CO-OPERATIVE BAKING SOCIETY.

New Zealand Times, Volume XXX, Issue 4519, 14 September 1875, Page 3

CO-OPERATIVE BAKING SOCIETY.

A meeting of the members of this society, convened by the liquidators, was held at the Bideroom, Oddfellows’ Hall, last night. About twenty-five members were present, Mr. T. K. Macdonald in the chair, who stated that the object of calling the members together was to inform them that, owing to the neglect of the Colonial Secretary in not gazetting the registration of the society till twelve months after that event had taken place, the appointment of liquidators was null and void, and they had no power to sue defaulting shareholders. They were advised that, as the society was now properly constituted, the managing committee should again take up their duties, and take over the funds in hand, and make what arrangements with the creditors they may deem most advantageous to the society. Mr. Worth moved that the managing committee should act in accordance with the advice tendered. The society had gone into liquidation against his wish ; but ho had uo doubt that, with energy on the part of the committee, arrangements might be made with the creditors; and Mr. Moody, who had bought the property, was willing to restore it to the society on condition of being repaid his outlay. The property was now bringing in some £7B per year, over and above the interest on the mortgage and cost of insurance, and if satisfactory arrangements could he made, there would be no necessity to liquidate the society, which in a short time would be able to pay a dividend to the members of some 8 or 10 per cent, from the rents of property alone. Mr. Clayson seconded the resolution. Mr. Archer moved an amendment,—“ That nothing should be done till all the accounts had been duly laid before the members.” It was scandalous the way the money had been squandered. Mr. Moody had had £BOOO through his hands, and he (Mr. Archer) wanted to know where it was. What had he. done with it? He surprised at the impudence of the liquidators in coming before them and offering no explanation as to what they had done with the money they had collected. He had invested £2 in the concern, and he wanted to know where it had gone. No seconder having been found, The Chairman stated that every member would receive a printed balance-sheet of the affairs of the society before the affair was properly wound up. Witli regard to Mr. Archer’s remark as to the liquidators’ impudence, he would observe that they had taken the matter up at great inconvenience to themselves, and in the interest of the members. With regard to Mr. Moody, -who had been much maligned, he would observe that his accounts had been properly rendered, and he had not discovered any discrepancy. He was aware that Mr. Archer felt very sore at losing his £2, but he himself was a much larger shareholder, and had more interest in bringing matters to a satisfactory termination. The resolution was put and carried unanimously, and the committee arx-anged to meet on Wednesday night.