FARMERS' AUCTIONEERING COMPANY.

King Country Chronicle, Volume I, Issue 37, 5 July 1907, Page 3

FARMERS' AUCTIONEERING COMPANY.

At the first annual meeting of the Waikato Farmers' Co-operative Auctioneering Company, Limited, held at Hamilton on Monday, the directors' report was read as follows :—" The business has been carried, on by and on behalf of the company since February Ist, and the results since that date have been so satisfactory that the directors have no hesitation in assuring the members that the success of the company is only dependent upon the substantial and continued support of the farmers. The total number of shares allotted at June Bth, is as follows :—To the late firm of McNicol and Co., the consideration for which is the property, plant, and book assets of the business lately carried on by them, 6624 shares, 'A ' issue, fully paid up ; to other members, the consideration of which is cash, 1350 shares, 'A ' issue, fully paid up ; to other members, the consideration of which is cash, 1951 shares, ' B ' issue, with a nominal capital of £46,075, of which £41,030 I.os is paid up. The total amount of cash received by the pompany in respect of such shares, is £7BBI ids. In proposing the adoption of the report, the Chairman (Mr J. Barugh) said it was not intended to refer to the state of the business, but merely to show the position of the company so far as the number of shares taken up, and money paid in connection therewith. Since the issue of the report £IOOO worth of shares had been applied for. They had, therefore, subscribed capital of over £47,000. The late proprietors, McNicol and Co., hold £33,000, leaving a balance of £ik,ooo held by farmers. He desired; to point out that McNicol and Co. Mad not exercised a vote in the ■election pf directors,