WAITAKI FARMERS’ FREEZING COMPANY.

Waimate Daily Advertiser, Volume XXIV, 23 December 1926, Page 7

WAITAKI FARMERS’ FREEZING COMPANY.

(To the Editor Daily Advertiser;. Sir, —I read a notice in the “Oamaru Mail” of the 29th, calling the shareholders of the Waitaki Farmers’ Freezing Co. to meet at Oamaru on 29th inst., but warning those who have not their calls all paid that they will not be allowed admittance to the meeting. The directors all ask for unity and support from all shareholders. iStfrely it is most inconsistent to ask for support from people whom they would not associate with, in fact to give them notice not to come near the place. They are not able to pay their calls. They say that the meeting has been demanded by the Waimate shareholders; but, Sir, I would call attention to all shareholders that the meetings called in South Canterbury are in their opinion in the interests of the Waitaki Farmers’ Freezing Co. It cannot he denied that the directors of the Company made a mistake when they did not call a meeting of their shareholders before they entered into that agreement with the N.Z. Refrigerating Co. They knew they were in a state of bankruptcy. Surely the owners ought to be the first that ought to be advised of the position. The directors know well that they have not got a chance of ever being able to pay the Company’s debt to the N.Z. Refrigerating Co. Why. don’t they tackle the position like business men and come to some understanding with the Company, or hand it over to them, when the share holders will know what stand to take? A person can hardly help thinking that there is some ulterior motive on the part, of the directors in working in the interests of the N.Z. Refrigerating Co., which at one time we were all so pleased to get rid of. The directors told us at the annual meeting* that Ihe Company was in a good posi'ticß!’ '• that they were now prepared to pay .cash for all the meat going througlh the works; but neglected to tell us where they were getting the finance from. In my opinion there is no doubt that the balance-sheet and statement read out were made with the intention of misleading the shareholders. It does not seem fair to shut out shareholders from a meeting and still hold them responsible for the full amount of their shares. If the directors took a proper view of the position they would be pleased to see that the shareholders were anxious to assist them in getting out of the financial muddle that they have got- themselves into. Instead of that they take it as a personal matter, which I can assure them is nothing of the kind. Now is an opportune time to make arrangements with the N.Z. Refrigerating Co. or let them have their works back. As I pointed out once before, if the N.Z. Refrigerating Co. does not give us a fair deal, we hold the key of the situation, and the Company knows that well. The directors know that in calling a meeting such as they have called and excluding the non-finan-cial shareholders they are debarring most of the shareholders from being present as four days after the annual meeting they called their board together again and struck a levy. As there are hardly any shareholders in the Company who have not £125 worth of shares and as this is the time of the year when money is very scarce they very well know that it is not very convenient for those people to find £l2 19s. The directors knew at the annual meeting that they were going to make a call if they were in sympathy with the finances of the Company. Then surely they could have struck the levy instead of calling another meeting four days afterwards. If the directors think they are going to sidetrack the shareholders by not giving every shareholder a fair chance to discuss the position at a public meeting they are certainly making a mistake, and it is a had advertisement for getting stock for their works for the coming season.—l am, etc., AT. J ’"ORRIG \N. “Link"’' nd,” Waimate.