The Temuka Leader SATURDAY, JANUARY 12, 1884. THE REFRIGERATING COMPANY.

Temuka Leader, Issue 1125, 12 January 1884, Page 2

The Temuka Leader SATURDAY, JANUARY 12, 1884. THE REFRIGERATING COMPANY.

Another chapter has been added to the eventful history of the short existence of the Refrigerating Company. In compliance with the requisition a meeting was held last Saturday, but owing to due notice not baring been given it was not legally constituted, and it had to be postponed. Mr Elworthy, the Chairman of the Directors, threw the blame on the Post Office. He wrote to the Secretary to give the legal seven daya' notice, but the letter miscarried and it did not reach

its destination in time. Considering the circumstances we think the meeting 1 ought to have been given more than due notice to. Not alone ought notices to hare been forwarded through the Post Office to all shareholders, but an, advertisement ought to have been inserted in the papers intimating that it was to be held. This was not done. The advertisement did not appear in the Timaru Herald untjl Saturday morning, *nd it was nothing more nor less than waste of money to advertise then. The Timaru Herald could not reach people in distant parts of the country in time. Putting that and the fact that due notice had not been given together, we think the object in view is quite plain. It was only a part of the contemptible trickery that has been going on from the beginning, and of which the Directors ought to feel thoroughly ashamed. In the beginning all meetings were head on Saturdays, and this was adhered to until the country residents had invested their money in shares. But this order was changed when it became the time for selecting a site, and electing Directors. The meeting for that purpose was held on a Monday, evidently for no other purpose than to get rid of such an annoyance as the small shareholder. The money of small shareholders was secured, and they were no longer wanted, Saturday is the poor man's day in Timaru; any day is the rich man's, and as Monday would suit the latter as well as any other that day was selected. The poor man had been in Timaru the previous Saturday, his business at home would not allow him to go next Monday, and the meeting was held on a Monday, eo that the aristocracy might have it all to themselves. It was also the fair day at the "W ashdyke, and it was well known this 1 would keep a great many away. They had it all their own way. There was a larger attendance than was expected, but the Chairman urged that it would be vote of censure on the Provisional Directors if Rhodes' site was not selected. The meeting was taken unawares ani so the site was selected. Mark now what has occurred since. • Immediately after the meeting several people saw a great blunder had been i committed, and in compliance with the rules of the Company a requisition was circulated for the purpose of being signed, to that another meeting might be called and the question reopened, i The Chairman admitted that he knew this was being done, yet the Directors rushed at once and committed the shareholders to the purchase of Rhodes' site " by paying a deposit of £IOO and signing an agreement to purchase it. There was no hurry for this. It could well have waited until the result of the. requisition was ascertained, but, as if to put the matter out of the power of being altered, they closed the bargain with indecent h«ste. And now they threaten to resign if their actions are reversed. This is the last shift. They think this will carry them through. In our opinion it would be the best thing that could happen that they should ', resign. During their short term of (office their conduct has been anything but commendable. It does not say much for the two or three hundred shareholders in the Company if better Directors can not be got, and we trust that no one will be deterred from voting according as he thinks fit through fear that the Directors will resign. After reviewing their whole conduct we must conclude that tho reason due notice of last meeting was not given was that the Directors wanted to draw out of the discontented their views, so that they might be prepared for them at next meeting. The proceedings prove this. Although the meeting was prouounced illegal the Chairman invited discussion, and in the course of it threw in the threat of resigning. Oh, what an awful calamity must the shareholders have seen staring them 'in the face in this resignation ! With what dismal thoughts must they have pondered over the possibility of such an event when returning from the meeting last Saturday ! But after all we believe that there are a great many shareholders who would be glad to see them resigning, as they have been tried and found very much wanting.