The Waimate Advertiser. (Established 1898). Published every evening since 1914. TUESDAY, DECEMBER 28, 1926 WAITAKI FARMERS’ FREEZING COMPANY.

Waimate Daily Advertiser, Volume XXIV, 28 December 1926, Page 4

The Waimate Advertiser. (Established 1898). Published every evening since 1914. TUESDAY, DECEMBER 28, 1926 WAITAKI FARMERS’ FREEZING COMPANY.

A good deal of dissatisfaction has been expressed with the action of the Waitaki Farmers’ Freezing Co. in practically excluding nonfinancial shareholders from the meeting to bo held in Oamaru tomorrow ; and some of it has been voiced by Mr M. J. Corrigan, whose letter appeared on Thursday, and by Mr R. P. Henry, whose protest at the directors’ action, is published to-day. The meeting, as is well known by those concerned locally, was called at the instigation of a number of Waimate district shareholders, who desire immediate steps taken to secure a writing-down of the mortgage held by the New Zea land Refrigerating Co. on the Pu kcuri Works. As far as can be gathered hy the expression of opin ion of the chairman of directors at the recent meeting in Waimate, tha directors do not consider the timo ripe for moving in this direction ; but this is where the local sharo holders apear to differ. The Waimate meeting on all other questions showed a distinct unity of feeling as compared with some of the earlier meetings in the history of the Company. The shareholders for the most part appeared to realise that the directors were endeavour ing to do their best in the interests of the concern > and the chairman of directors made a frank statement of the affairs of the Company to those present; and eventually agreed to recommend the directorate to call the general meeting desired by the resolution. The'’amicable spirit created at this meeting however, has been dispersed by the publication of n footnote to the no tice calling the general meeting reminding unfinancial shareholders that they were debarred from tak ing any part in the proceedings. Strictly speaking, the directorate are quite within their rights in adhering,to the exaet terms of the Articles of Assrxiation of the Company. If unfinancial shareholders were allowed to attend and vote at the meeting, the whole proceeding would bg. quite. informal at law, and it is quite within the bounds of possibility that difficulties would arise in the future, as a result. The positron, is unfortunate, however, in that the unfinancial shareholders, of whom there is stated to be a fairly large number, are legally responsible, equally with the financial shareholders, in connection with the Company’s business; and it is as much to improve the position of the unfinancial shareholders as of others that movement for a reduction of the mortgage was made. Onr correspondents point out that- under the existing conditions, there is likely to be a poor attendance from this side of the river; and this naturally will be fatal to the spirit of the resolution, which called for a meeting of all shareholders. It is too late to approach the directors to ask them to rectify the position; but we take the liberty of suggesting to the unfinancial shareholders that they go in a body to the meeting place, and request, the directors to postpone the general meeting already called for, say, two hours, to permit of an informal meeting of all shareholders being held ii. the meantime. We feel sure that the directors will accede to this very reasonable request,

’ ’.eh will enable a free discussion of the Company’s affairs to take ph <• . and will provide an accurate gauge of the feeling of the majority of those concerned. This informal meeting could pass a resolution as a recommendation to the proper

legal .meeting to be held t later; and this later meefj ancial shareholders could/t port the resolution and a. alise the wishes of the i aa -