COMBINED BUYERS, LIMITED.

Press, Volume LIV, Issue 16163, 18 March 1918, Page 3

COMBINED BUYERS, LIMITED.

\n e\l raordinarv genoral meeting of > ihi- Company was held at the regisie.e t ! office, of tho Company, P3 l>ixon street, Wellington, on Friday, March l.ht, There was a fair attendance ot share-, holders, and Mr \V. ti. .Bennett chair- , mafl of directors, occupied the chair. The chairman, in opening the meet- j ing, explained that tho purpose lor j which the meeting was cailcd was to ; consider the advisability of immediately ; increasing tlie nominal capital of the Company to £250,000, and stated tliao the present nom'nal capital would, oil tho present be all subscribe ! within the next few weeks. Mr Bennett then reterrcd to the present* very .satisfactory trading of the Company, stating that tho turnovor was showing a substantial increase each month, and that the figures for the five months to date already approached last year's total turnover. S ipplies from overseas wero'arriving freely, and manufacturers generally were showing an anxiety to trade. Cabled advice just to hand stated that, a large parcel of orders for accessories had alroady been shipped, and although trading was still mainly confined to tyres, the time was rapidly approaching when we would bo stocking all the necessities of the trade. In moving the motion for thojjroposei increase in capital, the chairman dealt very fully with tho purposes for which this additional capital was required, clearly domonstratine: the inadequacy of the' existing nominal capital, and th© necessity for the proposed increase to enable the Company to provide for the progressive policy on which it had embarked.

Mr li. S. Abraham, in seconding the motion, stated that the chairman had gone so fully into the necessity of the caso as to convince these present that the proposed additional capital was needed m order to enable tho Company to extend operations to such an extent as would make the concern of sufficient size to give absolute service tp its shareholders, and from his personal ojgjerience, the Company is already fulfilling a decided want in matters pertaining to the equipment and running of cars. After various questions by the shareholders present had been satisfactorily answered by the chairman, the following motion was carried unanimously :— "That the capital of the Company ba increased to tho amount of £250,000 by the creation of additional c aoital of the amount of £1-50,000, divided into l;j,0Q0 shares of £10 each, such shares to be issued as ordinary shares, ranking as to dividend and as to distribution of capital on a winding-up pari' passu with the ordinary shares in the existing capital of the Company." The meeting then terminated. 41