FROZEN MEAT TRADE.

New Zealand Herald, Volume XLII, Issue 12833, 5 April 1905, Page 6

FROZEN MEAT TRADE.

AMALGAMATION OF COM'ANIES.

[by irj.ro'E.o'H.-ntvN' cor.REsroNDKXT.I

Dvxedin, Tuesday. At the meeting of the New Zealand Refrigerating Company this afternoon, at which amalgamation with tho Christchurch Meat Company was decided upon, Mr. John Roberts, chairman of directors, said that in 1891 a- report recommending voluntary liquidation, was submitted to shareholders, but at that time the shareholders, .by a majority, decided not to adopt the suggestion, and the offer then made by a Loudon firm for tho purchase of the company's business, and which means repayment of the whole amount of paid-up capital, together with £1 per share bonus, was declined. Since that time the company hare had' rather a varied experience. Up to 1891 fair profits were made, but in the years 1892, 1893, and 1894, losses were sustained, and (since the latter date two years have shown, losses, while eight years have shown profits. Mr. Roberta said: "Shareholders will remember that I have always urged concentration of consignments in aa itw hand? as possible in the English market, us in this way alone can pi ices be regulated. I therefore look forward to the control of a greatly increased quantity or frozen produce in the hands of lite London representative of the amalgamated company, a? being a factor which inucit tend towards the maintenance of satisfactory values for the frozen meat of Iho South Island. I would also draw attention to the economy of working winch must attend the amalgamated business, in being able to centralise the work. We all know that unless freezing works are kept going at their lull capacity an unprofitable business must, result, arid I think it. in every way probable that ill slack times loss can be avoided or minimised by shutting down one of the works and keeping the other fully employed-, rather than running each, working only hali-time or leas. On the whole, I view the position with no misgiving, but) rather with the feeling that this amalgamation may result in the best interests of the industry in the South Island being conserved. It is no doubt a matter for regret that the oldest established freezing business of the colony should, for a time at least, cease to exist, and be merged in a Canterbury company. I, however, feel that the purchasing company may soon find that its name is too local and not comprehensive enough, and it may latei on be found advisable to assume the name under which we have traded for tho past 24 years, and again bring into existence a name with which we are no familiar."