WOUND-UP.

Timaru Herald, Volume CXXIII, 19 December 1925, Page 10

WOUND-UP.

S.C. CO-OPERATIVE FREEZING COMPANY.

DIVIDEND OF ELEVEN AND THREEPENCE IN. POUND.

Yesterday morning in the Foresters’ Hall, Timaru, a meeting of shareholders in the South Canterbury Cooperative Freezing Company, which ! had beef called by circular, was held ! for the purpose of winding up the Comi pany. Mr Donald Grant (chairman I of directors) presided, and there, were ! thirty shareholders present, in addii tion to the liquidators- —Mr H. H. j Fraser and Mr J. M. Jenkins. ! The chairman explained that the I meeting had been called for the purI pose of winding up the Company. Uni fortunately the object of the Company ' had not been achieved; they had not been able to erect freezing works, but they had done their b'est and it was not their fault that they had not succeeded. Ail the expenses which the Company had incurred had been met, and he was pleased to be able to say that there would be returned to sharelioders 11s 3d in the £l. The position might easily have been very much . worse. (Applause.) . The secretary (Mr H. H. Fraser) said the money which had been received by the Company had been used to the best advantage. One sum which had been pl*ced on deposit had earned ' £IOOO in interest, while another sum, which had been placed on deposit in the Bank, bad earned £SOO in twelve months. If tho Company had wound up two years ago the dividend to shareholders would only have been about 6s in the: Gl, instead of 11s 3d, which they would now get. (Hear, hear.) Tt was unanimously decided that the Company be voluntarily wound up. Tn reply to a question, the liquidators said that, the dividend to shareholders wonVI be paid out early in the new year; it could not be paid out sooner because the money which was on deposit would not fall duo before the end of the year.

J It was decided that , the nlans for freezing works for which the Company had naid I*2ooo. should be handed to Mr Donald Grant, for safe keening. it being stated that they might come in useful on some future oc-

crs'on. Complinientan' reference was made to the option of Mr Grant in taking hack, without logs' to the Company' the land which had been bondit from : him as a site for tho .proposed freezing ; works. I Mr Grant said he did not think ho . was entitled to anv thanks for this. ]as the lard was_ wsrth the money wl’V>h he had naid for it. : j It was agreed that if anv further ; mon"v is received aHer the Comoanv Ims he<"n w-mrd nn. it should he hand[od to +i. e PnM.V TTnspital or to some charitable institution