LEATHER-RUBBER CO.

Dominion, Volume 4, Issue 1092, 3 April 1911, Page 6

LEATHER-RUBBER CO.

SPECIAL MEETING OF. SHAREHOLDERS. "A special general meeting of the New Ze.-v and Leathor-Kubber Company share ■ holders was held at (lie Company's «-orics. Hastings on Friday, Mr. F. W. in the chair. • ■ , The chairman stated that sinco the last meeting solicitors had boon consuited and expressed (ho opinion that tho company should not iako action against tho syndicate from whom they purchased the patent rights, on the ground , of misrepresentation, nor Mr Stocks, who was to have been present to superintend the preliminary operations ' i-iT £ta , ta "<;»t of accounts duly audited up to March 25. 11)11, was nosen od showing a loss of .£lsßl 9s. 01. Mr. John Chalmers stated that in view of the company s experiences, he thought it best that the company should bo wound UP. and he moved in that direction Mr. M. Mason seconded pro forma, lie chairman said it was for (ho shareholders to soe what (ho M ™™ undertaking. As far as the directors wore concerned they had had most difficult conditions to face, and personally ho never intended to bo where he was. His interests in it at first had been very small. >ut unfortunately, for himself they had become very large. The Melbourne syndicate was the owner of a large number o. shares, to the extent of .£IO,OOO, which hey unloaded upon unfortunate Hawko's Jay people. The directors could not bo held blameworthy. They had taken a groat deal of trouble to inquire into matters in order to satisfy themselves, and it appeared to them in every way that leather-rubber was a decidedly good Business proposition. Mr .Land went over to Melbourne to examine and inquire into the manufacture of leather-rubber. He also engaged a competent expert to carry on the manufacture of tho goods, but, unfortunately, the same results did not seem to have been produced here as (here, although the Hastings machinery was superior to that in Melbourne. It had been suggested hat they might carry on as a rubber factory, but he would like to point out that they had'very little chance of comwting with the rubber factories in Melbourne and, on that account, ho advocated winding up the company. Ho was satisfied it would bo throwing money away to continue. It Mas for Iho shareholders- to say what was to bo done, as tho directors had no money in land and had heavy responsibilities to face at the bank, the overdraft for which the directors had given their own personal guarantees. Several shareholders spoke slathie; they felt tho directors wore decidedly lo blainn in not. acquainting (hem with tlie changed position. Mr. Psitpi'KDii moved as an amendment:—"That we do not dissolve until a loiter has been received from Tond<:n in about three months' lime, and that a nicotine; of the shareholders be held as soon as possible." This was seconded by Mr. C. O'Donoghue, and carried. The question was raised ns (ci (h<. advisability of ]cropir.!» on tho works in tlu> meanwhile. Tho chairman explained tint if they I wantotl to do this (hoy would lmve to I provide money for woees ami material. Mr. Maurice Mason thought (lie best course to pursue was in clore all tin works, retain the services of Mr. j\|, lr _ phy, the expert, and wait for three months until they got their advice from London.