LAKE KANIERI WATER RACE COMPANY.
The first annual meeting of shareholders of this Company was held last evening at Hokitika. The Secret vry re id the annual balance sheet and report which showed that the capital available to bring the water race to a payable point was insufficient. Considerable discussion ensued several shareholders contending that the directors, when they found this to be tho case should have called the shareholders together before letting the contracts. Ultimately the report and balance sheet were adopted. The retiring directors', Messrs Grim* mbnd and Perry refused to offer them* selves for re-election but ultimately at the unanimous request of the meeting thsy agreed to accept office for a further term. Mr J. D. Lynch was re-elected a.udito-.
It was resolved that it be a recom. mendation to the auditors to stop all expenditure (unless existing contracts) and to adjourn the meeting for three months to enable the Board to bring up a special report as to the future of the Company.
The Consulting Engineer Mr J. C. Macfarlane, the Manager, Mr John M’Kay and Mr C. Davy spoke most hopefully as to the prospect of the ultimate success of the Company’s operations.
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Greymouth Evening Star, Volume XXXI, 1 November 1901, Page 2
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198LAKE KANIERI WATER RACE COMPANY. Greymouth Evening Star, Volume XXXI, 1 November 1901, Page 2
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