FREEZING INDUSTRY.
WORKS FOR NORTH AUCKLAND
AMALGAMATION OF COMPANIES. The amalgamation of the. North Auckland Freezing t, Company with the , Auckland Farmers'' Freezing Company, Ltd., for whioh negotiations ■ have been in process for some time, has now hoen arranged. The conditions of amalgamation proposed by the Farmers' Freezing Company were agreed to by the directors of the North Auckland Company last month, subject to the approval of the shareholders. The requisite approval was obtained at a meeting of shareholders held on Wednesday.
... The conditions of amalgamation provide that the North Auckland Company shall find at least £50,000 of the total capital required to purchase a Bite, and erect and equip the works, which will have a killing capacity equal to 2000 601b carcases a day, with a storage capacity of 100,000 60lb carcases. The selection -of a site for the works is to be made by Mr. J. W. McAulay, chairman of directors of the North Auckland Company, and Mr. T. Simson, superintendent of the Farmers' Freezing Company, but the site chosen has to be approved by the Farmers' Freezing Company. No definite time has been fixed for the- starting of building operations, but it is understood that theso will commence as soon as the end of the war is in sight and the necessary machinery is procurable. The Northern works will bo carried on as a separate branch of the Farmers' Freezing . Company's business until the branch is making an annual profit of at least 8 per cent, on the total money expended, after which the interests of tho two companies will be pooled on an equal footing. -The. Northern shareholders will have the right of electing two directors to tho board of the Farmers' Freezing Company, which will consist of 12 directors, and until the pooling of the interests of the respective ■; companies the Northern shareholders will have tho right to appoint a works committee of five to confer with the directors of tho Farmers' Freezing Company. . •
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Bibliographic details
New Zealand Herald, Volume LV, Issue 16936, 23 August 1918, Page 4
Word Count
329FREEZING INDUSTRY. New Zealand Herald, Volume LV, Issue 16936, 23 August 1918, Page 4
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