MARCONI COY

Hokitika Guardian, 17 March 1927, Page 2

MARCONI COY

WILD MEETING OF SHAREHOLDERS.

[Australian & X.Z. Cable Association.]

LONDON, March IG. There was an overflowing and turbulent meeting of Marconi shareholders when tliev assembled to consider the

reorganisation scheme recently cabled. ■Signor Marconi, in moving the adoption of the report, .expressed the hope that the Directors’ proposals would

mark a turning point, ami lie admitted that there had been a trying and a critical period. It was partly due to past mistakes. It' the proposals of the Xordon Committee were carried, he would have no course but to resign, and to decline the Presidency of the Company; also to seek the termination of his agreement as the Company’s technical adviser and thus to sever all his connections with the Company. ’l'lie Hon. F. Keflaway seconded the motion. In the course of a lengthy speech, he justified his policy. He emphasised that there had been a conversion of heavy losses into a working profit last year. Sir .1. Carusey assured the meeting that it might safely proceed with the Directors' proposals, which argued a prosperous future. Mr Xordon. on behalf of the English shareholder dissentients, declared hotly that he was fighting with tied hands, as he was unwilling to damage the prestige of the Company by publishing facts concerning the callosal internal mismanagement, which would astound everybody. M Kellawav had a salary of £10.900 per annum. He added:—“Friends who nominated me and others for the Directorate have imposed the condition that Mr Kellawav must vacate the position. We must select capable independent people to do constructive work, not work for the benefit of those who have battened and fattened on the shareholders. These, statements were greeted by a wild scene of waving hats and papers. The Chairman declared the report adopted, amid a vollev of protests. llr Xordon demanded a poll, which was granted. Mr Pennell asked:—“Would Signor Marconi undertake in fliture not to speculate with the Company’s shares?’’ Signor Marconi retorted:-—“That is an impudent lie!” Mr Pennell—“Then you are a blank liar!” This assertion gave rise to a considerable uproar, and. after more v. dangling over the appointment of auditors, it was announced that the poll had been held, and that it bad adopted the report by 1.586.000 votes to 320.000 votes.

Motions were then carried largely reducing the capital, as already cabled.