allotment; and the balance in calls of not more than 2s per share, which are: only to be made payable with ah interval of at least two calender months between each call. It was absolutely necessary that the new company should be formed as soon as possible, so that everything might be in readiness for the opening of the new season. He hoped tliat all who had agreed to take shares in the first company that-, was mooted would agree to take shares to the latest one, now. that the first company was not being formed. His Worship; explained that with ; the ' new company tharo would be no difficulty in winding it up at any future time, as the' capital would be to stock and ho,t in . bricks and mortar. The new company, however, would be empowered to acquire the assets of the Patea Farmers’ Coop- Freezing Company if the shareholders at any time desired to do so. Another point that he would like to mention was that no shareholder would he liable for anything' beyond the amount of his .shares. In conclusion, his Worship impressed on his hearers the necessity of keeping the works alive for the benefit of the town and district. As the works prospered, so would the people in the district served by the works orosuer. Before concluding, he woul like to apologise for the absence of sever all who could hot attend that night, in particular Messrs M. Carey, Grainger. Hamel and Glennyj who were all willing to put the amount they promised in the-first company into the new one.

Mr - Christensen ■ sa id the , directors had intimated that if the money was not forthcoming for the new company the works would be closed indefinitely . Personally, he was very disappointed at the capital not being forthcoming for the original scheme, which was ait exceptionally good one, as they would have got the works at something like half their value. The main object, of the new scheme was to .retain the wojrks in Patea. As a business proposition, he felt sure it: would lie a success. He strongly appealed to all who had promised to support the original scheme to support the present one. The‘guarantors had premised tq put £IOOO in cash call into* the .new company immediately it was formed. A canvasser had been appointed for th&Hawera\district and was already doing good work. He hoped the people of'this district .would come forward in tlie interests of the town.; and district; ‘

Iu reply to Mr Rutherford, the chairman said Mr Dickie, had stated that the proposed new company would, be a better proposition than the original company. He (Mr Dickie) would prefer to put £2OOO into the present company than £SOO into, the previously suggested company.

In reply to Mr., Gilbert, the chairman said the new company would not necessitate any additional staff.. •Mr J. D. G. Thomson said the option to purchase should be registered and an agreement in , writing obtained from the directors. ’lf the freezing industry were to go ahead the directors mi°dit not want' to sell. • &

, Th e chairman said if the option could be obtained without any stamp duty,' the option would be obtained and set out in the general • agreement: With regard to. the matter of stock, the proposed company would stand in exactly the same position as a private owner of stock. The new company would be quite distinct.from the old company. The chairman said the reason why was that they did not wish to tie any capital up. The. chairman said he would like an expression of opinion on the question or the proposed new company. Mr Christensen said*he "would move that the meeting is heartily in accord with the proposed new company, and agrees to support to the same extent that they were going to support the previous company. Mr J. D. G. Thomson seconded. •j 1 r , e P- v Deane, the chairman said the new company could go to allotment on £20,000, as against £40,000 required before the previous ■’ompany could go to allotment. The resolution was then nut and car- . ried unanimously. A hearty vote of thanks to his Worship for presiding closed the meeting. —Paten Press. .