MIDHIRST DAIRY COMPANY.

Taranaki Daily News, 20 September 1917, Page 8

MIDHIRST DAIRY COMPANY.

MEETING OF SUPPLIERS. A well-attended meeting of the Midliirst Factory suppliers was held on Monday night to consider the future of the company. The meeting had been convened by some of the oldest and largest suppliers, general dissatisfaction having been expressed at the past management by the directorate of the company, which, it was considered, resulted in a much lesser return to the shareholders than they were entitled to expect. Several shareholders expressed the view that, having regard to the fact that some of the ereajseries had already seceded, and that ,ot&ers were on the point of doing so, it was time the company should be reconstituted by way of a voluntary liquidation. This view seemed to find general acceptance amongst those present. The meeting also discussed--so far as the meagre information permitted them to do so—the proposals of the directors in connection with increasing the capital of the cmpany and altering the articles of association. These proposals are to be r>onsidered at a special meeting called by the direo. tors for Friday afternoon. The opinion was expressed that tjie directors should havo supplied shareholders with a summary of the reasons which prompted their proposals, in order that the suppliers could go to the meeting on Friday with matured opinions concerning these proposals. At present they are practically in the dark as to the reasons for them.

By invitation of the conveners, Mr. A Coleman, of Stratford, was present to advise upon the position that would result upon a liquidation, and also as to legal steps necessary to he taken in order to wind up the company. It was made clear that the various creameries, together with their plant, and also tli! main factor}', would have to be disposed of to new companies to be formed by the suppliers in the respective localities of such creameries. The position would be that the present shareholders would be both the vendors of the present assets and also would be the purchasers of those assets.

At the conclusion of the meeting an expression of opinin was taken, and it was unanimously decided that the company should go into liquidation. Mr Coleman advised, however, that before coming to any absolutely definite decision, it would be as well to learn the detailed proposals of the directors, which were to be laid before them on Friday, as it was possible, of course, that some satisfactory solution of their present troubles might be arrived at at such, meeting Failing this, it appeared that 1 the shareholders will be asked to go into voluntary liquidation.—Stratford Post.