SOUTH CANTERBURY REFRIGERATING COMPANY.

Lyttelton Times, Volume LXXX, Issue 10217, 11 December 1893, Page 3

SOUTH CANTERBURY REFRIGERATING COMPANY.

An extraordinary general meeting of shareholders in the South Canterbury Refrigerating Company was held ot Timam on Saturday to deal with, offers to take over the works. There waa a good attendance, and Mr E. Acton, Chairman _of Directors, presided. A special meeting was held a fortnight earlier to lecefMe and discuss the offer made by Messrs Nelson Bros., to lease the works for three &p five years, at a rental of 253000 par annum, insurances and all rates and taxes ekeipt Land tax, the firm taking over the wdiHtiag stock, retaining the present engineer, and maintaining the machinery in good order. On the day of meeting a letter was received from the Islington Company, of Christchurch, offering to lease the works at the same rental, with an optional purchasing clause at .£25,000, and adding an undertaking to erect offal and manure works. The meeting, on this offer being read, resolved to hold over both offers to allow Messrs Nelson Bros, to be asked if they also would offer to purchase, the majority of the shareholders desiring to sell. The meeting on Saturday waa held to receive Messrs Nelson Bros.’ reply, and a clearer statement of the Islington Company’s offer was also presented. The Company’s proposals were these: —To rent the works, say from Jan, 1, for three years at £3OCO a year, they to have the option of purchasing at any time during the term at £25,000; to promptly erect and carry on manure works on the property; in the event of their failing to exercise the option to purchase at the expiration of the term of lease to pay a penalty of £2OOO, and forfeit all claim in respect to the manure and offal works erected by them; to freeze for growers at current rates at Islington; and to keep the works in good order, Mr W. Nelson sent a long communication, criticising remarks made at the previous meeting, and the attitude of certain shareholders towards him, bat declining to vary his former offer. After a considerable amount of discussion, it was resolved, on the motion of Mr D. M’Laren, seconded by Mr E. H. Rhodes —“That the offer received from the Islington Company to lease, with optional purchasing clause, be accepted, provided that they satisfy the Directors as to buildings required for manure and offal works, both as to tims of erection and amount to be expended; also satisfy the Directors as to a satisfactory security for payment of the £2OOO penalty in case of non-fulfilment of purchasing clause; also, that sufficient protection is obtained by the agreement as to the usage of machinery during the lease.” An amendment that the Directors should carry on and increase the capital by issuing fresh chares was rejected, only the mover and seconder voting for it, and Mr M’Laren’s motion was carried with, only one dissentient. The Directors subsequently met representatives of the Islington Company to settle details of the agreement, as indicated in the resolution.