TALISMAN CONSOLIDATED.

Auckland Star, Volume XXXVIII, Issue 197, 19 August 1907, Page 5

TALISMAN CONSOLIDATED.

MEETING OF SHAREHOLDERS CALLED. A discussion took place to-day, after the noon call of the Auckland Stock Exchange, regarding the proposal cabled from London directors offering to appoint the Agent-General to represent New Zealand shareholders on the board of directors of the Talisman Consolidated Company, and also to reduce the com-mis-ision on dividends by one-half.

Mr. G. A. Buttle, chairman of the Exchange, said it had been proposed to discuss the matter from the Exchange point of view, but it had been suggested

that.a,-meeting- of shareholders in Auckland be called. There were some shareholders, he knew, who considered that the Exchange had no right to express an opinion upon the offer made, but he claimed that whether a man had one, or one thousand shares, he had a right to express his opinion upon the offer made by the chairman of directors.

Mr. J. S. Lennox (as representing the Wellington shareholders) stated that two representatives were being sent up to meet the Auckland shareholders. The Wellington shareholders resented a vote in favour of the proposal, being given by the Auckland Exchange, while they in Wellington held 70.000 shares.

The chairman: "Do the Wellington people claim to be heard?"

Mr Lennox said the offer received from the London directors was the outcome of the movement started in Wellington, and they were annoyed that 13 people in Auckland should vote in favour of the proposal, when they in Wellington held such a large number of shares. Mr Lennox then moved: "That the Auckland Stock Exchange call a meeting of shareholders in the Talisman Consolidated Co. next Wednesday at 2 p_n."

Mr E. Anderson (vice-chairman), while not agreeing with Mr Lennox's remarks, said he was quite prepared to second the motion. He, however, claimed that the Auckland Stock Exchange had more experience in mining and mine management than the people of Wellington. He considered the Exchange had every right to express an opinion on the question, but still it would be wise to call the shareholders together, as the matter was one of considerable importance.

Mr Lennox said he wished it to be understood that this was not a case of Wellington against Auckland. All the Wellington people aimed at was representation for New Zealand shareholders on the Board of Directors.

Mr F. Hull said if the Wellington representatives attended that meeting with proxies for 70,000 shares, the whole thing would be a farce. Auckland shareholders would be simply wiped out. It was useless to call a meeting, if the Wellington representatives were likely to say: "If you don't approve of my scheme, I have 70,000 votes, and will crush you." All the Auckland shareholders wanted was to be properly represented on the directorate. If the Agent-General could take the position, he thought that would be satisfactory.

Mr H. M. Shepherd said he could not see that the Exchange had any right to interfere in this matter, which was purely for Talisman Consolidated shareholders to settle. What did this u-ncern anyone who was not a shareholder in the company? Unless Talisman shareholders asked the Exchange to move in this matter the brokers should not do anything.

Mr V. J. Lamer agreed with Mr Shepherd. He thought the Exchange should not move in this matter, but let shareholders settle it themselves.

The chairman said he would be glad to see Wellington shareholders at the meeting, to speak for themselves, which was the right of every shareholder.

Mr. D. B. McDonald said it was well known the Wellington shareholders had been working steadily in this matter for some time, but the difficulty he saw ahead was that in Auckland they had not canvassed for proxies, while in Wellington they had, and the representatives might come to the meeting armed with the proxies.

Mr. Lennox said all the Wellington shareholders wanted was to talk the matter over with those in Auckland. The Wellington shareholders were willing for ths whole thing to be settled in Xiondoh. The motion was then, adogted,