PATEA FREEZING WORKS.

Taranaki Daily News, 12 November 1921, Page 7

PATEA FREEZING WORKS.

A PUBLIC MEETING. A public meeting convened by his Worship the Mayor was held in the Town Hall, Patea, on Monday night. Hi a Worship, who presided, explained that the opening of the freezing works meant a great deal to the town and district, and he hoped the townspeople would do all in their power to assist the company. Mr. G. V. Pearce said the speakers that night hoped the people would subscribe handsomely to enable the works to be carried on. It was no good going into past history and crying over spilt milk. They had to look to the future and do their best to put the company on its feet. If the company went into liquidation the shareholders and depositors would lose every penny invested in the institution. Unless something were done immediately there was not much hope of the works being carried on during the present season. If the works were sold there would not be time to operate during the coming year. Mr. Pearce then proceeded to outline the proposal to carry on the works during the present season. He emphasised the fact that the new scheme woulff be entirely distinct from the old company’s operations. Briefly, it was hoped to obtain £30,000 to kill sheep and keep the works going. Of the £30,000 some £19,000 had been promised, and he understood that if another £6OOO were forthcoming operations would be carried on. If the scheme he had outlined materialised the subscribers would appoint trustees who would arrange to carry on. What the company required was a freezing works expert who would advise as to markets, etc. The company had suffered in the . past through not selling at the right time. If the works were kept going for twelve months they might realise more than they would if sold to-day. It was, therefore, in the interests of shareholders and depositors to have the works at the earliest opportunity. Mr. Pearce concluded by expressing the opinion that it would be a nasty knock for the town if the works were not reopened. Mr. Belton, who, spoke next, stated that £5OOO had been offered conditionally upon £20,000 being forthcoming. To date £14,000 had been promised, and it was therefore necessary to obtain a further’ £6OOO to start the works again. There might have been mismanagement in the past, but the directors had shown their faith in the concern by the money they had put into it. Twelve shareholders held £31,800 worth of shares, the remaining shares being distributed among some 500 shareholders. The speaker went on to say that the works were in one of the best districts in New Zealand, and if they were restarted they might be able to reconstruct. The company was not the only one that had suffered loss last year. Vestey’s were supposed to have lost 2J millions last year, whilst the Taihape and Mliakatane works had aVo lost money. Mr. Belton concluded by appealing to one and all to do their best in the interests of the town. Mr. Murphy, in a brief speech, referred to the statement made at the annual meeting by a shareholder that the staff were to blame for the loss that had been made. He wished the to uTHieratand that the staff had under the directors, who were respm'whl,' for the management of the coinpan}. The speaker went on to say that if the .works closed domi the shareholders would have to find worth oi share capital. Besides this the closing down of the works would deal a severe blow to the cr J dl " of the district and inflict a great deal of hardship on the small people, besides which it would result in a great drop in the value of property in the tant inasmuch as a large number of people W mld have to leave the town to find work elsewhere. He hoped people would do all they could, for the sake of the town aud district. (Applause.)

His Worship said that Mr. Murphy, assisted by other gentlemen, would canvass the town for further support forthwith. Mr. Belton said the directors were meeting on Saturday, when if the money required were not forthcoming' they would decide to go into liquidation. The people should therefore make up their minds what they were goinjs on®®.—Data* Frans,