WEST COAST MEAT & PRODUCE EXPORT COMPANY.

Patea Mail, Volume IX, Issue 1104, 26 October 1883, Page 2

WEST COAST MEAT & PRODUCE EXPORT COMPANY.

Greneva.l Meeting of* Shai'eholdees.

The first general meeting of shareholders in the above company, was held at St. James’s Hall on Wednesday afternoon at 3 o’clock. There was a large attendance, amongst those present being Messrs W Wilson, J Paterson, A Palmer, J Williamson, A Howie, Jas Paterson, J McLean, J G Baker, T Nicholson, Barraclough, G H Norman, W Cowern, R C Tennent, S Taplin, Josiah Richards, Huston, Horner, Shaw, W 0 Sytnes, Fairweather, Christie, Howitt, J G Beamish, Barton, Bremer, Hawes, Pearce, Parsons, Whishaw, O’Sullivan, Gibson, Jardine, Clayton, Nicholson, E Payne, J Y Smith, T Haywood, H E Deane, J Burke, Mahony, 0 Byrnes, A Hunter, Honeyfield, Livingstone, Nolan, Luplon, E J Morgan, Ross, Keating, Ball, G D Hamerton, Bright, Imrie, W Gower, Wood, Perry, Hawken, Orchard, G Balmforth, W Balmforth, P Hurley, G T Bayly, B A Adams, G Bridge, W Taylor, M Hunter, J Bayley, G Me Lean, E P Symes, P C Gowland, F Riddiford, J Sheild, A Drake, F 0 Sparks, &c. Mr W. Wilson was voted to the chair and read the advertisement in the Mail calling the meeting. He said they would be aware that the matter of starting this company had first been mooted at a meeting of the Agricultural and Pastoral Association. They had found that owing to the depression in the district and the colony generally, they would have to take steps to help themselves, ns they had tried outsiders and found that if they had to depend upon them, they would receive no help at all. At the meeting a committee was appointed to collect information, and correspondence with firms in various parts of the colony was entered into. Upon receipt of replies it was decided to send a deputation to Wellington, and Messrs R. B. Hamilton and W. Gower proceeded there to collect all the information they could about the freezing of meat, cost of plant, &c. By this means they were enabled to start the company with some confidence as to results. It was thought necessary that moat tinning should be added to freezing, but of course that was a matter for the shareholders to decide. Several sites for works had been inspected by a committee who were appointed for that purpose, and they had fixed upon a site on this side of the river. It was somewhat sandy, but there was plenty of grass lam! upon which to erect the works. It had been stated that the sand might discolour the meat, but he thought if that were so the difficulty could bo got over. At any rate there was no other site so suitable, They

could tret, a base from the Harbour Board for 42 years, at a moderate rent. There was plenty of water and a good site for a wharf, and they could at a small cost reclaim the sand if found detrimental to the company’s operations. The' company had met with a large degree of success. -Although ho would have liked to have seen all the shares taken np, still they had received more applications than they had expected, in fact far more than the amount originally fixed upon, which was £6OOO. Deposits hud been paid upon 1618 shores and there wore 99 more which he thought would come in. They wore here for the election of directors, which he supposed they would now proceed to, mil ess’ any gentleman wished to ask any questions upon details of the committee’s work, which no doubt would be answered, (Applause.) Mr Christie thought it would bo better to read over the Articles of Association. There were certain matters in reference to voting that it might be desirable should be hoard.

Chairman agreed that it might be the best thing to do.

Mr Cowern said that lie had heard it questioned if the meeting was legally colled according to the Act. He understood that the Company was not registered and he would like .to ask the solicitor if they.could elect the directors. Mr Hamerton said that the Company was registered, and they,could proceed wi th-their business. Mr Nolan asked if it was not usual to submit the articles of association to the shareho'ders before they were registered. There were plenty of people who did not know the contents. Ho for one did not, and wonld like to hear them. Chairman said a committee was appointed, of which he was one. They spent a considerable time over the matter, and drew np what they thought wonld he suitable. Mr Hamerton then read the Articles over.

Mr Livingstone said there were two points that might be noticed. One was the clause requiring proxies to be in 48 hours before the meeting. He thought that proxies should be available when produced, as it might happen that a shareholder who was on the point of attending a meeting might at the - last moment.be prevented by illness, or urgent unforeseen business. With regard to the qualification for directors he considered that any shareholder should be eligible. A man might onlyhave two shares and yet bo a better business man than another with a larger interest. He thought they should get the best men.

Another question arose as to who had the right to vote in partnership cases, where shares had been taken up by the firm. The Chairman explained the partner whose name stood first would exercise the vote.

Mr Tennent asked definitely if the regulations were registered. If so, they were wasting time. '

Mr Hamerton replied that they had been registered. Mr F. Symes asked if partnership shares could be divided.

Chairman replied in the affirmative. If the shares were separated both partners would have a vote. Mr Cowern suggested that the Memorandum of Association should be read over. -■ ’

The Secretary read the Memorandum. Mr W. Symes thought that the registration of the Articles before submitting them to the shareholders was rather an arbitrary thing. As he understood it if the first member of a firm were ill the other could not vote. Chairman said he could get a proxy.

' Mr W. C. Symes pointed out that the regulations could be amended in any way they desired. ; Mr Tennent speaking of what had fallen from Mr Livingstone about the proxies, contended that the fact of their having to be deposited 48 hours before a meeting was a great safeguard. , It would be an undesirable thing that a man should be able to go round the district collecting' "proxies and hand them in to the Secretary at the last moment . By doing so he would be in a position to swamp the rest of the shareholders in an election for directors or anything else. "V A rather lengthy discussion took place in reference to proxies, and certain amendments in the articles, but olli-' mately it was resolved upon the motion of Mr Christie, seconded by Mr Sheild to adopt the articles as read. The Chairman pointed out that a meeting might be called by giving seven days notice and any alterations effected that shareholders thought necessary.

Chairman said the next business would be the election of directors.

Mr Christie suggested that two directors should be for the district north of the Manawapon, two between the Manawapon and Patea, two in the Borough of Patea, and three south of Paten.

It was however thought best to leave the matter to the judgment of the meeting. Nominations were then made as follow:—J. R. Lysaght, proposed by J W Bright, seconded by W Gower; G McLean, proposed by W Wilson, seconded by G D Hnnicrton ; W Wilson, proposed by C Symes, seconded by A Palmer; J Livingstone, proposed by H F Christie, seconded by W C Symes ; J Gibson, proposed by J R Lysaght, seconded by A Palmer; J Ross, proposed by W Balm forth, seconded by J Gibson ; R B Hamilton, proposed by F Riddiford, seconded by W Wilson; A Jardine, proposed by P Mahony, seconded by J Huston; H F Christie, proposed by J Ball, seconded by J McLean; A Palmer, proposed by R C Tennent, seconded by J Paterson ; J McLean, proposed by A Palmer, seconded by W. Gower; J Hair, proposed by T Nicholson, seconded by 0 Symes; W Coworn, proposed by Josiah Richards, seconded by W Wilson ; J Lnpton, proposed by G S Bridge, seconded by A Jardine; J Paterson, proposed by A Palmer, seconded by j Ball; L Bremer, pro-

posed by J Shield, seconded by A Drake; J Hawkcn, proposed by E L Barton, seconded by J Parsons; G H Norman, proposed by S Taplin, seconded by J H Whishaw; W Gower, proposed by A Drake, seconded by O Symes ; W C Symes, proposed by.W Balmforth, seconded by G D Hamerton; J W Bright, proposed by J Williamson, seconded by G D Hamerton. A ballot was taken, the successful candidates and the number of votes being as follow : Wilson 715 Hamilton ... ... 630 Lysaght ... ... 565 Livingstone ... ... 559 Christie ... ... - 527 Palmer ... ... 428 Gibson ... ... 348 Norman ... ... 310 J McLean ... ... 304 Other voles received wore* .Cowern, 281 ; G McLean, 251; J Ross, 241; J W Bright, 241;- W Gower, 233; W C Symes, 173; J.irdine, 171; Paterson, 153; J Hair, 142 ; J Hawken, 108; Lupton, 77 ; Bremer, 71. The result was received with applause. Chairman said there was one other matter, and that was the appointment of officers. The regnlaliohs -say that the directors may appoint, not a shall " appoint officers, j He thought the Appoint-, ment should be left to the directors. Suppose they (shareholders) elected a lawyer and the directors did not agree with his opinions, there wdnld be nothing for it but to call a meeting of shareholders to get over the'difficulty. It was the same with the Bankpr.; (The shareholders might appoint one and it might happen that the directors wonld i;: require an advance or something of that sort. If the" banker received instructions' not to grant any adyan.ee,; the chpectqrs would be precluded from making other arrangements.'’ Willi regard to the Secretary, they might not agree with him, although he di l not suppose for a moment! that such would be the case, Still for the sake of argument, if they did, it was possible the directors wpuld have to resign. He thought, therefore, it would be better to leave the directors ; to appoint their own officers ? . Mr Gower considered that the auditors i-. should be appointed by the shareholders. The directors should hot appoint men to,examine their own work. . Chairman agreed with Mr Gower, but , said that according to the articles the; first auditors would have to be appointed • by, the directors. After that the share-; r holders would elect them. Mr Livingstone moved, “ That it be left to the directors to appoint their own officers.” .. . Mr, Nolan seconded this, which was carried unanimously. ' ' In - a brief speech, Mr Tennent - moved that a snra not exceeding £20;:-_ be voted to defray the expenses of the ■ Committee who had undertaken the preliminary work of investigation. They,; had spent time and money .on the work* , and to their efforts wore due in a large ; measure the successful floating of Company. (Applause). |; The resolution was carried unanL, monsly. t ; My-Christie asked what was to be;; : : 'done with the unallotted shares. An opinion was expressed . that .the sbarelist should be reopened to the public. Others thought that the shares'; should be held for future issue at a premium. Ultimately it Was resolved upon the motion of Mr Nolan, seconded by Mr Christie, “ That, the sharelist be opened for one month t0 present shareholders, to allow them to ■ take np the unallotted shares.” This was aJI the business; and then meeting then (7.30 p.m.) adjourned vrith; a vote of thanks to the chairman.