SPINNING AND WEAVING COMPANY.

Globe, Volume VIII, Issue 892, 4 May 1877, Page 2

SPINNING AND WEAVING COMPANY.

A special meeting of the shareholders of the Canterbury Spinning, Weaving, and Fibre Company was held yesterday at Mr Charles Clark’s rooms at 3 p.m. The business before the meeting was the confirmation of a resolution passed at a former meeting relative to the increase of the capital of the Company by the issue of new shares. Mr J. P. Jameson occupied the chair. The secretary (Mr J. M. Heywood) read the advertisement convening the meeting, and also the minutes of the preceding general meeting. The Chairman said that the usual notice having expired, it was for the shareholders to confirm the resolution passed at the last meeting. It would be recollected that the factory had closed on account of the capital of the company being absorbed. The Directors had therefore called the shareholders together to

see if they would consent to the capital of the Company being increased by the issue of more shares. A resolution to this effect was carried, which now required confirmation. In answer to a question from Mr De Bourbel, The Chairman said the only application for new shares received was one for ton, on the condition that the whole of the issue was taken up. He now begged to move that the following resolution be confirmed “That the capital of the Company be increased by the issue of 2000 new shares, of the nominal value of £lO each.” Mr P. E. Wright seconded the motion, which was agreed to. Mr 11. Thomson rose to move the following resolution —“That as the directors have not succeeded in placing any new shares, and consequently are not in a position to announce the probability of an increase in the capital of the company, it be an instruction to the directors to dispose of the plant and property of the company, by public "auction or private tender, and distribute the proceeds.” He thought it was a vciy great pity that so few shareholders had attended so important a meeting. So far as he was concerned, lie shoidd be willing to double his shares if the other shareholders would do the same. He regretted very much that the shares had not been taken up, as he felt that the shareholders had not gone into the venture with any idea of making a profit, but rather to encourage colonial industry. It was well known that everywhere an industry of this character had had to pass through a season of trial and difficulty. They were now through this, having gained their experience by paying for it. However, the directors were unable to go further ; they had spent all their capital. Hence, the best thing would be to wind up the company. He did not think that the industry would be allowed to die out, and he trusted that some capitalist would be found to take it up. He now begged to move the resolution. The Chairman said that though the resolution had been proposed it could not be carried, as the Act stated that there must be twothirds of the shareholders present in order to carry a resolution of this character. Mr Dcßourbcl suggested that it would perhaps obviate this if the directors were instructed to let the works with the option of sale. The Chairman thought not. The directors could take an instruction as to letting, but they could not sell under the Act without the authority of a legally constituted meeting. Mr Hesketh said he was in favour of wind-ing-up the company. Mr Thomson said that it would perhaps be as well for the meeting to express their opinion on the winding-up of the company, although the resolution eoidd not bo put. Mr Deßourbel moved “ That the meeting do now adjourn until this day week.” Mr Allan seconded the mot ion. Mr Jenkins thought that this hardly gave the shareholders time to consider the matter thoroughly. The motion for adjournment was then put and agreed to, and the meeting concluded.