FARMERS' FREEZING WORKS

Waikato Argus, Volume XXXVI, Issue 5668, 23 July 1914, Page 2

FARMERS' FREEZING WORKS

MEETING AT TE PAHU. A well-attended meeting of settlers was neld yesterday at 'le Pahu in furtherance of the proposed freezing works for Waikato. Mr D. Bruce, who presided, said he felt sure all present would give the project their support. | Mr T. Cooper said that since the Waikato Company was started, the number of shares subscribed was satisfactory. The Auckland people, in allowing them to go in at par, and giving them their works in the Waikato—the main object—had treated them handsomely. No one knew who the other exporters were buying for, and when these people got the control instead of New Zealand, God help the farmer. Lately they had closed works in the Argentine, a younger country than New Zealand, and a country which had been going ahead rapidly, where there must have been a big increase of stock. Alluding to the meeting last Saturday at Cambridge, Mr Cooper said it had cleared the air; Mr Morgan was the only one who had held that Hellaby's agreement was to the detriment of the farmer. He was willing that the chairman and any other two gentlemen present should read the agreement, and give their opinion on it. It had nothing to do with the present company. He had been authorised to take a copy round, and to show that it was in no way detrimental. If this scheme was successful the company wouli be one of the largest in New Zealand. Mr Cooper then quoted from Mr Wilson's speech at Wanganui and from the Argus interview with Mr R. U. McKenzie, of Masterton. Their critics had been quoting ligures from Home. In England they dealt mostly with frozen meat, and the farmers ; took advantage of the home-pro- ! duced stuff to sell it on the hooks lat the same time. Here it was a ! different thing altogether. It was far | better for them, being shareholders | in the works, to get the management j to consign their stuff altogether. They had their own dilferent marI kets, and, by pooling, prices could I be graded to dilferent individuals. I That was the much better way of I working against any trust than by trying to sell in local markets, which I in these days were a mere bagatelle. The r°ason of the Waikato project was that so much money was lost through want of space in the present works. Secondly, in looking ahead, they had to watch the world's markets. It was known that America, which used to be a big exporter, was now a Dig importer. In proof of this Mr Cooper quo'.ed from the Mercantile Gazette, remarking that that was the whole thing in a nutshell. (Applause). In reply to the chairman Mr | Cooper referred to men who bought only a few head of cattle in the year, and said the whole thing was to get more space. The more facilities they got for freezing the more stuff would come foiward, and the belter prices they would get. It was want of space that kept the prices back. The sooner they got the shares in the better for everybody. They were on a better wicket in Waikato thun the furmeis at Marton, where I they obtained shares up to £30,000, | although charged a 10 per cent, premium.

A farmer: Will the new shareholders go in the same as the old? Mr Cocper: Yes, at par.

Are the shares quoted on the Stock Exchange at Auckhnd? Mr Cooper; No. I'hey have to go through the directors' room before they can be transferred. They want to save themselves from anybody having a controlling interest. The maximum voting pover is only five. Any man with GO shares has as big a vote as the man with 1000 shares. Un the motion of Mr 11. Kirk, seconded by Mr Groves, the chairman and Messrs J. Smith and Haddock were appointed to look into Hellaby's agreement.

Continuing Mr Cooper said the success of inland works was largely attributable to their ability to kill stock in the bloom, and called attention to the preference of export buyers fur putting their meat through Wamguva works as against sending to the Wellington works.

The chairman said the committee appointed had gone through the agreement, and did not sue anything in it detrimental to the proposed freezing works. There was nothing in the agreement that could harm them. Even down to the smallest fatrner, the seherne would be beneficial.

The meeting terminated with a hearty vote of thanks to Mr Cooper, on the motion of Mr Bruce.

At the close of the proceedings a number of shares were taken up.