MEAT WORKS SOLD.

New Zealand Herald, Volume LX, Issue 18548, 5 November 1923, Page 6

MEAT WORKS SOLD.

POVERTY BAY PROPERTY. ACQUIRED BY VESTEY'S, LTD. PRICE REALISED, £225,000. [BY TELEGRAPH.own CORRESPONDENT.] GISBORNB. Saturday. The Poverty Bay ■ Farmers' Meat Company's works at Waipaoa were sold by auction to-day, by order of the registrar of the Supreme Court, at the request of the mortgagee. Only one bid was made, this being by Mr. F. Tolerton, on be- ] half of kelsons (New Zealand), Ltd., _a| subsidiary of Vesteys, Ltd. The bid was for £192,000. The total consideration was, Jiowever, £225 5 0G0, the bid' being subject to a mortgage on the property which the purchasing company takes over. The sale, which affected the largest property ever offered in one lot in Poverty Bay, was conducted by Messrs. Williams and Kettle, Ltd. There was a large attendance of the Farmers' Meat Company's shareholders and others, and a lively interest in the proceedings was evinced. It was known that Messrs Vesteys, through their Dominion representatives, Nelsons (New Zealand), Ltd., contemplated the purchase of the works, and it was thought (possible that tho efforts of the directors .of the Meat Com pp.ny d'.ring the past few weeks might bear fruit, in the form of a bid from an other source. This possibility did not materialise, however, and only the one bid was received. The whole procedure occupied 20 minutes, .and a property that has been valued at various times at over £400,000 passed to the purchaser* for £225,000, the reserve placed upon it by the mortgagees, the National Batik of New Zealand. The purchasers of the works intend ta immediately transfer their freezing opera tions from their old works at Taruheru to Waipaoa, and to dismantle tl « old works. The lightering plant, of course, j will be retained.