COLD STORAGE.

Timaru Herald, Volume XIIIC, Issue 14141, 26 February 1910, Page 7

COLD STORAGE.

MEETING OF SHAREHOLDERS. The first statutory meeting of the South Canterbury Cold' Storage and Produce Distributing Company, was held in the Sophia street hall last night. Mr John Hole, one of the provisional directors, presided, and there were eleven others present. Apologies for absence were received irom Messrs G. S. Cray and E. G. Kerr. The provisional directors reported as follows:—The total number of shares allotted by the company is 3018 shares of £1 each. The total amount of cash received by the company in respect of these shares is £lO7l 12s 6d. The following is an abstract of the receipts and payments of the company on capital account to the date of this report.

Receipts—To application allotment, first and second calls paid £lO7l 12s 6d, debenture £IOOO, total £2071 12s 6d. Payments—Buildings £1206 13s Id, machinery and coils £373 19s 3d, sinking wells and drainage £37 6s 2d, plant £95 9s 7d, office furniture £1 17s, balance £356 7s sd. The ascertained preliminary expenses of the company to the date of this report are:—interim secretary £ls, brokerage £ia 9s, printing £2l 18s; and the incidental preliminary expenses are estimated at £BO more.

The names of the provisional directors are:—Messrs E. Smith, G. S. Cray, J. Hole, L. G. O'Callaghan, W. Priest, F. A. Raymond, E. G. Kerr. Secretary, Mr W, D. Revell. The report also suggested that the contract between the company and Mr E. J.' Smith be extended to cover three years within which to sell 4000 hares. If this nnmber of shares is Usposed of within the period named, ifc Smith is to receive 250 shares in ihe company as consideration for what he had done in handing over the cool stores at cost price. The chairman detailed the steps leading up to the formation of the company, and said that it was now in •working order. Mr E. J. Smith had started the business which had subsequently been taken over, Mr Smith letting them have everything at cost yice. This was a very good deal <;o car as the purchasers were concerned. In return for the liberal terms on which he had sold out Mr Smith was to receive 250 shares provided a certain number of shares were taken up in the comnany within a specified time. The tome fixed was too short and he recommended that it be extended so as to give Mr Smith a chance to get the shares. Mr Smith who was in charge of the business, had done his very best for the company and it was gratifying to know that the stores were being well patronised. The indications were that within a short time, the stores would require to be enlarged. It had been taken for granted that a Government grader would be sent here as soon as cool stores wera erected, and it came as a considerable surprise to the directors to find the Minister for Agriculture refusing to send a grader here. However they had no intention of leaving the mattes rest at' that, and with men like the member for Timaru and Mr R. H. Bowie doing their best to get the grader sent here, it would no doubt very soon be done. Timaru had some years ago been gazetted as a grading port, and now they must have the practical part of it. A profitable branch of the business of the company would be bacon-curing, and it was intended to push this. The stores would probably be enlarged, and an additional section procured. More shares would have to be sold, as they could not nush the business without capital, and he would like to impress upon _ shareholders- the desirableness of paying their calls up promptly, as the money was required to meet liabilities. In the matter of expenses the directors have been exceedingly careful, and all that had been done so far had been well done. The fish business that the company was doing was very-profitable, and the same ap-

plied to their trade in ice. Mr K, G. Turner had given his services aa auditor gratuitously, and he deserved the best thanks of the company. In conclusion Mr Hole wished the company success, and said that under good management he had no doubt it would come out on the right side of the ledger. The report was unanimously adopted. The election of permanent directors resulted in the return of those who had acted provisionally. A hearty vote of thanks was passed to the provisional directors for their past services. Mr K. G. Turner was appointed auditor at £3 Ss a year. It was suggested" that the remuneration of the directors be fixed, but the directors declined' to accept anything this year. This closed the statutory meeting. An extraordinary meeting of shareholders was afterwards held, when'the articles of association were adopted. A vote of thanks to the chairman terminated the meeting.