FREEZING INDUSTRY.
WELLINGTON, May 16. Some important proposals were forthcoming at a meeting held in Wellington to-day upon the subject of the organisation of the freezing companies under one board, which will have for its object the acquisition on behalf of the stock-owners of the dominion all the freezing works at present existing for the purpose of exporting meat and by-products, to secure the return of the surplus profits to the producers, to prevent the acquisition or control of the industry cither by local or foreign-vested interests, to control the industry, and to reorganise the receiving, killing, preparation, and shipment of stock and agricultural produce. Provision is made for maintenance of control by the stock-owners. The dominion constitution will be somewhat on lines of the Harbour Boards or the Meat Producers’ Board. It is suggested that there shall be a central board of 10 —five from each island, representing district boards. It is proposed to set up a Valuation Commission of three members—one appointed by the Freezing Companies’ Associations, one by the Meat Producers’ Board, and the third to be appointed by the other two. In arriving at valuations, what is described as the “per head valuation ” would be taken into consideration. The present owners would be paid full valuation by debentures which should carry 6 per cent, interest and be redeemable not later than 30 years from the issue, all the properties acquired and Sinking Fund payments to be placed in the hands of the Public Trustee as security for the debentures. It is variously estimated that the valuation of the properties used in the conduct of the freezing business in the dominion ranges from £7,500,000 to £10,000,000, including the value of the working stocks on hand at the time of taking over. The proposals originated with Messrs J. Begg (Dunedin), R. 8. Chadwick (Dannevirke), and J. E. Makgill (Auckland). Three meetings representing the farmers, the freezing companies, and the proprietary companies concerned were held yesterday and a majority tentatively approved the scheme. A committee was appointed to take evidence and to obtain expert legal and financial advice and prepare a report for a fuither meeting to be held latex
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Bibliographic details
Otago Witness, Issue 3662, 20 May 1924, Page 47
Word Count
361FREEZING INDUSTRY. Otago Witness, Issue 3662, 20 May 1924, Page 47
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