Farmers Alliance

Feilding Star, Volume XV, Issue 72, 22 September 1893, Page 2

Farmers Alliance

A meeting of the ahai eholders in the ahove Company was held ut Palmerston yesterday. There vvero about thirty shareholders present, and Mr Lothbridge occupied the chair. The resolutions passed at tho last ' meeting of the Company, relative to alteration of Articles of Association, were brought forward for confirmation : — Mr Gardiner objected to clause B in resolution 2. He said it was unfair to ask the shareholders to contribute 10s per share after they had been asked to join on other terms. It showed a want of management on the part of the Directors, and it was not calculated to establish confidence in the Company. He was of opinion that tho retail stores were not reruiired in the interests of fanners. Mr Fraser thought arrangements could easily be made with tho bank, and the additional call would then be unnecessary. If the whole of the capital was called up, the shareholders would lose their interest in the Company. Mr It. B. McKeime supported the resolution. The money was required, and it would be hampering th« Directors if the power to call up additional calls was denied them. Mr Engels said he was opinion that a committee should be appointed to investigate the affairs of the Company so that the confidence of tho public in the Company would be restored. | The lion J. Lryce snid he was of opinion that the more money the shareholders paid into the Company the more they would be interested in it. He bad been opposed ftt first to the opening of retail stores, but now they had been established, he would not advise tho Directors to close them. He would go co far as to say that the closing of the retail stores would ruin the Company. It was now almost impossible to finance with tho banks, or at least it was not so easy as formerly. He objected altogether to financing with the bnnk6. He was in favor of calling up tiOs per share instead of 10s, as requested by the Directors. The new directors to be elected would really be a committee of enquiry, and it would be unreasonable to elect another committee to look after them. The Chairman said when he first went into tho Company he was opposed to the opening of retail stores, but he had discovered that the farmers would not send in tUeir mouthly orders. They desired to see the goods before they purchased them, and he was now in favor of keeping the stores open. The banks had askeii why the Company did not call up their own capita), and tho managers were of opinion that it was suicidal to pay interest on borrowed capital. The call askod for was only about ,'}os per share, and none of them would feel the slight strain. If the shareholders hud stuck to the Company as the Directors did then it would be a success. Some of the Directors had done X'JOO worth of business with the Company during the past year and others from £l~>o to £200. The resolution was confirmed by 33 to 4. The remainder of the resolutions were continued without discussion. Mr Gardiner s:ud he had beeu asked to stand for tho election as a director, but he had refused. Ho wouid like to know if he could hare access to the books of the Company at any time during the year. The Hon. J. Brjree snid he was in faror of shareholders being allowed access to the books, on condition that they first got tho permission of the Directors, who he was sure would never refuse permission if thoy upproauhed thorn in a friendly manner. KLEt'TION or THIIKCTORS. The Chairman Mini that the Hon. J. Bryee nnd Messrs E. B. McKenzie, H. C Wilson, nnd A. Jardine had withdrawn their notniintions, and consequently only ten names were submitted to the shurrholdcr*. Tho following were elected ; — Messrs F. Y. Lethbridge, G. S, Bridge, K. E. Fletcher, J. E. Johnstone, J. Colter, J. Altirtin, and J. O JJatchelor. Messrs VV. T. Jacob aud T. Taylor acted as Mjutincers. The meeting then adjourned.—-Maua-watu fttanduid.