WELLINGTON FARMERS' MEAT COMPANY.

Wairarapa Age, Volume XXXII, Issue 9711, 5 February 1910, Page 5

WELLINGTON FARMERS' MEAT COMPANY.

THE BAQOIVCUKINU SCHEME. i AN IMPORTANT PROPOSITION. PARTICULARS OF THE PRELTM- " PNAKY PROSPECTUS. Mr J'. C. Cooper, Managing Director of the Wellington Farmers' Meat Company, Ltd., informed a representative of the Wairarapa Age,, yesterday, that a large number off dairyfarmers throughout the distort had approached him with regard to the erection of a bacon -curing plant in connection with the meat works at Waingawa. Mr Cooper stated that he had given the proposal a great amount of careful consideration, and had come to the' conclusion that it would be a good complement to a meat works. As a result of the representations made-' a preliminary prospectus dealing with the scheme had been drafted. Through the courtesy of Mr Cooper we are able to print a copy of the preliminary prospectus which has just been drawn up, which should prove interesting reading to farmers and settlers generally throughout the *» ■■ fZ THEfPREiiMINARY PROS- * PECTUS. ..repeated requests have been made by dairy farmers to the Managing Direcetor and others connected with the Wellington Farmers' Meat Company, Ltd., to establish a bacon factory in connection with their works the Directors have decided to erect a curing establishment providing the dairy farmers subscribe a total of 600 £s.shares, calls to be made as follows:—Ten per cent, on application, 5 per cent, on allotment and the balance to be.called at the rate of 1 not more than 5 per cent, each call, no two calls to be made in one month, but should the Directors consider the number of shares applied for Insufficient to do the work required the Directors reserve the right to refuse to allot the shares and in thatcase return the ten per cent, paid on application less any cost which the Company may .have been put to in connection with the receipt of such application. . All shares to be known as the "C Issue" on application, but have all the privileges and rights of T ordinary shares, with regard to the election of Directors and other affairs of the Company. The dividend on the shares and any bonus that may from time to time be paid, shall be derived from the bacon and pork business of the Company only. Otherwise all such payments to be in accordance with Article 93 of the Company's Articles of Association.

The Company may by special resolution convert the whole of the "C Issue" into ordinary shares in which case the separate accounts of the bacon and pork branch of the Company would be abolished, and the holders of these shares would participate in the profits of the Company as ordinary shareholders. The advantages of dairy farmers adopting the above proposals are : The Wellington Farmers' Meat Company, Ltd., will provide a bacon fatory for £3,000, with such accommodation as an independent bacon company could not provide for less than £7,000, because the freezing plant, freezing space,, storage chambers, and killing board are already provided, while ' a new company would have to provide all this including the motive and steam power. The pork and bacon department of the Company's business, would be carried out on the same lines as the re=)t of the Company's business, that is, while the Company would not in any sense become a buyer it would undertake to find buyers at the highest rate either at the Company's works or in the market of the world. In other words to get for the farmer the highest possible price for his product less the actual cost of handling, in the event of exporting the Company would arrange advances on the produce.

It must be understood that this prospectus is orslyi preliminary, and in the even: of the proposal being seriously entertained would be redrawn by the solicitors of the Company at the sxpense of the holders of the "C. Issue," and apart from what is herein stated all such shares would be subject to the Company's Memorandum and Articles of Association."