PATEA DISTRICT MEAT CO.

Hawera Star, Volume XLVIII, 20 December 1924, Page 6

PATEA DISTRICT MEAT CO.

STATUTORY MEETING. | A step further in the business of the company formed to co-operate with the old Freezing Company at .Pittea by providing funds for killing and freezing of stock at tlic works was taken yesterday. when . Air A. T. Christensen, chairman of the Provisional Directors, presided at the statutory meeting ol shareholders. There was a good attendance of members present, and there was during the meeting a general discussion on the affairs of the company and its plans i'or the future. In some preliminary remarks the chairman referred to the work clone since the formation of the company. He said that very satisfactory progress liad been made, which they hoped would meet with the approval of members. He referred to that work, and said that as in every business, or in farming, there was an element of risk, and this had to.be taken by anyone engaging in..such operations. But, he added, the directors had exercised prudence, ancl lie feLt sure tha£ this meat company would do well and prosper in the future and secure full prices for all stock handled by them. Air C. E. Gahe. in expressing appreciation of the work done by the provisional directors, said lie hoped the company would be oiit to make all profits possible, from the “all out’’ pec-ple for tlie “all in” people, buying for as little as possible and making as milch as possible for shareholders. He suggested the pa.yiiieh.t of interest on capital by them of dividends if there wore sufficient profits. The chairman said they would build up a reserve and then pay out dividends if there were profits available. A general discussion ensued- on matters of finance, Messrs C. Dickie. J. It. Corrigan, ALP., and others taking oarf.

Air Corrigan and all the old members expressed their ivisli to doi all in tlieir power to help tlie new company, and to give them the benefit of their experience. Tli motion for the adoption of the report was carried unanimously. The report- recorded, inter alia, that the shares allotted number 28,942, £3155 having been paid on calls and £1728 on calls paid in advance. Preliminary expenses totalled £523, and it was’estimated that. £IOSO would he reguired further D l HECTORS. There were twelve nominations for the office of directors, of whom Messrs kiniaysori, Tiarrow, Beti-on. amt Taylor retired. A ballot resulted in the. return of Messrs C. Dickie, A. T. Christensen, C. lioneyiieid, G. McGregor, .4. It. Palmer. J. 11. Corrigan, ALP., and l-L C. .1 jysaght. The directors’ fees were fixed at Ills per meeting. IiiOSOLIITIDNS. Unanimous approval was given of the following Uiso'liitiahs, wliioii were carried , “Upon aiiy offer of shrives to tlie public for subseHplibff, the ebliipriiiy hifiy i'iuy edliiMission hi nbt unite Llhiii 2-1 per lent. on the iioijiifuii. ahinnht of tilt shares already allotted aiid a coiiihiissioii of licit Mote thaii o .pet cent, oh Mie nominal ailioiiiit of any share's that may lie it Hotted after the 3(jtli dity of November, in pUfsiiaute of the. powers in that behalf bxprfissly c-onftfired by die Companies Act, 1905.” “That tlie capital of the c'dnifiaiiy be increased to. the amount of £G(I,(KK) h,v the creutie-n of additional capital, of the amount of £2(Lo()()' : divided into 20,000 shares of £1 each, such shares to be issued as ordinary shares, ranking .as to dividend and as to distribution of capital on a. winding up p'aii passu with the ordinary shares hi the existing capital of the company. ’’ It- w;v, agreed to pay 6 per cent, interest on all calls paid ill advance. AUDITOR. Air J. D. G. Thomson was appointed at a fee of twenfv-five guineas. COAIPLIM ENTARY. A hearty vote’Of thanks aiid appve T oiation was passed to tlie provisional directors, Alessrs A. Christensen and P. Finlayson briefly acknowledging the compliment. A r otes of thanks to the chairman and to- the scrutineers (Dr. Simmons and Mr Page) concluded a good meeting. At the first meeting of the new Board of Directors t Air C.-Dickie was elected chairman.