STORMY MEETING.

Manawatu Times, Volume XLVI, Issue 2729, 23 August 1923, Page 4

STORMY MEETING.

OF W.F.M.O. SHAREHOLDERS. LIQUIDATION AND RECONSTRUCTION. (Per Press Association). WELLINGTON, Last Night. Three hundred shareholders attend, ed a private meeting of the Wellington Farmers’ Meat Company, to receive the report of the investigation committee on the company’s affairs. The meeting was lively throughout, the directors being severely taken to task. Afterwards the annual general meeting was held, Mr Hugh Morrison, chairman of directors, presiding.

A further lively exchange was experienced when the meeting adjourned to hear the reconstruction Mr W. Ferry, the new chairman, explained that; the Bank of Now Zealand had the receiver in, and was practic. ally ’-unning the concern. The bank offered a sell for £150,000 and it was proposed that a farmers' company buy or lease the works.

Mr W. D. Hunt, general manager for Messrs Wright, Stephenson and Co., outlined a proposal for reconstruction, suggesting that a new company lease the works for £7500 per annum, with a purchasing clause. £150,000 capital was reciuired. and Messrs Wright, Stephenson and Co. were prepared to subscribe one-fifth of the cajpital up to £15,000, and that of the first £50.000 necessary to commence, his linn would subscribe £IO,OOO. An output of 400,000 sheep wan necessary to show a profit over overhead and operating expenses. He appealed to business men to support the scheme. Mr W. Perry moved a motion to form a new company, in which the Bush and Wairaratfa districts would be larogely represented. This was carried and the annual meeting resumed. Mr Morrison's motion to liquidate, owing to the unsound state of the finance, was carried. Mr H. E. Davis was appointed liquidator, and a provisional directorate, half of farmers, and half of business men, will be set up. The report of the investigation committee was received and adopted.