SHEEP-FARMERS’ COY

Gisborne Times, Volume XXV, Issue 2038, 25 March 1907, Page 3

SHEEP-FARMERS’ COY

There was a large attendance of shareholders at the extraordinary general meeting of the Gisborne Sheepfarmers’ Frozen Meat Co. on Saturday morning, Mr. C. A. DeLautour being in the chair. The Chairman explained that two resolutions and amendments had been wired from the company’s legal adviser to add to the resolutions proposed to come forward for confirmation at next meeting. The first amendment of the special resolution A, clause 2, adding after the word dividend, eighth line, “at the rate of 6 per cent.” Mr. Clark moved the adoption of the resolution.

Air. W. G. Tiffen was rather against the proposed resolutions because the company had already 11,000 shares which they could float' if they desired, and no fresh capital was needed in any other way than that. He also thought that the company had gone somewhat beyond what was desirable for the. Sliecpfarmers’ Coy, which was a freezing company, in taking over the lightering businss from Alossrs. Kennedy anil Evans. ITc considered this was mainly rcponsiblc for the desire for additional capital, ' and pointed out that if any. shareholders refused to accept tlie allotment of the new shares, the bonus it would give to other shareholders who accepted it, would bo practically divided from tho capital which was partly created by

tho investment of those who did not accept it. The Chairman answered Air. Tiffon’s arguments at length, and pointed out' that the bonus -shares would not count as making up a subscriber’s quota or giving bini additional voting power or additional participation in profits other than 6 per cent, on them. - Air. Bright supported the resolutions, which lie considered fine finance. Mr. W. K. Chambers questioned the arguments of Air. Tiffen. Air. H. AtcPhail asked questions as to the position of shareholders which were answered by the Chairman. The resolutions being put to the meeting were carried with one dissontient.-

Alr. W. Lissant Clayton asked tho Chairman if other business would bo permitted at that meeting, but the Chairman' intimated that none other than the resolutions notified could possibly be taken, so lie held it over.