BOUGHT BY BORTHWICK’S.

Timaru Herald, Volume CXXIII, 21 December 1925, Page 8

BOUGHT BY BORTHWICK’S.

WELLINGTON MEAT CO’S. WORKS,

By TelesraDh— Press Association I WELLINGTON, .December 19. ) It is learned that Messrs iiorthwick’s ' offer for the purchase of the Wellington Meat Export Company’s business, which was accepted by an extraordinary meeting oi shareholders yesterday, Was £200,000. . The total assets, according tat the latest balance sheet, were set down as £080,583, including Find, premises and plant 1 t Ngahauranga, Hqrokiwi, Alicetown, Waingaroa, Kakariki, Marion aiid other freehold properties £301,845, s-undrj debtors £42,480, consignments £204,600, stocks £74,628 and appropriation account £56,958. ft wa,s estimated ■by some of those at the meeting that if the sale is consummated th e shareholders will receive about Ss in the £■

MR. LYSNAR PROTESTS. COMBINES REDUCING PRICES. By Telegraph—. Press Association GISBORNE, December 19. At the annual meeting of the Poverty Bay Farmers’ Meat Co., Mr W. D. Lysnar, who presided over a small attendance, said that although the shareholders of the Wellington .Meat Export Co. had signified their willingness to sell to Borthwick’.s. he considered the Government should withhold a license. . Mr Lysnar said that all present would regret the reduction in prides offered for meat this season. * It was nothing more than he expected, for they knew that through the operations-f of big buyers many smaller buyers had been shut out last year, and after the small men had gone out this season the result was that buying was now focussed among large firms. It was apparent, he alleged, that an understanding existed, and one thing that helped to aggravate the position was that the Meat Board was not functioning as it should. If farmers were to be saved, the Government would have to. act up to its promises to save the people from combines. If big overseas concerns were going to continue to buy up farmers’ concerns, then farmers were going to be placed in a dangerous and awkward position. After the experience of their own company being allowed to go to what they regarded as the biggest combine in the world, they could hardly conceive that the Government would sanction the sale of the Wellington works to Borthwick s, another large overseas concern--- , .NtuLumHW