LYNDA SOAP COMPANY

Gisborne Times, Volume XXV, Issue 2071, 24 December 1907, Page 2

LYNDA SOAP COMPANY

MEETING OF SHAREHOLDERS'.

’J'ho -annual meeting of the Lynda Soap-inn king and Trailing Company, Ltd., was held -lust night. Air. J. F. Pottio presided. GIFTS OF SHARES.

A letter was received from Mr. Siovwright, in regard to 20 shares given to the directors for their services. This wins ultra vires.

Air. Williams thought it was only a fair tiling to do, and lie was tlio mover of the motion to present thorn with tlie shares. He thought they had a right in tilio matter. All'. Cecil Lewis said all were agreed tlilat the directors shouild receive somo remuneration, but tlie minute should lie expunged, and tine matter could lie dealt with later. He moved in this direction. Some discussion took place about the gift of shares to tlio secretary and tlio solicitor, the question at issuo being whether the vendors or the company should givo shares which the promoter had promised for assisting him to form the company. Mr. Williams stated that he made tlie promise, and the company should pay. Others held the reverse view. Tlio prospectus was produced, and showed that tlie vendors received 300 fully paid-up shares for those rendering assistance. Mr. Lewis held that the money should not come from tho company s 8 *Mr! Oman said that tho present directors could not allow them. The Chairman said ho would like to see tlie question settled whether the provisional directors could vote tlie shares to Air. Lawless and Air. Siovwright. Air. Lewis’ motion was seconded bv Alt'. K hub el and carried. REPORT AND BALANCE-SHEET. The following report was presenttC “Shares: The total number of shares allotted is 3179—2064 contributing (ordinary), 1115 fully paid-up. The total cash received by the company in respect of such shares is £546 2s. . . “Expenditure: There lias been expended in registration fees £l3 10s, stock purchases (raw material.) with landing charges, including £lB wages, amount to £2Ol 0s 4d ; paid to vendors on account of, property, plant-, and machinery, £129 15s 7d, to which must be added tho balance ot £l5O duo by the vendors on the property taken over by the company, making a total of £279 15s 7d paud, and leaving a balance of £220 4s 5d due to the vendors, which, however, is not payable until Ist April, 1908. £IOOO has bean taken by tho vendors iu fully paid-up shares. “The manager is All* Geo. Williams, Gisborne, and tlie secretary is Air. T. G. Lawless, Gisborne; both of whom retire, but aro eligible foi rcelcetion. . “Tho directors are pleased to inform tlio shareholders of tho company that operations have been commenced iu the manufacture of the article for which the company was started, anil so far as the quality is concerned, the demand lias already set ill, and in a most satisfactory manner. “Tho company have engaged the services of All*. A. S. AlcLeod, late of Dunedin, Who has had a largo experience in the trade, having been engaged in tlie manufacture of soap, etc.( for the past 20 years, and in whose capable hands the company will lie enabled to manufacture various lines in addition, such as starch, blue, washing sodas, extracts of soap, sheep clips, and emulsions.” The following statement of accounts was brought forward: — Receipts.—Application allotment and first call, a-lso calls paid by shareholders in advance, £546 2s. Expenditure.—Registration fees paid £l3 10s, purchases of stock £l7l 11s Id, freight and wharfage £6 9s 3d, petty cash £5, wages £lB, vendors £129 15s 7d, oash in bank, £2lO 16s Id ; total. £546 2s. Liabalities.—Capital paid up £1662 2s, balance due on sections £l5O, balance duo to vendors £220 4s 5d ; total, £2032 6s sd. Assets.—Land, buildings, machinery, plant, horse, traps, and tools, including goodwill £ISOO, purchase of stock, etc., £202 0s 4d, preliminary expenses £l2B 10s, cash in hand nil, cash in bank £2Ol 16s Id; total, £2032 6s sd. Tlie seonetary stated that since lltli December money had been paid and applications for shares were coining in freely. The Chairman stated that between £IO,OOO and £15,000 was annually sent out of the district. Before- alloting shares the factory was inspected, and everything was found correct. Three valuable quarter-acre sections were taken over. He spoke confidently of the success of the company. It had been mooted that the company should start a. laundry. Nothing had been decided, but that coul’d be looked into in the future. He pointed- out that unless tlie shareholders came out with the cash, the greatest success could not he attained. He moved the adoption of the report and balance-sheet. Air. Webb seconded the motion, wlaich wias carried. PROXIES.

When the election of directors came on AD*. Williams stated that he desired to use 46 proxies l . Air. Lewis rose in protest. It was, he said, a mo6t unseemly thing. They did not know if the signatures were correct. They had taken the trouble to come down, and her© they were to he dictated to by one of the vendors.

Mr. Williams replied that lie had a lot at stake, and ho had ia; right to protection. If tike names were not right, lie stood in to be prosecuted for it. They could adjourn the meeting if they liked. Mr. Lewis remarked that proxies must be lodged and sealed 24 hours before a meeting. Air. Anderson: Wo may as wclil teal- up our papers. Air. Kimbel spoke strongly against proxies. It was putting people in tlie country at a disadvantage. In reply to a query from Afr. Lewis, Air. Williams admitted that he canvassed for tlio proxies. Air. Lewis: Don’t you think wo have a right -to protection ? Tlie secretary stated that some of tlio proxies wore brought in on Saturday.

- Tho Chairman saiid that tho proxies certainly gave Air. Williams a great power. Air. Williams: I have sold tho shares. Air. Lewis: Wo have bought them. Tlio Chairman: Some of the proxies are undated. Air. Williams: If they aro not dated, put them out. Air. Oman: I was not furnished with proxies. Air. Williams urged tho -adjournment of the meeting. It was not fair for him to stand at the mercy of half a dozen who might put him out. Air. Lewis said that several! natives said that they did not know what they were signing. This was wliat was being done. Air. Piesse suggested that perhaps it would simplify matters if it was agreed to place Air. AVilliams- on the directorate and then elect- the rest. Air. Williams: I would he satisfied with that. I only want to protect myself. (Laughter.) Air Lewis: This is a one-man show. You’re the only pebble on the beach. The Chairman: All can agree with that. No one would vote to put him out. Air. Kimbel said it was not- fair to tlie outside shareholders who were left- iu the lurch. It was a most unfair thing. On the motion of Air. Piesse, seconded by Air. Webb, Air. Williams w-as elected to the hoard of directors, provided no proxies were used. ELECTION OF DIRECTORS. The following were elected: Alessrs J. F. Pettie, G. B. Oman, G. AVilliams, J. Alaynard, AA r . AA T ebb, A. Sawyer, and O. F. Lewis. GENERAL. Air. AlcLeod wrote stating that he inspected the premises. He thought

that with further plant, things would go on satisfactorily. Ho liuad not gono into the question of cost of making t'lio soap. Ho estimated that the factory could turn out from 15 to 20 tons per month.—ln reply to Mr. Oman, Mr. McLeod said that lie could not give off-hand the quantity necessary to leave tho requisite margin of profit. There wonlld he other lines also which would ho profitable. —Mr. Lewis and Mr. Williams spoke very highly of Mr. McLeod’s capabilities as a manager and a business mail.

Mr Lewis moved that the provisional directors receive 20 shares for their work.—Seconded by Mr; Piesse and carried.

Mr. Welih asked leavo to withdraw from tho directorate an favor of Mr. To Kani Pore. Tho latter, however, declined to /accept. On the motion of Mr. Williams, seconded by Mr. Lewis, Mr. C. G Pi esse was appointed auditor. The meeting then terminated.