WAIRARAPA.

Wellington Independent, Volume XXVI, Issue 3219, 7 June 1871, Page 3

WAIRARAPA.

(From Our Own Couuespomdent.) meat preserving company. A meeting of (ho shareholders and other parties interested in the Wairarapa I3oiling-do\vn and Meat Preserving Companies was held at the Rising Sun, G re) 1 town, on Friday afternoon. There was a large attendance from all parts of the valley, and' much interest appeared to he taken in the question by all present:. The meeting had been duly adveitised in the Independent and the " Mercury," and I am assured by one of the promoters (hat it would have also been advertised in the Mail had time allowed, as he considered that journal was peculiarly well-suited for the publication of such announcements, having a large circulation in the country districts, and being in fact a farmer's newspaper. ! After some delay in the expectation of the arrival of the Hon. G. M. Waterliouse, J. Tully Esq. was unanimously voted to the chair. The chairman read the advertisement convening the meeting, nnd explained that its object was to establish a meat preserving company in the Wa'rarapa. Mr G. Pharazyn said that a large committee had boon appointed at a former meeting to take action in the matter, which had designated it's duties to sub-comniittcc, of Mr Gr, Bee th am had been the most active and useful member. At a meeting held at the Upper Hutt he had tried to get a resolution passed having for its object the appointment of a joint committee from the promoters of the two projects, in order that they might be I amalgamated, and one strong company thereby be constituted. But as that meeting consisted chiefly of Hutt residents his resolution was rejected, and in consequence he (Mr P.) and others immediately withdrew their names from the list of shareholders, as he believed that if the two projects were launched, one at the Hutt and the other at Featherston, the latter was more likely to prove successful. Already 470 cash shares, and 359 stock shares had been taken in the proposed Wairarapa Company, but the sub-committee had come to the conclusion that it would not be advisable to commence operations until shares representing £1000 in cash and £'4000 in stock, in addition to the actual value of the boiling down company's works, which they had put down at a guess at £500, had boon taken up. It would then have a capital of £8500 to start with. Before this amount could be obtained some 330 cash shares, and dl() stock shares were required to be taken in the company, in addition to those which hod been already subscribed ; and if the district was really in earnest in wishing for a meat preserving company to be established that number of shares I would be taken up in the course of the next fortnight ; in which case he thought the project of establishing works at the Hutt would be abandoned. Since their last meeting much valuable information had bc^n published relative to the preserved meat industry, which left no doubt on his mind that, if properly conducted, it would prove a profitable investment. He believed that the Wairarapa could support one good establishment, but that it would not be able to supply sufficient stock to keep two in constant operation. This was an important matter, as the wages of their skilled workmen \vßuld have to be paid whether the works were kept going, ov had to stand idle, owing to a want of a regular and constant supply of stock. It was for this reason be had been so anxious for the two projects to be amalgamated. The Sub Committee recommended that the words " boilingdown" should, be omitted from the name of the new company, and should be simply called "The Wairarapa Meat Preserving Company," and he would conclude by moving a resolution to that effect. The resolution was seconded by Mr Beetham, and unanimously adopted. Mr T. C. Williams moved that the capital of the company be £8000, £4009 in cash shares, and £4000 in stock shares, in addition to the Boiling Down Company's property nt Featherslon, which property should be taken at its actual value, and paid for in scrip. It would not be fair to the shareholders in the new company to pay more for the boiling-down works at Foatherston than they were actually worth. In answer to Mr Caselberg he said that the company would not take ten £1 shares in the old company as equivalent to two £5 shares in tbe new company, but the latter proposed to take over the boilingdown property at its present actual cash value, to be determined by a valuation. Mr Beetham said that Mr Braithwaite had accused the stoukowners of the Wairarapa and East Coast of possessing neither cash, energy, or unity of action, and he trusted that they would show that he was egregiously mistaken, and that they were not to be humbugged into the belief that the proper site of moat preserving works was not at the Wairarapa, but at the Upper Hutt, where a large expenditure, and not the interests of stockowners, was alone regarded. Mr Pharazyn understood that the Boilingdown company were willing to dispose of their shares in the purchase of shares in the new company, not at their nominal but at their present actual value, which would not be much if meat preserving works were to bo established unconnected with the works at Featherston. He was glad Mr Caselbe*rg had mentioned the subject, as the greatest obstacle they had to contend against in canvassing

for the new company in Wellington wai the prevailing idea there that the share; in the Boiling-down Company wore U be taken up by the new company ai their nominal value. Mr Wardell saic that the resolution passed at their last meeting showed that the shareholders in the Boiling-down Company were willing to transfer their interest to the Meat Preserving Company at its actual value. There was no doubt whatevei that boiling-down would have to be carried on in conjunction with meat preserving, for which the plant at Featherston was well adopted. After some further discussion, in which several gentlemen took part, the resolution was put to the meeting, and unanimously adopted. The following gentlemen were then, after some discussion, elected a provisional board of directors- — G. M. Watorhouse, C. Pharazyn, G. Beetham, E. Pearce, J. Tully, J. Russell, and T. C. Williams, Esquires. Mr Pearce was unanimously chosen treasurer, and Mr C. Pharazyn secretary. The latter slated that the provisional directors would call a meeting of the shareholders after the articles of association had been drawn up, and the company had been provisionally registered. The meeting then separated. Every confidence is felt by the promoters in the success of the company, a large number of additional shares having since the meeting been taken. But even then the number of shares taken does not represent the true stale of feeling with regard to the project, as the returns from the Wharoama and the East Coast are not in yet ; besides which several large stockowners in the valley have promised to take shares, but were prevented s'vom attending the meeting owing to the flooded state of the river. Support is also promised in Wellington as soon as ; it has been ascertained that the stockowners in the district are in earnest lin their desire to establish a meat ! preserving company in the Wairyrapa. [ The number of shares mentioned above represents only the number of shares actually agreed to be taken before the meeting commenced, and even that number represents an amount of " ensh, energy, and unity of purpose," on the part of Wairarapa stock-owners which Mr Braithwaitc did not give them credit for. It should be mentioned that 120,000 sheep in the Warehama district would be almost shut out were the works to be carried on at the Upper Uutt. It is firmly believed in the Wairarapa that such gentlemen as Mr Ludlam, Mr Bidwell, and Mr Barton will withdraw fiom the Ilutt Company now they see that one will be established here.