GREATER J. D. WILLIAMS

New Zealand Times, Volume XXXVII, Issue 8345, 4 February 1913, Page 3

GREATER J. D. WILLIAMS

TWO IMPORTANT MEETINGS. The ‘‘Sydney Telegraph” of January 29th says: Friends and foes of the Greater J. D. Williams Amusements Company resumed business operations in the city yesterday. Apparently, the dissemination of statements for and against the well-being of the company must be accounted as representing a considerable proportion of the essential business. Apart from mere rumours,' circumstantial detailed statements were circulated on both sides. Roughly, there are two camps into which active participants in the gamble and company management may be divided. The one is represented by the present board of directors, and a number of substantial friends, who are apparently imbued with feeling of profound confidence in the future of the company. Broadly, they hold that the liquid assets, including real estate investments, and moneys owing, show a surplus of about .£25,000 over the present total liabilities—excluding film purchases to arrive during the present year. On the other side, is a well-known companypromoter, a couple of wealthy speculators, a firm of stock and share brokers, and a number of the latter’s clients. Both sides appear to desire the presence, countenance, or support of the managing director, Mr J. D. Williams. Monday was a public holiday, but the contending parties were busy, apparently arranging plans of action. There was an, important meeting of those interested on the “bear" side, at which it is understood the programme sketched included breaking all negotiations for a combination of picture interests or the formation of the General Film Company, and the reconstruction of the Greater J. D. Williams Amusements Company, under the general management of Mr J. D. Williams. That was the project. It remained to be seen how far it was practicable, or how far Mr Williams was willing, or in a position, to entertain any such proposals. The articles of association of the existing company lay it down that Mr Williams shall continue as manager of the business for a period of ten years from the registration thereof, “or for such further or less period as may be determined by the said company.” He receives a salary of .£lO per week, and 5 per cent, of the dividends declared. Incidentally it may also bo mentioned that the articles and memorandum of agreement provide that The said James Dixon Williams hereby also agrees to retain in. the said new company during that time (ten years) at least 15,000 shares, and the said new company shall be entitled to refuse the registration of any transfers of shares executed by the said James Dixon Williams, which would reduce his holding below 15,000 shares. Any vacancy in the office of managing director may be filled at an extraordinary general meeting of ‘ the company, and any extraordinary general meeting may at any time for suffioent cause remove any managing director. For the purpose .of executing any of the powers conferred on a general meeting by this clause, any member or members holding not less than 5000 shares may convene an extract dinary general meeting. At Monday’s meeting the line adopted apparently favoured such market operations as would force the company into difficulties necessitating reconstruction. It was held that the company’s now floating liabilities were at least J 310.000, and that operations are, and have been, conducted at an actual loss instead of a reported profit of over *£30,000 per annum. A meeting of the board of directors was held yesterday afternoon. Mr J. D. Williams wrote stating his inability to be present owing to ill-health. The board proceeded with its business in his absence, and elected Mr William Barrington Miller, formerly of New Zealand, to the vacancy on the directorate occasioned by the recent retirement of Mr J. F. Rofe. Mr Miller is well-known in connection with the show business of the Dominion, but is a recent arrival in Sydney. Interviewed after the board meeting, members of the directorate stated that they had no information to vouchsafe, beyond the fact of Mr Miller’s appointment, and that the petition in Equity, out of which so much “bear" capital had been, made, would bo paid out today. It was pointed out that the sharemarket, at least, expected a statement by the directors. “Yes," assented a director, “but the sharemarket demand does not represent the shareholders’ best interests. That is what we have to consider. There will be a genera] meeting in the course of a very few weeks—probably within three weeks—and the financial statement nowbeing prepared will be made available some time previously. In fact, when we know exactly the full position it will be made public. None of the shareholders whose interests we are strictly conserving are pressing for a statement at this stage. You may mention that Sydney detectives are leaving for Auckland to-morrow for the purpose of bringing Mr F. S. Lloyd back to Sydney." The treasurer, Mr Leon Phillips, who was also appointed for ten years under the articles of association, retired from the service of the company a few days ago.