The New Zealand Times Co.

Manawatu Herald, Volume 06, 6 April 1893, Page 2

The New Zealand Times Co.

This Ministerially managed news* paper company held its annual meeting on Monday afternoon, but published no report till Wednesday. This is an unfortunate instance of the enterprise of the Directors. In Wednesday's paper there appears over" two columns of report, how obtained, or how reliable, it is impossible to guage as in a subleadw in the same issue it declares — " By one of tlie articles of association of the New Zealand Times Company its gentral meetings are declared to b» private, and no representatives of the press may he admitted."

If the report can* be relied upon the Directors do not appeK* to have been a happy family as Mr A. Yotrag nldV&d and Mr Hainsbury seconded, " That the present Board of Directors of the New Zealand Times Compitiy (Limited) does not possess the confidence df the shareholder*, and that they be dismissed and the following shareholders be (fleeted in their place : -Messrs W. P. Reeves, A. Warburfcon, L. L. Harris, IL Kennedy, 2£< Samuel, A. Collins, and J. Plimmer." This was carried. During the discussion it Was tiated by Mr T. K. Macdonald that the resolution was an attack upon Mr Jellicoe, it was an attempt to get rid of him by a side-wind. When Mr McLean, M.H.B. endeavoured to help matters on, the Chairman and other shareholders laughed at him, wiring: him if he had read the articles of association. The Chairman, who is the Minister of Education, said he did dispute the right of anybody to sympathise with Mr Jellicoe on account of his absence. He had no wish to discuss Mr Jellicoe anyway. When Mr Heaton, another shining light on the government side inter>.>^| jected, ' But you have the proxies of the shareholders all ready.' The Chairman replied, . • You seem to know more about the shareholders than I do. Attd the shareholders seem to know more about you than I do ; which is perhaps the reason why they did not elect you a difeetor." And this sally, it is reported, was received with loud laughter. Altogether liberal sympathisers appear to have little sympathy for one another.

It is noticeable that the profit is stated to have been only £859 18s 5d whilst £1798 odd has been set aside as a provision for bad and doubtful debts and for depreciation. New shares had been got off during the year " largely by personal exertions on the part of . the .- managing director." This detailed would be most interesting, as it might tend to show how much of the public's time has been given towards supporting this private (?) venture, and might show how much the position the managing director held in the government had to do with his success as a canvasser* • -

Anyone who reads the account of the meeting in the Post on Tuesday night with that published iij the limes on Wednesday, must, be j iur. prised at the term " impudently one sided and misleading Version " which the Times characterises! it. The public, reporter's not being admitted, must take the two accounts as inn spired by either interested side. The Times own report is sufficiently instructive.