COMMISSIONERS FLAT COMPANY.

Greymouth Evening Star, Volume XXXI, 8 June 1901, Page 3

COMMISSIONERS FLAT COMPANY.

(pee peess association.)

Cheistchuech, June 7.

A meeting of the Commissioners Flat Gold Dredging Coy, was held to-day. 12 shareholders were present, 38 by proxy. The report and balance-sheet were adopted unanimously. It was decided to defer letting the contract for the dam excavation until the site was tested as to the capacity for holding water. Mr Perry (Hokitika) has given notice of motion to the effect (1). That the Coy's office be removed to Hokitika. (2) That the Board of directors consist of six, three in Christchurch, and three at Hokitika. (3) That in connection with No 2, Messrs J. W. Beare, H. L. Michel, and G. J. Perry be nominated for the directorship. The Chairman read a letter from Meares and Williams, Solicitors, stating that the memorandum of association provided that the company's offices should be in Christchurch, and the offices could only be removed by a special act of parliament. The company had no power in itself. Legal opinion was against No 2, and No 3 could not stand alone. Mr Perry did not think it advisable to proceed with motions in the face of the Solicitors'opinion. It was in theinterests of the company he had intended to move the motions. They were not his, but the resolutionf of shareholders on the Coast representing 4,800 shares, Dq Jennings, chairman, ruled motion No 1 out of order. Mr Perry withdrew the others.

The election of directors in place of DrJennings, J. F. Mules, and of a director who bad resigned resulted in the return of T. H. Graves, H. I. Michel, and G. J. Perry, "' Dr Jennings said when the Company was formed it was understood, and it had been stated as an inducement there should be no sharebrokers on the directorate. When the board of directors had been elected Perry's name had been mentioned but his card bad been sent round as a sharebrokcr. That alone had debarred him from election. Mr Graves' position was a very extraordinary one. He was a Bharebroker, and had come to the meeting with as many proxies as he conld get hold of to got himself placed on the board of directors. If this practice of electing sharebrokers as directors was continued it would be a serioas thing for dredging.

Mr Graves said ho did not remember that when the company was formed there h/id arisen the question of the election of sharebrokers, He did not think ic had anything to do with the formation of the Company. He thought tho Chairman had been inaccurate in saying so, and had made a mistake regarding the appointment of brokers ou a directorate. He thought tho Company was making a "bogey" of the question. He agreed that sharebrokers should not be elected a 3 directors while the Company was prosecuting active dredging operations, but it could make no difference while the dredge was in oourso of construction. He would not think of holding the position of director after the dredge had commonced work. That was the position he had taken up when elected a director of Montgomery's Terrace Company. There could be no trafficking in shares, or at least a broker could have no information not available to all.