PUBLIC MEETING.

Mount Ida Chronicle, Volume V, Issue 258, 13 February 1874, Page 3

PUBLIC MEETING.

PROJECTED SQUATTING COMPANY. • A public meeting was held on Wednea- : day evening, to further consider tho pros- • pectus and ofher business connected willi fhe proposed; Squnfctfng Company. Present : Mr. W. lader/in/hc chair ; Mr. E. T. George.actirif,'. Secrejary ; and Messrs. JNewman, Thomson, Jackson, Oliver,

Amies, Law. and one other,

The Oftatkman st;iied the mooting was called to approve of a prospectus preparedby the Provisional Committee. The Acting-Secretary was called on to read the prospectus and the Provisional Directors' report. The Company is io be called the Mount Ida Pastoral Investment Company (Limited); the capital is to be £60,000; in 6000 shares of £lO eacli; £1 is to be paid on application, £1 on allotment, making £2 iin all to be paid up. The directors appointed are Messrs. W. Tnder, E. T. Greorgo, T. Jackson, J. Thomson, D. Barron, W. Newman, and G-. Oliver. ,

The report stated that the object was to offer to small capitalists a safe and profitable investment. Tbe district was eminently adapted for the production of wool, while the climate and poorness of soil makes it certain that stations will remain, for pastoral purposes only, for generations. Similar properties in the hands of absentee shareholders are paying handsomely—■ how much more must. success attend a company locally managed. The promoters, the report said, had stated that if judiciously managed the profits would be from i seventeen v to twenty-five per cent.; and the directors will take 'especial care that such shall be the case, and the company be ably and successfully managed. The increase of population cannot'fail-to increase the price of sheep. It was further recommended'that bills be avoided, and cash purchases only "made, so that the full benefits might accrue to the shareholders. Some discussion ensued as to. the necessity for the adoption of. the report. Finally

■ Mr. Thomson moved —" That the prospectus be adopted as read, and that the .Provisional Committee be empowered to fix the time to open and close the share .lists; to have the prospectus printed and circulated, with the application attached." The mover stated he had not the slightest doubt the scheme would prove a great>success. Mr. G-. Oliveb seconded the motion. ; " Four voted for the motion, exclusive of the Chairman and Secretary, the others present not voting. : 'There being no other business ;the meeting broke up.