NELSON FREEZING COMPANY

Marlborough Express, Volume XLII, Issue 110, 11 May 1908, Page 5

NELSON FREEZING COMPANY

STATUTORY MEETING OF

SHAREHOLDERS

! The statutory meeting of sharehold- ' ers in the Nelson Freezing Company, Ltd., was held on Friday last. Over ; fifty shareholders were present, and |Mr J. H. Cock presided. I The meeting was thoroughly rerjre- | sentative of all the sheep-farming I Community, and included settlers [ from Takaka., Wakapuaka, Stanley I Brook, Ngatimoti, Pigeon Valley, I Tadmor, Motupiko, Wangapeka, Rainy River, Tapawera, Motueka, Moutere, Dovedale, Riwaka, the "Waimea townships, and the City of Nelson. •'.',. The Chairman expressed his pleasure at seeing such a large meeting, and said the meeting was called to discuss certain" matters :in connection with the formation of the company, and to advance the enterprise another stage by placing it in the hands of permanent directors. It ! spoke well for the future * work of the company to see the hearty way in which the farmers, were taking the matter up,, and he felt sure the venture would be a success. It was t;rue they had not got the fullest extent of the allotment, and he urged upon those present to endeavour ? to sell more shares. In his opinion the company would have to borrow money,in some form or another and they, should always remember that shareholders' money would be the. cheapest. Regarding the election of directors from the list of names submitted, he was sure a competent Board would be,elected. The success of the ; projj ect depended upon the continued interest of the farmers, and it was a matter for congratulation that £15,000 should have been subscribed in such a short time. An effort had been made ten years ago to establish freezing '. works,, but the venture had. been unsuccessful. Now however, with up-to-date machinery, they should have a percentage of gain over works established some years ago. He was keenly desirous of the success of the company, and if the Harbour; Board, would expedite their improvements to the harbour a saving of freight would be made in the pro-, ducts of the works. Although the company might make a small loss on their shares for the first year, the farmers would' reap the benefit by the increased price obtained for the sheep.

The directors reported to shareholders that (1) the total number of shares allotted by the company wka 3021 shares of £5 each, which had been' allotted as subject to the full nominal amount thereof in cash; (2) the total amount of cash received by the Company in respect of the 3021 shares •nr'a5...4?2016; (3) the receipts were sk&re capital £2GJ6; expenditure nil; '(4) the ascertained preliminary! expenses were :' registr-a-tion, stamp duties 9s; brokerage £134 13s and additional' preliminary expenses'estimated at £25.