PATEA MEAT COMPANY.

Taranaki Daily News, 22 December 1924, Page 7

PATEA MEAT COMPANY.

STATUTORY MEETING. A step further in the business of the company formed to co-operate with the old Freezing Company at Patea by providing funds for killing and freezing of stock at the works was taken on Friday, when Mr. A. T. Christensen, chairman of the provisional directors, presided at the statutory meeting of shareholders. The chairman referred to the work done since the formation of the company. He said that very satisfactory progress had been made, which they hoped would meet with the approval of members. The directors had exercised prudence, and he felt sure that this meat company would do well and prosper in the future and secure full prices for all stock handled by them. The chairman said they would build up a. reserve and then pay out dividends if there were profits available. The motion for the adoption of the report was carried unanimously. The report recorded, inter alia, that the shares allotted numbered 28.942, £3455 having been paid on calls and £1728 on calls paid in advance. Preliminary expenses totalled £523, and it was estimated that £lO5O would Im? required further. There were twelve nominations for the office of directors, of whom Messrs Finlayson. Barrow, Belton and Taylor retired. A ballot resulted* in the return of Messrs C. Dickie. A. T. Christensen, C. Honeyfleld, G. McGregor, J. E. Palmer. J. R. Corrigan, M.P., and B. C. Ly-aght. The directors’ fees were fixed at 10s per meeting. Unanimous approval was given of the following resolutions, which were carried:—

“Upon any offer of shares to the public for subscription, the company may pay commission of not more than .2i per cent, on the nominal amount of the shares already allotted and a commission of not more than 5 per cent, on the nominal amount of any shares that may be allotted after the 30th day of November, in pursuance of the powers in that behalf expressly conferred by the Companies Act. 1908.” “That the capital of the company be increased to the amount of £OO,OOO by the creation of additional capital of the amount of £20,000 divided into 20,000 shares of £1 each, such shares to be issued as ordinary shares, ranking as to dividend and as to distribution of capital on a winding up pari passu with the ordinary shares in the existing capital’of the company.”. Jt was agreed to pay 6 per cent, interest on all calls paid in advance.

Mr. J. D. G. Thomson was appointed as auditor at a fee of 25 guineas. At the first meeting of the new board of directors Mr. C. Dickie was elected chairman. —Hawera Star.