COMBINED BUYERS LIMITED

Dominion, Volume 11, Issue 152, 16 March 1918, Page 10

COMBINED BUYERS LIMITED

An extraordinary general meeting of the company was held at the registered office ot the company, 93 Dixon Street, Wellington, on l'Viday, the Ist -March, 1918. There was a fair attendance of shareholders, and Mr. W. S. Bennett, Chairman of Directors, occupied tho chair.

The chairman, in opening the meeting, explained that the purpose for which the meeting was called was to consider the advisability or immediately increasing the nominal capital of the company to ,£250,000, and stated that the present nominal capital would, on the present indications, be all subscribed within the next few weeks.

Mr. Bennett then referred to the present very. satisfactory trading of the' company, stating that the turnover was showing a substantial increase each month, and that the figures for the five months to date already approached last year's total turnover. Supplies from overseas wero arriving freely, and manufacturers generally were showing an anxiety for trade. Cabled advice just to hand stated that a large parcel of orders for accessories had already been shipped, and although trading was etill mainly confined to tyres, the time .was rapidly approaching when we would be stocking all the necessities cf the trade.

In moving the motion for the proposed increase in capital, the chairman dealt very fully with the purposes for which the additional capital was re. quired, clearly demonstrating the inadequacy of the existing nominal capital and the necessity for the proposed increase to enable (ho company to provide for the progressive policy on which it had embarked. Mr. R. S. Abraham, in seconding the motion, stated that the chairman had gone'' so fully into the necessity of the case as to convince those present that the proposed additional capital was needed in order to enable,'the company to extend operations to Buch an extent as would make the concern of sufficient size to give absolute service to its shareholders, and from his personal experience 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 be increased to Hie amount of .£250,000 by the creation of additional capital of the amount of .8150,000, divided into 15,000 share of .£lO each, such shares to b& 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.*