TARANAKI GO-OPERATIVE BACON COMPANY.

Taranaki Daily News, Volume XXIV, Issue 11, 14 January 1902, Page 2

TARANAKI GO-OPERATIVE BACON COMPANY.

Fhom time to time our readers will lave noticed that step by step the proect for converting Mr Drake's bacon actory iuto a co-operative company lasgone steadily forward, aod throughout the district has met vith such avourable support that the venture >as now taken practical shape. ,It wil >e remembered that meetings w»n laid in various centres of the distrio it which the proposal was thorough!; liscussed, and after due inquiry bj lelegates into the financial aspect o: the concern, so satisfied were thi settlers that they appointed provisions lirectors as a first practioal step U itart a co-operative company. In oui idvertising otumns will be found at abridgment of the prospectus whicl las been issued, and it only remsini now for the farmers to eoma forwart lod by taking the required number <!» ihares become proprietors of .a mos profitable concern which is not only au idjunct of dairying, but bids fair U rival the butter and cheese of this dil tries in their high reputation. Tly aominal capital is £IO,OOO divided iat< 2000 shares of £5 each. To compl; with the terms of a recent Act a car bain proportion of this capital must b sailed up, and therefore 10s per shar is to paid on application aqd 5s pe share on allotment, thai Batik findinj the rrst of the money in the same wa< is for dairy cumpiniea* formed on co Dperative principles. Future calls whei made will oe deducted from the umoun payable to shareholders in respect o pigs supplied at the rate of 2« 6d i carcase, and the jpaoney applied to thi reduction of the Bank advance. Mi Drake is to receive £4250, thi agreed price of his factory as it stands. This is practically the amount placed upon the factory aod plant by the valuer appointed by the pro-

visional directors, so that the shareholders get the advantage not only of the land attached to the factory, but also of the goodwill, both of which are of no little importance. Moreover, at the option of the directors Mr Draka is prepared to take £SOO in shares. Of the soundness and profit-earning nature of the business there can be no question. For the year 1900 there was a net profit of 15£ per oent. on an output of about half the quantity of pigs that can be dealt with at the factory, and it is self evident that when worked to its fullest capacity the profits should bo much larger. Moreover, the institution of killing stations will effect a saving of a farthing a pound in freight, as well as enabling suppliers to get the dead weight of their pigs. j Farmers should bear in mind that j tbe share list closes on February Ist, i and that only suppliers can be directors 1 of the company. Mr L. M. Monteath, 1 the sscretary pro tem, has taken a very I active part in the initial steps, and i from him, cr any branch of tbe Bank i of New South Wales further particu- ] lars may be obtained. t.