PACIFIC PRESERVING COMPANY

Otago Daily Times, Issue 19048, 19 December 1923, Page 11

PACIFIC PRESERVING COMPANY

ANNUAL MEETING. The seventh annual meeting of the Pacific Preserving Company was held On Monday afternoon. Mr T. Somervnle, chairman of directors, presided over a largo gathering of shareholders, representing some 75 per cent, of the capital. The Chairman, in his opening remarks, referred at considerable length to the difficulties that had been encountered during' the past year, and which had rendered imperative the reconstruction proposals which were now submitted to. shareholders. Much criticism was directed at the report of the year’s operations, which was answered to the satisfaction of the shareholders present. On the motion of the Chairman, seconded by Mr A. M’Kinnon, the balance sheet (previously published) was unanimously adopted. , The Chairman stated that in company with other directors a visit had recently been paid to Otago Central, and meetings had been held at Clyde. Alexandra, Cromwell, and Roxburgh, at which the shareholders had been advised of the proposals now being considered and had expressed their unanimous approval. ■ At a subsequent extraordinary meeting, the proposal for reconstruction by the sale of the whole of the company’s property and undertaking to a new company to operate under the same name was put and carried unanimously, on the motion of Mr T. Somerville, seconded by Mr J. H. Hinton. The effect of this will be, should the efforts of the directors receive the support anticipated, that the present shareholders will receive one share in the new company for every two shares held in the original company, and the now concern will take over all the assets and discharge all the liabilities. This will necessitate the raising of new capital, which , the directors anticipate will be forthcoming, thus retaining to Otago an important industry. In view of the approach of the coming fruit season, the chairman and directors made special reference to the _ urgency of the appeal for fresh capital, which is necessary to permit this season’s crop being handled. The Chairman expressed his confidence in the future, and this view was supported by Mr James Horn, Mr John Bennetts, and Mr Robert Gilkison.