LA MONTE'S SYNDICATE.

Te Aroha News, Volume III, Issue 111, 18 July 1885, Page 2

LA MONTE'S SYNDICATE.

A large and influential meeting of gentlemen was held on Wednesday afternoon at the Auckland Chamber of Commerce, to consider the question of forming a public company for the working of Mr La Monfce's smelting process. Mr J, M. Lennox was voted to the chair, and in a few brief remarks explained the object of the meeting, and the action that had been taken by the executive committee at the various meetings held towards the forming of the syndicate into a public company. — The Secretary read the following proposal of the committee ;—"(a); — "(a) That the 1 syndicate be formed into a public company, (b) That the number of shares be 60,001) shares at £1 each, (c) That the capital of the company be divided into 2-1.000 paid-up shares (4000 of whioh to bo a'lotted to Mr LaMont- ) n I 36,0 0 contributing shares (4000 or which to be allotted to Mr LaMonte ). (d) That the sydicate take up 10,000 contributing 1 shares in the proportion of one contriba- : ting for every two paid-up shares they hold, (c) That tb<» number of contributing shares to be offered to the public bet 22,000 nt 2s 6d on application, and 2b 6d on allotment." It was resolved, 1 upon the motion of the Chairman, ! seconded by Mr McMillan, "That n ; company he formed to acquire the rights and interest held under the agreement made with Mr La Monte, and that liief name of the company Ie? the New Zealand Smelting Company." — Proposed by Mr McLeod, and seconded by Mr Me Millan, "That the capital of the company be £60,000 divided as follows j— . 30,000 fully paid np shares, to be divided amongst the syndicate ; 4000 fully paid-up to Mr LaMonte, making 34,000 paid-up shares. . 26,000 contributing shares, to be apportioned as follows 5— • I 4000 to Mr La Monte, 12,000 to fcha j syndicate, dirided pro rata, and 10,000 to be reserved for futare distribution/ I It was resolved, opon the motion of Mr \ A. Porfcer seconded by Mr A. G. Hortofi. "That thejdividend» be paid at per share, irrespective of the paid-up capital of the company." The following provisional directors were appointed :~ -Messrs A» Saunders, C. Alexander, A. G. Horton, J. ML. Lennox, A. Torter, R. K. Daris, James Russell, mid J. Green. Messrs. Russell and Campbell were appointed solicitors to the company.