Co-operative Society.

Taranaki Daily News, Volume XLVII, Issue 7707, 9 January 1905, Page 2

Co-operative Society.

Liquidation Confirmed. Fifty shareholders attended the meeting ol shareholders in the Now Plymouth Co-operatffve Society, Limited, ott Saturday in the Borough Chambers. The, business of the meeting was the confirmation of the resolution passed on Dcceuiwr 17th, " That the society go into liquidation-" Mr Gibson moved that the resolution be not confirmed. The directr ors, in his opinion, should not have come upon the shareholders so suddenly. There had been too much running after tho lawyers. The business should not bo sold by tender, for. there would then bo some chance of the shareholders getting their money buck, He strongly attacked the present directorate.

Jli - Andrews usked whether an outside offer had been made for the business.

The chairman : Not yet. Mr Andrews advocated letting the matter; stand over if there was any chance of their saving anything. Mr Morris seconded. Mr Connett would have liked to see someone witli a large stake in the society appointed as liquidators. A committee should be appointed to confer with tho liquidators before the land was disposed of. The proposed remuneration for the liquidators was too high. If the society went into liquidation there would not bo 3s in the £, but if the business could be carried on for a few weeks tho business might be disposed of. He contended that the meeting should bo adjourned for, suy, one month. There was no one had cooperation more at heart than ho Mr Were defended the xJiieetorh by Captain Gibson, dctailimt the steps taken to keep the contwn Zt -r, 0 * llm:to, - s '""I «onc their best. Hie mismanagement was not '%,! W yesterd "- v ' »»« of years, file best course was to wind up ihe ground the present board was working on was hollow. Mr Corkill pointed out that the live per cent, remuneration u, the, iqu.dators was only on the equity, ft * lS Paymwt w "» if paid 2J per cent* on the whole. I Mr (iuukiodger moved as an amendment that the resolution re-« gilrding liquidation lie conlinned, i the appointment of liquidators to be l<(St pvor,' Mr Burgess seconded the anieu.lnient, saying thpixj should be r\ me finality about the matter. Mr Tate supported Mr Uurgess' views. lie also defend.*! the dnvttors from the charge of being i.seless<

In reply to a question, the di- | rectors stated they could not carry on fo' another month without further capital. (.a) t&id (iibson tasked whether the creditors hud pressed for payment. '1 he chairman said two linns had prcssudi

Captain Gibson said the dli'-:tors had not clone their 'July ; trev hi.'d inci ( ase,i, instead of ilecre.v.ing the expenses.

Mr Morris asked the i-H-'i-'ng to woi/i this fact: That if the ; •e----scat soi'ioty were wound up, there would never |m ajiother co-operative concent in New Plymouth). Mr Tate said ft .W U a impo&sible to tide over the crisis unless monetary assistance was given. The amendment was'carried by HO Jo 8, and as ft substantia 'motion.

Mr ('aukrodgor moved that the appointment of liquidators be not conmined. He thonghl men us fully [competent could be engaged at less remuneration. '

Mr .Andrcwd Seconded. , l'he motion was curried unanimously, fiv!!!° T\'l m ' U ' W»l«Wnto™ Was axon at three. i

'n,. «•''£F tin *> r exorcised io the full the righjt of selection. Finally Messrs Ujmnctt, Todd, and Kclsey were appointed liquidators it a ey numeration of 2J per cent. OnjmM refusing io act^Jggjkflßj^^^l

appointed,, A! VnHa