The Co-operative Society's Affairs.

Taranaki Daily News, Volume XLVII, Issue 7763, 15 March 1905, Page 2

The Co-operative Society's Affairs.

SI'F.CIAL MKETINt; 01 CHEIUTOKS. SO MM HII'FKIII'.M'KS OF OI'IMON. A special meeting of the eredlloTs in the eslatc in the Xew l*l\ mouth I Co-operative Society, in li.pii.l.ilion, was held at the Council Chan* ers on Tuesday al'teiiioon. The attuvlame nuiiihend eighteen. Mr l>. llerry w.u. to the chair. : 'Hie Chairman i-\|»lu!iial the for which the meeting had I vne.i!c.l. At -the pieviou- iiK'eliiig Mes:»; Hurgess. Johns, ami hiinsivf had Ikvii nppohitixl n roiniiilltci: lo 111denvour to gi't Ihe .Supreme Courl lo appoint Air llu.vly li.piiilator, n-pn-senling the creditors, in older lo as."jst Mr Kelsey With Hie accountanc.v ,work, as it was fell it was not n Ning.luhhuisd.-<l joh, and was not a jolt that would suit either of the other two liquidators, Messrs Connettuiid Todd. The Court refusi<d tll.it ajtplicntion, ns his Honour did not think there was nny nei'essitv for it, and that if the creditors wanted thesolu niunugvuieut of the estate it , would have t 0 go into ih'a llunkruptcy Court. That course would I only add to the expenses and reduce the dividends for the whole of the creditors. They therefore considered the next best, thing was lo ask the liquidators to meet the creditors that day "to discuss the mutter; Messi'M Connct t and Todd had before the appjicution was made offered to ,resign conditionally on the Court so deciding. The accountancy work wus ,too heavy for Mr Kclsey alone and another now was that Messrs Connett und Todd should employ another accountant to be' paid out of their share of the liquidators' fees. It was no want «$ confidence in those two gentlemen, /but accountant's work was outside | their line of business. All the creditors had received notice to attend the meeting. I A creditor asked why Ule meeting had been called for the unearthly hour of 4 o'clock, which was certainly not suitable for country creditors. I The Chnirmun {explained that the Hour was suitable for the liquidators and town creditors. I MrConnett explainWl that he ha I .offered to resign. Hj s „),j ret wns (o save any more sacrifice tliui' w-,i^ | absolutely necessary; he was not .there lor whnt he could (jet out of ,thu position, lie would, if it ,„„„. to that, lie wiling to lonvo anvtliingdue in fees. -Mr Kelsey syid he was wfllfna to [place himself in the hands of the meeting, H had Ik-cii found lat-es-,sary to empl 0 y Mr .l„»es, | ilt e C,^ , opera tne clerk, who had been kept on simply nl ,d solely for the reason jthntthc books were seven nioiilm in an-cnrsi This work was now competed. I I'he Chairman : V 0,„,, ,i„. .| jooks seven months behind ? I Mr Kelsey : Ye., ; when they came into my hauUs. I Mr T„dd said the grrangeine.il previously was that thev shou'd resign. Why wns not this done ? I Jhe Chairman :It could not Itdone. I Hi' Todd consideiod tJmt th,.|v ha I wen an attempt to destrov hi.v chamcter, according to the statements made. I 'I he Chairman suid he was not I aware of any attempt 01 ,Iml kind, lie knew ol no statements, or where they eiiiunatcd from. I Mr Told said he did not uJmit that the present liquidators were not c«paU» „. d„in k ih, accou„, wwu ,. I The Chairman : Why did you not jofler to do if? Tl ml Ul , , H „ sav«l u.i the trouble. I -Mr Todd explained the circuiusluuus since the upitointmeiiis. I. ilr J. Mjnott was about t 0 join ,in the discussion when lir Kclsey objected on the ground that he was not a creditor. Mr MynoTt protlm> i« proxy on behalf of Mr 11. T .101 l iwh... ntk ' ,,w » • was not a creditor jwhen the accounts were adjusts. Mi Mynott contended that Mr Jvel,sey had no right lo o |, ject . TJ still had u voice in the socieiv 1, wa.su well-known fact that a 'lurire ed' jt"T°'•*«!»>*■■« "ad appoint nl, ."'■"' 1 "1 ,,4 d - andwisH^ liiin to retain the position. I Jhe Chairman; 'm S is not a meeting ol shareholders, but „f crt) .

Mr Mynott persisted in speaking «>s, he said, too judge ru i«i ' thttt t £, shareholders still had a voice in the society, it was the well-known wish of the fanners and a large number ■of creditors, who had unwavering conhdence in Mr Todd's integrity und abilrty. II U was not the nincompoop that sonic wanted to make out He w„a a man who had held good positions at u ome on |)u ,,, ood.es. He hud alreudj done'good service, inasmuch as he liad put his linger on some sore points, and bv so doing had aroused some of the interested. That was the kind of man wanted in bankrupt estates-one who would do his duty fearlessly nnd without favour. It would be a great mistake and, as the fudge said an insult to Mr Todd ' Mr Fraser strongly objected. Mr Mynott was not a creditor, and yet cumc and took up their time with irrelevant discussion. Mr Mynott : You tried your best to get second claim on the property it such tt stmightford Mr Fraser made a remark about getting the police to ex|iel Mr Mviiott if he persisted in taking pait m the meeting. ' Ms Mynott warmly protested, add- !'»« "I'-MH-l me, eh? You can't do .'.,, ° n ho hlul 'turned his -Mr Fraser proposed that with the consent of the liquidators the meeting appoint Mr Bayly to assist in the liquidation of the compnnv. Of course, if they refused ui admit Mr Jluyl.v, the creditors' course wus dear. The remuneration for Mr Itayly he wish,-d to add, •>„ C „', M out of the estate. "We are not dietnting to them," he continued "i>tn simply state our wish, and say that 'I they accept our appointment w„ shall be satisfied, and no further action will be taken." Thai, was all they hud got to say. Mr Newton King'seconded. Mr Mynott was proceeding to move an amendment "That in accordance with the meeting held Mr Fraser again obivctitl. i . Mr Mynott : You are ufraid That ' is why ~,,„ wanted the s not to ll.e reported by the press : Mr h-ras.-r : We will K et a police- '' man directly. You are not « tTC - j tlrtor, and' have no right to i,e pies-' ent. I Mi- Mjnott : I move as an amend- 1 meiit i Mr Fraser : You are not in order. I -vtr .Mynott : J am i n order. When' tie liquidators were appointed it was •stipulated lluit in Hie eu'iil of Mr Kolsc.v declining t .i take the position, Mr Medley |„. asked to take the appointment. I contend that in business oilier Mr Medlev is the fit and proiier person to tukc the position. The Chairman said ho could not lake Hie amendment for the simple reason that the mover was not a, creditor. After further discussion, the meeting curried the motion, slightly amended to read that the liquidators be asked to appoint Mr Ua.vlv lo assist Mr Ki-lsey in winding up ' the affairs of the company, theques-i Hon of remuneration being left over'! to a. further meeting of creditors when the affairs were fully wound up. f On the motion of Mr Weston, jun., ■) a committee consisting of Messrs'' Hcrry. Fraser, nnd .Johns was 'up. ' pointed to consult with the liquidn-'! tors on this and any other matters • that might arise. i« The meeting 'then concluded. '