NEW ZEALAND SMELTINGCOMPANY. Adjourned Meeting.

Te Aroha News, Volume III, Issue 151, 24 April 1886, Page 2

NEW ZEALAND SMELTINGCOMPANY. Adjourned Meeting .

An adjourned meeting of the shareholders of the NewZealandSmeltiiigCompany was held at the Chamber of Commerce, at 11 a.m. on "\Vednesday,underthe presidency of Mr J. M. Lennox, Chairman of Directors. Amongst those present were Messrs J. H. Upton, C. Alexander, Garlick, J. AicUen, A. J. Horfcon, Gcver, A. Saunders. J. M. Brigham, Campbell (solictor to the Company), A. Porter, La Monte, Carr, W. L. Wilson, and Colonel Fraser. The Chairman explained that the previous meeting had been adjourned for the purpose of obtaining the opinion of the Company's solicitors, Messrs Russell and Campbell, as to the legal position. It was to the effect that the Company was under no liability to Mr La Monte, the sale of the patents having been unconditional. The Company was entitled to recover from him the £1,000 paid in January lasti but there had been no breach of contract on Mr La Monte's part, and the Company had no other claim or rights except the right to the pnrchase. There was no question about the Company taking over the furnace, as it was virtually now their property. The majority of the shareholders could bind tha minority to continue operations so far as such operations were witliin the scope of the Articles of Association. The Chairman also announced that Mr LaMonte had since mado a fresh offer to the Company, vi r /, to take £3,000 and resign to the Company his right to the Government bonus of £1,000. This would only leave L2,000 to be raised by the shareholders, and as lie held one fourth of the shares, one- fourth oF that amount would fall on him. The follow-