SPINNING AND WEAVING COMPANY.

Globe, Volume VIII, Issue 1055, 14 November 1877, Page 3

SPINNING AND WEAVING COMPANY.

A meeting of the shareholders of this com» pany was held at Mr Chas. Clarke’s rooms yesterday. Mr George Hart occupied the chair. The business before the meeting was the confirmation of a resolution winding up the company voluntarily. The resolution was gassed some time back, and the meeting was eld yesterday to confirm it. Mr George Hart, the chairman, moved—“ That the Canterbury Spinning, Weaving, and Fibre Company be wound up voluntarily.” Mr J. Ollivier seconded the motion, which was agreed to. The balance-sheet presented shewed that the amount available for distribution was £5819 15s 9d. The profit and loss account shewed that the debit account amounted to £16,214 2s Id. The amount received for the plant, &c., was £7129 15s Bd, which exhibited a loss of £9084 6s sd. A somewhat acrimonious discussion arose as to the appointment of liquidators, and after some little discussion of a personal nature between Mr H. Packer and the secretary, Mr Oram moved, and Mr Thomson seconded, that the amount paid to the liquidators be ten guineas. Mr Oowlishaw moved, as an amendment, that the liquidators bo paid at the rate of la per cent. Mr Hennah seconded the amendment. After some discussion, Mr Cowlishaw demanded a ballot on his amendment, which resulted as follows: — Ayes, 60; noes, 236. Mr Heywood held over 400 proxies, but declined to use them at all. The amendment was therefore lost. Mr Ollivier then moved —•“ That the liquidators, after paying the expenses consequent upon the liquidation, be allowed the balance over 7s 9d in the £ to be paid to the shareholders, to cover all claims for the liquidation of the accounts, but any other claims, should such arise and be deemed due, to be paid outof the assets.” Mr Thomson seconded the motion, which was carried. Mr Heywood was then appointed liquidator, and the meeting adjourned after a vote of thanks to the chairman.