INCREASING CAPITAL.

Dominion, Volume 5, Issue 1512, 7 August 1912, Page 10

INCREASING CAPITAL.

TRUST LOAN AND INVESTMENT COM- ( PAN?, LTD. ~ An extraordinary general meeting of shareholders in the 'Wellington Trust, Loan and Investment co., Ltd., was held at the Chamber of Commerce last evening to consider certain proposals of the Board- of Directors with - reference to increasing tho capital of the company. • There was an attendance of about. 40. Mr. J. P. Maxwell presided, and in opening the proceedings, remarked that the company was at the present time in a very strong position, and the time was, therefore, opportune when steps could lie taken to increase tho capital. They.had had a series of prosperous years, and (luring the last nine years the undivided profits carried to tho reserves amounted 10, approximately, £25,C00. Advances were active, and at fair rates of interest, a state of things which seemed likely to continue. Tho company's operations had extended very considerably during recent years, reaching out into the country districts, while mortgagee on farming lands had increased in the last five years. Ho moved the following resolutions :— 1. That the memorandum of association of the company be further modified so as to increase the capital of the company to £300,000, and that the capital of the eomf>any be and is hereby increased accordingy by tho creation of 10,000 new shares of £10 each, ranking for dividend nnd in all other respects pad pawn with the existing partly-paid shares in the eompiny. 2. That the directors are hereby authorised by this gcnera.l meeting to issue for sub'scription by shareholders 4750 of such new snares, to be called up "at present to £5 each. . Subject, to the following directions :— (a) 4050 of such 4751) new shares may be applied for by existing shareholders at a premium of £1 15s. per share. (b) Kach.shareholder shall be entitled to take up one of such 4050 new shares for every £25 par value of his present holding. Where existing shares are held .jointly such right shall be exercised jointly only. (pi TTpon each such new share there shall he paid an instalment of 10s. per share on application, and the balance of £4 10s. shall be paid in one call, together with the said premium of £1 15s. per share, as hereinafter provided. , (d) Each shareholder may pay for such of such new shares as he applies for. and are allotted to him (not exceeding tho quota of such 4050 new shares to which ho may be entitled) in one lot, or in two or three lots at the option of the shareholder, on any one or morn of the following dates, vii. :-Kepteralier 20. 1912, December 20, 1912, March 20, 1913, land sha.ll pay the premium ot £1 15s. per share and pall of £4 10s. per share In one sum, according to the dates or date he selects. (e) Karh shareholder shall, when applying for his (inola of such 4050 new Mia res. signify in his application whether he will pay for such qn>Dtn in one lot or in two or three lots as aforesaid, and tho Enid dates or date upon which the premium of £1 15s. and tho call of £4 10s. per share will he paid by Kim. and shall be bound by his implication when the dircctore make the relative a.llotmcnt. (f) The said Instalment, premium, and coll the company in this general meeting hereby resolves slin.ll be and in hereby made payable as aforesaid, and the provision.,! of Arblolo 7 may be enforced by the director^. (g) Application must- be nmdc for juch «ofo- new shares only on the form which brill lie eutasautsUy.luueiL to duieloiaeti

for the purpose, and eaeh shareholder shall when lodging his application at the office of the company pay the said instalment of 10?. jipr share. All applications may he lodged at the registered office -of the company on or before August 23, 1912. (hi Huch of tlje said 4050 new shares (if any) as are not applied' for by [shareholders ne aforesaid, together with the 700 shares, lielngr the balance of such 4750 new shares, (ire to be offered to shareholders later at such (late and at Mich premium and upon such terms as to instalments or instalment and call= or call, and otherwise, as tho directors may and are hereby authorised (i) The directors are hereby authorised to carry to reserve the Said premium ot £1 155., and also the premiums referred to in paragraph 00. Some objection was taken to the proposals bv Jlr. A. Warburton,,, who declared that the company was verging upon the danger area, The banks were lfinitlnsr their advances, the company had lent,nearly all its deposits, capital, ami reserves, and had only £9000 to come and go upon. "Ts not this ia very dangerous position? be asked He presumed that tho proposals were legal, but they were not. at any rate, equitable He was of opinion that tho whole of the shares shou.li! be allotted in the proportion of one share for every two shares held, the amount to bo.called up, as required, in easy payments, in the premium of 205.-say. 6s. per month. lie moved an amendment accordingly. The chairman said that the whole of the proposals should be carried-it would be a great mistake to prevent thtfeompany from taking this step at this opportune time and he hoped that the shareholders would support the resolutions rathor than cause the withdrawal of the proposals. The Hon. E. Richardson thought that the claims of the shareholders with less than five shares should Tie considered. The small shareholder should be considered. "We can't cut Ihem out, he Earn. The amendment was seconded, and lost on the voices. , . . , , Jlr. Warburton, on the subject of clause (b), proposed that each shareholder, however small his holding, should be entitled to one share up to live shares held by him, but this propoc-al was also rejected. Further, thought Mr. Warburton, ine calls as proposed were too heavy, and ho moved to the effect that they be 10a. per month, together with the proportion, of premium, but this was lost on the voices. The proposals as sot out above -wore adopted, and, on the suggestion of Mr. E. D. Bell, it was agreed to give effect to the plea of Mr. Warburton on behalf of the small shareholders, in the following motion (drafter by Mr. O.H. Izard):— "That when offering the balance of such 4750 new shares the directors offer one share to each shareholder having less than five shuros as on August 6." MINING. NEWS.. WELLINGTON SHARE MARKET. The sales recorded yesterday were:—Ross Reconstructed, ss. Bd. (first call); and Waitangi, 25., 2s. Old., 2s. 'Id. (second call). The buying and selling quotations were as under:- ' i, Buyers. Sellers. ! £s. d. £s. d. Con. Goldflelds 0 13 0 0 15 0 New Sylvia 0 12. 014 Eos 3 Reconstructed ' - 0 5 9 Saxon 0 10 Talisman 29 Waihi ,'•• 1 W 6 - Waihi Grand Junction ... 1 2 0 12 6 Waiotahi ■ 0 2 0 - Waitangi :. •!• ° 2 1 STOCK EXOHANGE. (By Telegraph..—Press Association.) Auckland, August 6. BusiAos3 done at this morning's call: — Caledonian, Is. 3d. . . May Queen, Is. 2d., Is. 3d. * 1 New Sylvia, Is. 6d.- to Is, 4d. Occidental, le. Id. Waitangi, Is.-9d. to 2s. Watchman. Is. Talisman, £2 Is. 9d. , Waihi, £1 14s. 6d. . •. d Grand Junction, £1 2?. Standard Insurance, £1 12f. 3.1 * Gisborne Gas, £2 11s. 9d., £2 11s. 1 6d. ■ Leyland and O'Brien, £1 7s. The following business was done at tho 3.15 p.m. call to-day:- ', New Sylvia, Is. 4d., Is. sd. Occidental Consolidated, Is. Id.. ~ Victoria, 6'.d. • Ross, ss. 7d. ■ . . Waitangi, Is. Hd., Is. 10d. Now Success, lid. Talisman, £2 2s. i Waihi. £1 15s. Grand Junction. £1 2s 3d. Gisborne Gas, £2 I,ls. 6d. Christchurch, August 6. Sales reported:—Union .Bank, £60 155.; Christahurch Meat, £15 ss. Dunedin, August 6. The following sale was made on the Stock Exchange" to-day :-\Vaihi, £1 14s. 9(1. The following, sales were reported:—Milburn Lime. £1 ! 195.; Waihi, £1 14s. 9d.; Waitangi, Is. IOJd. WAITAN.GI. The progress report for the week ended Saturday, August 3, is as follows :-Operations in the main drive .east have been greatly hindered, owing to the heavy flow of water. The drive has been extended n further distance of 4ft.. making a total distance of 3576 ft. A start was made to put a crosscut through the reef from footwall to hanging-wall, at ia point 356<ft. The footn-a.1.1 was reached in 3ft. of driving; 3ft. of a cut was put, in toward the hang-ing-wall, but-so for there is no sipn of awall. The width of reef now' opened would be about. 13ft. A few dabs and colours of free gold have been seen during the week in the ore trucked out. MOTJN.T MORGAN MINE. By Telegraph-Press Association- Copyright Brisbane, August 6. The Mount Morgan mine returns for July show that the gold reduction works produced 12850z. gold and the copper worltG produced 847 tons copper and 99070z. gold. The total value of the output was £97,916.