PIG MARKETING

Waipa Post, Volume 44, Issue 3181, 24 May 1932, Page 5

PIG MARKETING

NEW COMPANY FORMED. REORGANISATION SCHEME. In a circular to suppliers the New Zealand Co-operative Pig Marketing Association states that 18,875 pigs are to hand and nearly all have been shipped or sold and are expected to realise prices which will enable the association to pay a final payment equal to 100 per cent on all pigs received for the season. Pigs killed on or after June 2 next will be taken into next financial year and will rank for final payments accordingly. Dealing with the association's reconstruction proposals, the circular states:—

" Our present company will go into voluntary liquidation and will transfer the whole of its undertakings, assets and liabilities to a new company with objects similar to those of our present company but with a constitution differing in several respects. The resolutions of reconstruction necessarily involve the voluntary winding up of the company, but this is all part of the machinery necessary for carrying out the suggested proposals. There will be in fact, no actual disturbance of the business of the company as the new company when incorporated will step into the shoes of our present company and will at once commence to function." Among the main details it is stated that the registered capital will be £25,000 as at present, but in £1 shares. After detailing the share basis, the circular mentions that advance and final payments on pigs will be the same to all suopliers whether shareholders or not. The directors have discretionary power to pay a bonus to suppliers and shareholders. This bonus will be paid in respect of pigs supplied on the basis of 5001 b. of pork to a share. Shares will be paid up from appropriations of moneys from the sale of pigs. The directors will have power to appropriate not more than id per lb. of the pork supplied during, a season, but it is considered that less than this amount will meet the comrequirements under existing conditions. The appropriation will be credited to a reserve fund and the shares will be paid up by withdrawal from it for that purpose.