COLD STORAGE.

Timaru Herald, Volume XIC, Issue 13420, 18 October 1907, Page 7

COLD STORAGE.

. I . lIMI. . COMPANY TO BE REGISTERED

A meeting of shareholders in the proposed- South Canterbury Cold Stoi-age Company was held in the Sophia Street Hall yesterday afternoon.. There were about twenty present. Mr F. A. Raymond' presided, and explained that) the meeting had been called for the purpose of considering whether the provisional directors should register the. company on the present basis, or whether,, as an alternative, the present company should lapse and a new one be formed. It would be necessary to register immediately, or the proceedings must be begun ;de novo. Mr Chaffey stated that of the 3000 shares that were to be subscribed before allotment, 1000 had been subscribed*, and he couldl guarantee 500 more. That was half the minimum required. <Hehad been •.too busy himself to canvass: for shares, but he had a number; of promises from people in the country, who .would take shares as soon as they were assured that the company was going ahead-,' otherwise they' would not - draw"money-out of; the. bank to lie idle. . A person, had- been' canvassing in the town, but. he. had not been successful, because interested .'parties ' had spread' a report that the company would not be pushed through. Many bad promised to take, shares if, they saw evidence of life in it . by registration. , If they did not register within - five days the thing would lapse, < but registration* would give them twelve months iii whiclx to fill their share list., either by subscription or guarantee. The prospectus stated that the provisional, directors would not proceed to allotment until 3000 shares were taken up. Mr Kinnernsy, solicitor to the company, explained the effect of registration, ■ and: added that the condition last, named by Mr Chaffey' would .be equally biridingafter registration. There were. certain expenses out of pocket—about £2o—that should be paid ; the legal expenses account; could stand oyer. ; ~ . ?

Mr. Stevenson, of Irvine, Stevenson. and | Co., Dunedin, who was present, . spoke encouragingly of the prospects of a cold storage" company at Timaru. He did not anticipate a great deal ,of profit from bacon-curing, as they would have to compete with others in that line, but cold storage was so i great, an advantage that it would obtain business from many unexpected quarters. His firm had, however, purchased between £2OOO and £3OOO worth of bacon from the North Island, and might have bought .it at Timaru instiead if the ''cure" had suited their trade. He tliouglit a ; . subscription of £SOOO would be enough.; they would not want £BOOO. Mr. Stevenson said he had a plant that 1 , he could sell cheap, and on terms, and would take some of it out. in shares. Hp advised that the, promoters should be paid in cash rather than in shares. After a little further (discussion it was unanimously j-ec-olved, on the motion :of Messrs Poxler and McWhirter —y. " That the company be registered, and r that the provisional directors proceed to ; allotment when. 3000 shares, have bsen subscribed .or guaranteed to ths. satisfa-ction of - ; a meeting of shareholders ; , that: shareholders not present, be. notified, that, .-this resolution has been carried, ~ and be asked t-o give their consent in writing- or notify that they'will withdraw."

. A vote of thanks to . the chairman closed tha meeting. .... . .