THE CHRISTCHURCH MEAT EXPORT COMPANY.

New Zealand Times, Volume XXXVII, Issue 6456, 22 December 1881, Page 2

THE CHRISTCHURCH MEAT EXPORT COMPANY.

(UNITED PRESS ASSOCIATION.) Christchurch, December 20,

An adjourned meeting re the formation of a Meat Export Company was held to-day, when the prospectus was read aud adopted and Provisional Directors elected, the company may, therefore, now be considered to be formed. The following are the more important points of the prospectus, which will serve to give a clear idea of the business and objects of the company : —“Prospectus of the Canterbury Frozen Meat aud Dairy Produce Export Company, to be incorporated under the Joiut Stock Companies Liabilities Acts. Capital £20,0u0, in 2000 shares of £loeacb,to be paid upasfollowe : —los on application, 10s on allotment, and the balance by calls, not exceeding 20s per share, at intervals of not less than three mouths. It is proposed to call up not more than half the capital in the first instance, the balance to be reserved for the extension of operations when required. The Company is projected with the object of providing the means for preparing and rendering fit for export the surplus stock and dairy produce of this district by the refrigerating or other processes. The present intention of the promoters is to restrict the operations, of the Company to the preparation of meat and dairy produce for shipment on owners’ account, and to arrange for the sale thereof in the London marked. It is intended that the Company shall have power either to purchase or ship on owners’ account, as may be found desirable, and also that they shall control the sale as well as the freezing and export of the produce until the scheme is fully in operation. The preparation and storage of cheese and butter for export will become one of the most important operations of the Company, and as the market in England for these products is practically unlimited at prices showing 50 per cent, advance ou cheese aud 100 per cent, on bntter over those current in this colony, an extensive export trade may be confidently anticipated. The promoters recognising this all-important feature in the project, propose to provide cool storage for butter, cheese, &c., where such may be collected from farmers as produced and accumulated until a vessel is ready to receive it. After careful inquiry, it is estimated that the amount of capital to be called up (£10,000) will be sufficient to acquire suitable premises, erect the necessary building, provide all requisite machinery, and meet the preliminary expenses. The English insurance companies offer to cover shipments against all risks, including deterioration on board ship from any cause for 5 per cent premium. The Chairman said that since drawing the prospectus the Committee had learned that all the colonial insurance companies in London had combined aud agreed to guarantee the insurance of the frozen meat export at 5 per cent. This was an absolute guarantee against loss by deterioration or otherwise.