COMBINED BUYERS. LIMITED.

Taranaki Daily News, 19 March 1918, Page 7

COMBINED BUYERS. LIMITED.

An extraordinary general meeting of the Company was held at the registered office of the company, 113 Dixon street, Wellington, on Friday the Ist March, 1918. There was a fair attendance of shareholders, and Mr. W- S. Bennett, Chairman of Directors, occupied the chair.

The chairman in opening the meeting explained that the purpose for which the meeting was called was to consider the advisability of immediately increasing the nominal capital of the Company to £250,000, and stated that the present nominal capital would, on the present indications, be all subscribed within the next few weeks.

Mr. Bennett then referred to the present very satisfactory trading of the Company, stating that the turnover was showing a substantial increase each month, and that the figures for the live months to date already approached last year'B lotal turn-over. Supplies from overseas were arriving freely and manufacturers generally were -showing an anxiety to trade. Cabled advice just to hand stated that a large parcel of orders for accessories had already been shipped, and although trading was still mainly confined to tyres, the time was rapidly approaching .when we would be stocking all the necessities of the trade. In moving the motion for the proposed increase in capital the chairman dealt very fully with the purposes for which this additional capital was required, clearly demonstrating the inadequacy of the existing nominal capital and the necessity for the proposed increase to enable tho Company to provide for the progressive policy on which it had embarked.

Mr. R. S. Abraham, in seconding the motion, stated that the chairman had gone so fully into tile necessity of the case as to convince those present that the proposed additional capital avaa needed in order to enable the Company to extend operations to such an extent as would make the concern of sufficient size to give absolute service to its shareholders, and from his personal experience the Company is already fulnling a decided want in matters pertaining to the, equipment and running of cans.

After various questions by the shareholders present had "been satisfactorily answered by the chairman, the following motion was carried unanimously:— "That the Capital of the Company: be increased to the amount of £'250,000 by the creation of additional capital of the amount of 160,000 divided into 15,000 shares of £lO each, such shares to be issued as ordinary shares, ranking as to dividend and as to distribution of capital on a winding up pari passu with the ordinary shares in the existing caijital of the company." The meeting then terminated.*