PUBLIC MEETING.

Mount Ida Chronicle, Volume VII, Issue 388, 18 August 1876, Page 3

PUBLIC MEETING.

CO-OPEBATIVE STORE AND BAKEBY. An adjourned meeting was held in the Victoria Hall on Wednesday evening last. There were between forty and fifty gentlemen present. j Mr. J. M'Gregor was appointed Chairman. The Secbetabt stated that he had consented to take the office pro tem. at the! last meeting, but he would now give it up, and ask Mr. George to fake it instead, as Mr. George was well acquainted with the requis.'tct of: such a company. He (Mr. Ash) had written to obtain information as to the working of co-opera-tive stores, as requested. The only replv was the prospectus of the Otago Co-ope"-rative Store, which he then road. The Chairman said he wcula call upon the Secretary to read the minutes of last meeting, which was done. 1 Mr. G» Stephens seconded Mr. Ash's proposition, ihfi.t Mr. George act as'Secretarj. r llie proposition was carried. 3.he ChaibhAn read the first minute carried at the last meeting, and asked that someone propose that the minute be adopted. ■ Mr. H. Donnelly proposed that it be adopted. Mr. W. Moobe seconded. A show of hands being called for, a number were put up~. "Against" being called, there was no response. The second proposition was then read, and the Chairman suggested that power should be retained to add another 11000. Mr. Jacob asked if.three-fourths or two-thirds of the shares would not have to be taken up before the Company could be floated. Could seven persons become registered as a Company ? • The'CnAiBMAN : Yes; by the Joint Stock Company's Act. Mr. G. Stei'heks asked if the seven shareholders only had one share each could they be registered ? Ihe Chaibman : By the Act it appears so. Mr. Geobge moved as an amendment to the second proposition, and Mr. S. Shiltjs seconded —That the nominal •capital be £2000." Mr. R. Brown wished to know if the price of bread would be cheaper. The Chaibman said the company was not started as a money-making speculation. The object was to sell as cheaply as the market would allow, as cheaply as it possibly could be worked. Those who dealt with the company would each day be receiving a dividr-nd. lbo. amendment by Mr. George was then put and carried.' 1 lie OrTAii.'jfAN what number of shares it would be best to limit any one person to. Mr. Moore: Ten, for the first fourteen days. Mr. G. proposed that a maximum oi twenty shares be fixed. Mr. Jacob seconded the proposition which was carried. . . The third n, re payments on shares, was put, and. on the motioii of Mr. A. Whitk, sim-■ndud by Mr. DoA »intre li>t-ivas thin opened, and 120 shares immediately s»ibteribod fur.

It was proposed by Mr. Moojie, and secouded by Mr. Jacob, that the Company's Bank be the Bank of New South Wales.

Mr. Davidson proposed the Bank of New Zealand. Mr. Wiiite seconded it.

The voting-was confined to- applicants for shares. Seven voted for the amendment, and.six for. the proposition. The amendment was therefore-carried.

Those subscribing for shares were then appointed a Provisional Committee, with power to add .to their number—nine to form a quorum. ' .Resolved—" That the share list be left open for fourteen days." Also, "That Messrs. White, Jacob, M'Gregor, W. Moore, W. li. Ash, and the Secretary form a Committee to draw up a prospectus, to be printed." A vote of thanks to the Chair and to the Secretary broiight the proceedings to a close.-