MOA FARMERS' UNION.

Taranaki Daily News, Volume LI, Issue 301, 16 December 1908, Page 4

MOA FARMERS' UNION.

A meeting of the Moa Farmers' Union was held at liiglewood on Saturday. Mr. Toild, chairman of directors, stated that on further consultation with their lawyer they found it was necessary to go into liquidation in order to legalise the sale, and with that object the meeting had been called. Mr. Hughes then read the resolution authorising voluntary liquidation, appointment of liquidators, and the sale of tho concern to Messrs. Nicholls and Son.—The resolution was seconded. Mr. C. Leech asked how the sum of £3BOO mentioned in the resolution was made up, and being informed by the secretary that it was accumulated proiits, said he failed to see why this had been excluded from sale. It was shareholders' money and should be paid to them, as the sale agreed to by the shareholders was on the .basis of the balancesheet produced at that meetings, the purchasers agreeing to pay all liabilities 20s in the £, ana lake overall assets at face value. The basis as now stated had never been hefore the shareholders. If the oner named was the best terms that could be olilained, it was a very poor look-out. lie said the shares were shown to be worth £4, and yet shareholders got only £1 for tliem. He did not think that was very good business.

The chairman explained that every effort possible' had been made for years back to get the farmers to take 'more shares and get clear of the banks, but they bad failed ,an,l now the bank had got liied „| waiting and had called on the guarantors, and he could tell them it was a nice thing to find a demand for £2.100 v.aiiing fur you when you went into breakfast. The directors had done all they could, but were unable- to get the farmer.-, to help iliom, and they now gave it up. After some further debate, the resolution was carried by twenty-six votes to one.

On the motion of Mr. Price, seconded by Mr. Storrinj.-, Messrs. .Morton and Ilenwood were appointed liquidators, the question of their remuneration being left in abeyance until the confirming meeting.