FARMERS’ MEAT CO.

Waikato Times, Volume 98, Issue 15313, 14 August 1923, Page 8

FARMERS’ MEAT CO.

UNLUCKY WAIRARAPA CONCERN.

LIQUIDATION RECOMMENDED. An extraordinary general meeting of shareholders of the Wellington Farmers’ Meat Company will be held at Mastcrton, August 22, to receive and consider the report of the Committee of Investigation set up by the extraordinary general meeting on June 27. In their notice calling the meeting the directors say.” The financial position disclosed by the balance-sheet is such that it is impossible to continue the business of the company, and after you have heard the report- of the Commission of Inquiry set up to investigate the company’s affairs you will he asked to consider and pass a resolution to the effect that the company be wound up voluntarily.” Commenting upon the balance sheet and the committee’s report the Age says: The- position disclosed by the balance-sheet shows that the whole of the capital has been lost, together with the reserves, which were shown a few years back, and the sum of £31,000 held on deposit. There may be some improvement, of the position when stocks afloat and at Home are fully realised, hut the balancesheet at' .Tune 30 showed a deficit of £20,222 over all. This means, in effect', "that the whole of the buildings and plant, and freehold property of the company pass lo the Bank of New Zealand as the mortgagee. So much for the dark side of the picture. The shareholders who put. up their money in the first place have, however, done good service to the district, and if the company ceased to exist, there would ho many people besides them who would regret it very keenly, It is more than likely, therefore, that the shareholders will decide to rally the district to their assistance in resuscitating Hie company. The works are there, well situated and well equipped in the midst of ihe greatest sheep district in-New Zealand, it is obviously in tile interesls of Ihe district that they should ho used. How lo use Ihein is Ihe problem which will he considered lay the shareholders’ meeting.