THE "DRY" SHAREHOLDER.

Dominion, Volume 3, Issue 629, 5 October 1909, Page 10

THE "DRY" SHAREHOLDER.

:»■':■. Xfy. V/Th'e'"f&y"-■shareholder has' been, discussed at :'/''s «-!;'BCTeral:nloetings;of idairy^companies,.this ;sea- : ■n,k''-::;!'- son: l-At.aVspecial:meefcingv;of..the..:Kaupokbnni.' ' jf ; , : :i; : .Bairy^Company: on, Tuesday afternoon -last the" .ir.ATSI:"■"', carried.',:'at'VtheV-: annual . meeting i-p'■ ; ;M;'giving; : thq;directbrß optional power.,to-,p>y tip i&&& to .6 pef'?;centi ■on;;':fully paid-up shares was;. ■v.'?:?;, 'rk br6iignt ; :.iiDi;f_qf ":;:■■ ; ~i;.Mr..jV?;'itKrrie,"Vho!presided^ the con-- £;:- ■'•;:'':'"'•' -\ : ji,L=:. :. r ...■•.>■•' : : r : V:.'v !;;."•would .'be/an ;-ih^uceWnt^MHold.S"dn'".. i shaie3 ) ; Md he f cbuld"'6Ce^futthet , "tKatvsHares:cbuld'be air: ;v,-:- .allotted ,to;:m'ehfsupplying, .whom Jperhaps/the,, S-;::;/ : .;/'dry''.'6hai ; ehplderMd'under his: thumb; .the jy-j.-iV:.:-..', shares' would '-be;;transf of red-, legally,-- but still; #£v ■;. the; "dry 1 ' /Shaißitqlderii'Mfq^ld' l control the vbt-" ''-,'-: .-; ! '.';-iij'g.'; power;.- < It'-would.'bpen-'.the .door .to that ".:■•; ?,£. kind;rif ithing,'-'and.he.opposed.'the':resolution', t ' V.'rV.' /vKold.erVcbul'd'K ■ ;':.:"/: , ; v.vltr.-'-Dunne':''By"transferring:ho-would Control :•/';'..:;. jnoreithanht was entitled to. V;'.' ,'...;';. Powdrdl: ;Like;a"mafi:Jholdiiig : a'l'ra'ort-' '•:' -;-■ ': .)'■■'. sage and: handing'it ,bver'\fo;another; man.'

; ?;;S;"iSather- a , .risky ; business.',^■■;'': , - ; ; -.I----.: .;'.; ■ ■?: .'-t^'.'Mr;;'Dunne: It.-could be worked.-.' X'.^;' , v-.»ftMr,,'Slattery'-:.;And':it.;Kiis , Bce i n : ■'■■:■ ■: .. ■■■' ;>'J[tr: .•Ppwdrsllv'cb'ntended that thef/company' ?;;•■':,v'j'.TfOuld benefit, , 'and byjincroasing .tho-'.valno.-of; *;";. : shares"thjj sharchpldcsrs/jvpuld I ;he : given, 'Or-bet-/ ■\..';. ! .".. -.v.'jtir. :seliiris^^iyalue.'t-He'Wmb'ated:the ideas'"that. y-A-;/-i i.thi'.'Aff' sharoholder 'ivpuld .'gain;p'rihcipally, :V.;;V.l> dndi.pointed but^-thnt*..the"company ■required. ' : V-'.;:-'^^V-^ore. , .'tepitel;;- ; :;v'''-S'..^'.-''ifa*-Bi T 'eri-it : wonW nayo' to bo taken out of .the .V S .':■ v'-bi'ttef directors Jiai to fako' « : j ::-.;;dpriblev.depiocjatiorilibff.the, : company's 'prpporty, yV--'-v>-V.(B^; , W'' ca ™e''.*^'''^) l A^9. r *° capital v' ; ;:7;--}'-to"wprk upon:-";-"'- "••'■' : ' ,: ' : ' : " '::..'■■'&'"'■■■■'■*■;'>'&■": - J i. : .V." ■-'.■undefstpod;.;;the> company needed, an , ;overdraft: Jv;V- ■'i'jto" .only a portipn pf;'tho'season,'it meant (by if';.- , --- issuing;"dry".'shares) that 6.percent..was paid 'i.'V.;. :'oa money -not: required. Ho -^considered: 5- per; ■■"i;- , ;.'-/ ; cebt." gbodvintjrest,'>:and'.^''especially'. on;"sh'ares ! ; ,} 'i■':■'■■ '■ ■■'bought : at 12s. 6d.} : 'A.scherne/shouldibb'formu-.. ~i. '-'l'{.- v' : ;lßted'- whereby ..the.; company -.could buy 1 - : in' '''■■';•' - '.-.' 'Bbarcs- at,'■'say.'ios.i..'and-fo-allot at.205.'.0r.225." ; -'^:^r;J^>^-?^\;;:.S'^-:-r■?<:&? i^. : rS V:v■iV.,■.^i^ :^':Mr;, : ,1 ii-buy. ■0:' ; ";;?-shores: without !'';'-:''''";-'"'-;/''; , '';'; : , v v ';.';,"•--'"•■''.■'.. : '•'£>'. J: Hughes\cpritended that the; movo ?>.':■.'■■ 'l:l'Jyiai' not in! tho "interests bf '.suppliers,aYid'wbuld ';':: : v--..> ■:' ~be fb.nnd toSbperate adversely -in the future; v"j r;V.L; ; ':,; -' i> v :'ii; chairmani spoko';in.-favour gfv.tho , resolution, Jfty-y^hichi^jifihaUyicarric^.^'^/f'.^JVi:;;;-. t ;:' |i;-f y- i ■;:''; Hi|Nj 1)0WN. f ; ;...-:;; : .". : V; ,j;.-ißy'..Tolei:raoli.—Special ;CorroaDodaent.i..; : / : '-.

V.-j, \': ' ..The following is. .the report bearing on ;pro- *■■£'•;'?• % ■.'. posed:political- action-by/ the'.-'-Farmers'..Union, which has'beettVadopted: by:the". Auckland' 1 exr V---Xv :'-'eoutiye; of ,-iifie : union,'and; is .to 'be 'transmitted' •, S.'' ■: :.t0.,.tK6; Dominion'-executive,'. and '■•branches:—-.L' '.- v I'.' ■ :; -. ;; ' 1. "That ajl "tho/.brandies', of v the /New? Zei-' i■';■/iV^^.vlaßd■Tarffl(efs!■^^Umonj■■:in■■;βach : ■,';Farli.alrieiltarJ : ■. v'i-'-': , .shall/.fe'derate,: by. Electing delegates; .'■r.VU---V^tQ--»pr««ii;ti!tlie."wishes. ; 6f.\~Hh«ir; : .l)raricbes--in : electoral distriotl delegates'to the feder-. ■i; : i"-''ated branches to be, termed: an electoral coun-. :\.':' -7>cil; and-3nch council ,toi have power ; to. frame '.;'.:,:,'- ■ :'ife. own-; with the. rule's-,and :■; -;- : ; pUtform ;of ; ~y the vNew;UZealand.;-- Farmers' '"■:,' lUilion.".-. ';.•-'/::■';■;{ : . -Xj" .V'-;^-:--"''''"ViV ;; ;'^ : ' r ',;;.: -.V'•■; ; , ; 2.-'"Eaoh, electoral cquncili shall : report.'.quarT ■■!''.■•.'. ' : '. terly. ; \t6--the- 'provincial,.sec;eit<tfy, as 'to ?.-the . : 7.,/nuinber:of-road-'districbV.iariavbranphcsiwithm v'.-'..-..' : ./-the.-electoral cdunciljs.ljqijnds.'afldwhere'-it-.is I■'::';■■'/ -,-; :3.;' 1 r Each elcctoral.'coiincU.-shalUendeaypttr- to "'. .'•i>\^ : 'fom , q, ■', .wh'ere'no .branch • exists-."-.'-'/ :', ■:.■' ■'•■ ;"'■ ~: . ../:;. :;'4. ; .' ! EeMluUbhs.pa^d'.by4b(} , .'- : el(!(!tbral,conn-- '..■■-■; ':-.'! ctl dealing with political subjects •'shall , -bo ,for- ■■''•..'■-'... .warded"to: tho'member'of Parliahient'.for tho :. ; .-.-'' '..district;-- and -also , to', the : proyiriciaj secretary' ■.'/ '■'■''■'.: '.:■' of the' New.: Zealand Farmers'- , Union,' and the ■'• ; '-'v.'v',i'..coundls , '''shnU.-keepjin;>.tpncS , .■-•'-....':.'.•'. ipresentativos,- in Parliameritvas i'far:'- asV.pos- ';■■;•:■•■'-"• ' Bible." U ;••■:;;.:/ ,;.'.:• ;.. : ;;'C;i..iV:;:r :-:;v-''/;:v; ; -. : • ■']■ :-V .''" S." "Previous to-, each election; ■'. ;...• each ■ shall" meet nhll^shallfselectv the '/■;:"■' v. jFarmers' tfnion; ; caiididate;i*ond,' ; .)haviai^,. so' ;.;•; ■..' Belected'-hiin, every.delegate'fshall.work , on his :'■•■■-.-'•' ■'': eommitteo until ■':'■ V ',:':■: ''■-.■'. ■'■ : . :; - - <6. "The, : provincial.; ex'eiSntivej&hall; have. ;\- ''••"/■''-. power■Jto;;cftU;-epecial'..'iheeting3.?pi,r!tKe:'eloctoral-j.i''.:.:■■■'■ councils;:(whe'iL .desirable) ■ tp^c'p'nsiddr' .'matters'' -J: , ' ; : ' ; of geheralyand-1 public-' ]'■'':: .>. ■. :,.v,.:.< . 7. "Thatjit-bo a;-feco'nime'ndSti.dh• toVtbe.jprb-v.i:f-'-iv' •' vjncial vexecutjve^tojliave 'lists ,: : andi'issued , :\tb^4l' ; vbra < nehe , s;'; Of: v Hhe. ft;;; ?;,' ■ union in : the province,' and' that' branches' bo ':'i':-.;. : , requested to: place.'a list: in the hands of. each : >'~i : : ;i-:•'■-ineniber of .tho : branch ..witli-a 1 view of obtaining ;.; -:: •.from; incmbe'rs/* friends, and othern .-:'«.' %'''.' in sympathy ! donations to ':;';..'■:'■.: be/'used "by .the' executive, jas an organising; ".:■■ : :.. ' fund. :.,'■ Also;, that a circular;-letter, be -.-: issued ■'.'■■■ > :'■-■. with ..thp'lists; to -the chairman and, secrotary, >; V■■ '■■: . of 'evety branch in' : the; prpyintfe." :;: ! v,;"' j' : ' : t ft'"■■■'':•: ■■:"■'-. B.."That-.it'.be .α-recommondationctp-the ex- ; . ~: : ■*.-'-. iraihing';their : ; byrlaw9,-should' nialcp .provision. -■ : \.'-v-.:-:--.'- T^{orJ:'bra'nchc3;": t6:^h6ldv / ';:'.- ' neat.ly--.asi jbssible -I ; at' ; th'e Kline tinW ralso! that. '■':':■': ; A , branches;should .assist'each 'pther..;by arrang- "-.-.■:-.'.'. ■ inß'-aD'exchahge-.of-visits,;6ocial'ejSßp)ge,":-«to./-:

the branch delegates to' repqft; : .to',-tt{eir councils •periodically as to. the. state.;;of;,;.their . own '■■■ 9 "That) notwithstanding'.%y.thing;i,n the foregoing -regulations, it , W W^^. for-the provincial executive,, on duo notice having been givon to tho electoral councils, to alter, add t0,.0r amend >ny of tho foregoing: regulations." .. ". ,:;.;_ ..: ..■;•;.