FARMERS’ INSTITUTE.

Waipa Post, Volume XII, Issue 944, 20 May 1920, Page 5

FARMERS’ INSTITUTE.

FORMING A COMPANY.

NEED FOR RE-CONSTRUCCTION

ESTABLISHMENT ASSURED,

For some time past the Te Awamutu Farmers’ Union sub-provincial executive has had under consideration proposals for the better control of the property known as the Farmers’ Institute. The non-payment of subscriptions to the Union has resulted in it being exceedingly difficult to maintain the Institute for the benefit of the farmers, and it has been with only the greatest difficulty that the executive has succeeded in keeping open the property, which has proved of such wide usefulness and benefit. Matters dragged on until a few months ago when, through lack of finances, the executive was forced to some definite action. Either the Institute would have to be closed or the property pass into some new management of farmers with wider scope of finance. It was an open secret that offers to ptfrchase the property by private investors were awaiting a settlement of policy by the executive, and it is certain that the property could have readily been, sold at a figure vastly in advance of that paid for it some years ago. But thalt would have meant the closing of the Institute for all time. Therefore, the executive was face to face with the problem of what was best in the ultimate interests of the farmer members. Effort to Better Establish.

In the discussion which took place at the time it was shown that scores of farmers who contributed in no degree to the financial upkeep of the Union or the property, were regularly making full use of the paddocks and rest rooms. This was a glaring injustice to those who were footing the bill' for the inevitable incurring costs of the place. But, as the sub-pro-vincial Union was without legal status, it could not take firm action in any way. It was apparent, under such circumstances, that either the Institute had to be closed or its control he vested in some body possessing wider powers.

After careful consideration of all the circumstances the executive determined not to part with the property and close the Institute without making some further effort to better establish it. The decision came in a proposal to float a limited liability company, and these proposals were set out in a circular recently issued to members. The company is to have a nominal capital of £IO,OOO, divided into £1 shares, on a system of either cash or deferred payment, at the option of the applicant for shares. The objects are to take over the existing property as it stands, to erect buildings, to provide offices for farmers’ business concerns, with rest rooms, etc., for farmers’ families, and to undertake any business which the company from time to time may deem advisable. It is stipulated that shareholders must be members of the Farmers’ Union residing within the area of the Te Awamutu sub-district.

Only for Shareholders It is worthy of special note that under the new conditions the property will he for the use only of shareholders, or as the shareholders may resolve. Moreover the property is being taken over by the new company at its original cost, and it is a particularly fine asset. At a low estimate it is worth to-day*, under existing conditions and values in the town, £ISOO more than the figure at which the company is taking it over. Interviewed yesterday Mr J. G. Wynyard, the provisional secretary of the company, stated that well over the minimum number of shares on which the company will be established had been applied for. It is therefore assured that the company will be registered at an early date, and those who desire to become part owners of the Institute—and assure for themselves its benefits for all time —will he well advised to apply for shares without delay. Now that the company is assured of establishment those who want the advantages of the Institute should carefully note “ that under the new conditions the property will be for the use only of shareholders, or as the shareholders may resolve.”