S.C. REFRIGERATING COMPANY.

Temuka Leader, Issue 1123, 8 January 1884, Page 3

S.C. REFRIGERATING COMPANY.

A special meeting of the shareholders of the above Company took place on Saturday last, there being a large attendance. Mr E. Elworthy (Chairman of the Board of Directors) presided, and stated that the meeting had been called on account of the Directors having received a requisition from a number of shareholders requesting them to call a meeting to consider the question of site The meeting, however, had not been duly called, as seven days’ notice had not been given, owing to a delay which had occurred in the transmission of a letter from himself to the Secretary. If the shareholders liked, the could treat the meeting as properly constituted, but if not they must adjourn the meeting till the proper time of notice had expired. It was resolved that the meeting be adjourned till Saturday next, the 19th instant. The Chairman then suggested that some definite shape should be given to the business to be brought forward at the next meeting. Mr T. Mitchell, as the shareholder whose signature was first on the requisition, was called upoq.to give an idea of what was desired by the requisitionists, and replied that the Directors had themselves reduced the sites to two, and he wanted to know which was the best of the two. MrP. Wareingunderstoodthat £loohad been paid as a deposit to Mr Rhodes for his site ; would the forfeiture of that £IOO release them from any further liability to Mr Rhodes 1

The Chairman said certainly not. They were now entirely in the hands of Mr Rhodes, as they had signed an agreemeet to purchase the whole site, in accordance with the resolution passed by the shareholders at the last meeting. Mr Wareing said he did not know that the deposit had been paid when he eigoed the requisition. Mr M. Quinn asked whether the Directors were aware that a requisition would be sent in before the £IOO was paid ? The Cnairman said he heard that some requisition was going to be sent in, but he took no notice of it. Ho simply heard it outside, and did not know that it would ever be sent in. A requisition came before the Directors insufficiently signed, and they determined that it must be handed back to the signers as insufficient. That came in after the money was paid. Mr Howell said the point now to consider was whether they should urge the Directors to forfeit the £IOO, provided Mr Rhodes would agree to that, and provided that another and better site was recommended. Mr Talbot thought they were baulked at the outset. He would be prepared to table a motion that Mr Rhodes be asked on what terms he would release them, but then they would require another meeting. Could not a reply be obtained from Mr Rhodes before next meeting! Mr Moody said it would be injudicious for any section of the shareholders to communicate with Mr Rhodes until it was decided that a majority of the shareholders approved of it, and that had not been decided. Mr Howell and Mr Fendall urged that nothing final could be done at the next meeting unless they knew whether or not Mr Rhodes would release them if they desired it. The Chairman said as far as he was concerned he would rather get the shareholders’ decision before communicating with Mr Rhodes. It had been decided by a large meeting of shareholders, at which fully 200 had been present, that this site should bo purchased. The Directors had taken a certain step with the sanction of the shareholders 3 and they could hardly go back. The only course open to them if this purchase was rep udialed would be to resign. in reply to Mr S. D. Barker, the Secretary said the deeds were not yet prepared, nor their preparation commenced, pending the result of the action of the requisitionists, but an agreement to purchase bad been sigued. . Mr W. C. Fendall then gave notice of the following motion for next meeting—‘That the Chairman be requested to communicate with Mr Rhodes and ascertain on what terms he would release the Company from their agreement, should it be considered desirable to do so.’ Mr Wigley gave notice that he would move —‘That the Directors’ action in a site be approved of.’ The Chairman said Mr Wigley’s motion would go to the root of the matter, and he would submit if first to the next meeting. The Directors had taken certain action as instructed by a resolution of the general body of shareholders, and they would stand or fall by it, Mr Talbot said it appeared then that they had not only Mr Rhodes to consider. If they desired any other site it meant the resignation of the Directors. The Chairman said, Certainly. (Other Directors : Hear, hear). A discussion then took place as to the Chairman putting Mr Wigley’s motion first to the meeting when it was not tabled first, but the Chairman adhered to his decision. Mr Talbot asked why Directors the could not communicate with Mr Rhodes before next meeting The Chairman said he would not do so, nor would the other Directors. Mr S. D. Barker gave notice of motion ‘ That the Company should not freeze for export young ewes.’ Mr A. Clelland gave notice, with Mr T. Mitchell as seconder, of the following motion ‘ That in the event of Mr Rhodes releasing the Company from the purchase of his section, steps be taken to compleie the purchase of Grant’s 1 Mr Api m gave notice—‘That in the event of Mr Rhodes’ site not being * adopted, a Committee be appointed to select a site either north or south of Timaru.’ By ‘ either north or south 'Mr ApUn means without restriction as to distance from Timaru. The meeting then terminated.