FERGUSON SMELTING COMPANY.

Dominion, Volume 3, Issue 803, 28 April 1910, Page 5

FERGUSON SMELTING COMPANY.

DISCUSSION BY SHAEEHOLDERS. (By TelecraDh.—Press Association.! Auckland, April 27. The adjourned meeting of : shareholders in the Ferguson ..Smelting Company, Limited, was held this .afternoon. Mr. J. JI. ilennie, chairman of directors, presided. v _ ■ The ohairman expluined that when the meeting was_ adjourned the previous week his motion' to wind up tho company voluntarily ' was being discussed. Tho only way they could avoid winding: up would bo by the shareholders finding money sufficient to pay tho ■ whole of. tho company's liabilities, viz., .£IOOO. Tho directors had approached tho wealthiest shareholders withaview to getting such assistance,' but all declined. Tho directors had also endeavoured to get outside capital, but they could'-get nothing, and the'position now was that unless they wound up voluntarily and honourably they would bo .compelled to go into liquidation by their creditors. •He moved: "That the company go into voluntary liquidation." The motion was seconded. Mr. T. 6. de Itenzy said if the com-pany-went into voluntary liquidation the Official Assignee would have no power to make an investigation. If tlioy wont into, compulsory ; liquidation an investigation by the Official Assignee followed as a matter of course, and in his opinion the affairs of the company wanted investigation. (Cries ,of "Hear, hear.") He was in favour of reconstruction, but evidently, other shareholders wore not. He moved as an ameudment: "That the company go into compulsory liquidation." The amendment _was -seconded by a gentleman representing a number of southern, shareholders. ■ *1 think," he said, "that in ringing down tho curtain we should let in a little more light upon this now famous company by bringing it before the Supreme, Court." The chairman stated that whether the company went into voluntary liquidation or not the Official Assignee had full power to investigate its affairs. The amendment, on being put, was defeated, only five out of about 40 present voting for it, and on the motion being put it was carried.