COLONIAL LAND SETTLEMENT AND ENDOWMENT ASSOCIATION.

Patea Mail, Volume IX, Issue 1068, 3 August 1883, Page 2

COLONIAL LAND SETTLEMENT AND ENDOWMENT ASSOCIATION.

TO Til JO KOI TOXt. Sm, —For tho iiifonnutioii of the Shareholders iu this district, I should esteem it a favour if you would insert an account of tho extraordinary general meeting of tho above Association, hold on July 26 at Wellington, and which I attended as the Patea delegate. At tho mooting referred to there wore present Mr Charles Redwood (Chairman), Hon W. Clifford, Bishop lied wood, Mr Shaw (Company’s Solicitor), Messrs Grogan, Duignan, J. Cook, and J. O’Doa. .After the minutes of tho previous meeting hail been confirmed, Mr O’Doa addressed the Chairman. Ho stated that having the honour of representing a largo number of shareholders on the West Coast at this meeting, ho wished to make a few remarks on the minutes just confirmed, and with tho Chaairman’s permission, ho would ask a few questions in connection with tho Balance Sheet. Here Mr James Cook stood up, and objected to the Patea delegate asking any questions in connection with the Balance Sheet; but the Patea delegate, who was determined to

have matters brought clearly before the meeting, stopped in possession till the Chairman allowed him to speak. After a number of questions had been put to the managing director (Mr Cook) by Mr O’Dea, such as bonus, charges, commissions, salaries, and inserting notices in the local papers that Jas O’Doa had no authority to act for the Company, while at the same time he was in possession of a written authority (which was produced), the meeting thought that it was spiteful on the part of Mr Cook, inserting such notices, and that his answers to the other questions were anything but satisfactory. The Patea delegate, in conclusion, suggested that the wisest course to take would be to wind up the company as soon as possible. The next business was to elect five directors. Mr Patrick Butler, of Reefton, holding fifty shares, was proposed, and elected ; as also was Mr Michael Corchran, of Coromandel. At this stage the meeting was at a loss to know of any other shareholder eligible for director ; but presently Mr Cook proposed himself on Mr Butler’s proxy, and seconded it on another gentleman’s proxy, and of course secured his return, through having secured a majority of proxies from the shareholders at a distance. It is now for the shareholders to judge whether it is advisable for them to send Mr Cook their proxies in future. There was not one shareholder at the meeting who would propose Mr Cook as director, and seeing that he ought not to have had the impudence to do it himself. At this time the whole affair was looked on as a complete farce, and there was one gentleman (a director) who left the room quite disgusted, Now, there were two more directors to bo elected ; but no one would propose a candidate, through Mr Cook being in office. Presently Mr Cook proposed Mr John Sheehan, and Mr J B Whyte, M.H.R., and seconded them on other proxies. The proposer was asked if these gentlemen were eligible for election, and he said yes. It is for the shareholders to judge if one of the above gentlemen was eligible, for on the following evening there appeared in the Wellington Evening Post a local, thus : “ Mr J B Whyte requests us to state that he is not a director in the Colonial Land Settlement and Endowment Association, as has been publicly announced.”

The shareholders are to blame themselves in a great measure, for sending to Mr Cook their proxies, and giving to him the power of carrying everything as he liked. Had all the shareholders done as the Patea shareholders did, the Company would be on the way of winding up by this time, but as it is it will have , to take the proper course, and of course Mr Jas. Cook will have, what he was not backward in fighting for, a good billet. It is to be very much regretted that this is the present state of affairs. It might have been worse for the Patea shareholders had the agent, Mr O’Dea, collected the two last calls that were made, the same as in other districts. The above was what caused Mr Cook to insert in the Fatea Mail that Jas. O’Dea had no authority in acting for the Company, and especially for not collecting the proxies and appointing himself. The necessaiy steps are now being taken for the winding up of the company, and it is to the interest of every shareholder, to see that it is done with the least possible expense, —Yours, &c. James O’Dea. Patea, August 1.