GISBORNE SHEEPFARMERS

Wanganui Chronicle, Volume 74, Issue 243, 14 October 1931, Page 9

GISBORNE SHEEPFARMERS

j AMALGAMATION SCHEME SALE OF FREEZING WORKS ; GISBORNE, Oct. 11. Shareholders in the Gisborne Sheep- ' farmers * Frozen Meat and Mercantile ’ Company, Limited, yesterday adopted a resolution submitted by trie directors r providing for the eventual sale of the : Haiti freezing works to a subsidiary company (Gisborne Refrigerating Comr pany, Limited), on the directorate of • - which tho Gisborne Sheepfarmers’ and | - Nelson’s New Zealand, Limited, are to have equal representation. A section of the shareholders strongly opposed the provision for the sale, but • th? directors made it clear that only _ by effecting extensive economies, such as the amalgamation would make pos- - sible, could their concern avoid substnn- ; tial annual losses. Tho point was made that tho farmers had tho choice of ce- . monting the amalgamation now or fac- - ing the possibility of losing the works altogether through foreclosure by the bank or other mortgagees. Tho I roposal required the endorse- ' ment of 75 nor cent, of tho shareholders present and was carried by a small margin.