DEVELOPING THE NORTH

New Zealand Herald, Volume LVI, Issue 17275, 26 September 1919, Page 6

DEVELOPING THE NORTH

[THE NEW FREEZING WORKS.

PURCHASE OF MACHINERY.

| The establishment of freezing works 'near Opua, Bay of Islands, by the Auckland Farmers' Freezing Company was ■referred to at the annual meeting of the company yesterday by the managing director, Mr. S. J. Ambury, who stated that the works would be erected and operated in terms agreed upon with the North Auckland Freezing Company. This company had undertaken to find £57,000 in shares of £1 each, the Farmers' Freezing Company to provide the balance required to build and equip the works, charging bank rate of interest for the amount advanced The first charge against the works would be the interest and advances, and as soon as these liabilities were met and the branch was able to pav 8 per cent interest on the capital subscribed the branch would be merged into the companv and the Northern shareholders would rank equally with the shareholders in the company. Mr Ambury added that in view of the difficulty of making satisfactory arrangements for machinery for the Bay of Islands and the Auckland works and the uncertainty of getting the material shipped from England,-the company's works' superintendent, "Mr. T. Simson. had been sent through America to England to purchase machinery and arrange for its shipment. -Mr. bimson was now in England, and information from him regarding the possibilities of obtaining the necessarv machinerv and ihippins it was expected at the end of this month.