A COMPANY’S AFFAIRS.

Gisborne Times, Volume XXV, Issue 2129, 11 July 1907, Page 4

A COMPANY’S AFFAIRS.

Pross Association. DUNEDIN, yesterday. An extraordinary general mooting of the shareholders of Donagliy’s Pope and Twine Company was held yesterday. Mr. J. L. Passmore (chairman of directors) said that they were called together for a don--1)13 purpose, to alter tlie articles of association and to receive a report of a special committee empowered at the ordinary meeting to investigate the share transactions ol' the original vendors. The altered conditions of the company demanded modern regulations. Many of the old ones were now out of date. It was necessary to insert in the articles provision for a reduction of capital, and the directors took advantage of the occasion on the advice of their solicitors to modernise the articles. He moved that new additional regulations as submitted to the shareholders bo approved of. The motion was carried. The chairman of the special committee then read the report on share transactions of the original vendors. The special committee summarised their conclusion as follows: _ The transfer of many of the Dunedin allotted shares for a nominal consideration to persons who afterwards sold to outsiders concealed from the public the intention of the real vendors, which if known might have considerably affected the market value of the shares. The omission of goodwill from the balance-sheet was decidedly wrong. The inflation of plant, building. and land account by the sum paid for goodwill was calculated to mislead, and was tlio first step in the production of balance-sheets which did not fully and truly represent the position of tlio company.