BRUCE'S ROYAL FLOURING MILLS

Temuka Leader, Issue 1316, 17 March 1885, Page 3

BRUCE'S ROYAL FLOURING MILLS

There was a lively meeting of fiio nlmivho'dera of B nee’s Hoyal Flouring Mills Company last Saturday in Timaru. About S') shareholders were present, ill 'Mr Micdaslian, managing director, presided. After arranging some preliminaries, Mr Moody charged the Chairman (Mr McClashan) with having undertaken the risk on cargoes of flour sent away, instead of insuring them. He expressed doubt Os to his right to undertake such risks. The Chairman said lie had done so when *ll insurance offices were closed. Mr Moody said that on the 21 d August the 8 s. Penguin took a thousand auks wl ich were noi insured in the Company’s office, and on the 23rd August the s.s. Mawhera and the s.«. Tuiaroa took a targe cargo each of which aino were not insured ; in fact, the insurances at the Company’s office were not resumed till the 30 h September. In all the cases imentinned there was no necessity for the Chairman to have insured on a Saturday, la conclusion, he would tell them that the Chairman had received £37 for insurance, and they could judge tor themselves whether lie was as solvent as an insurance- office, and wheflier it was a proper thing for anyone to take advantage of hia position and pay money into hia own pocket as Mr McGlashan had done. Toe Chairman aairl he had given a guarantee, and had left a note with tlie Secretary acknowledging his liability, but when asked to produce it he could not do so, and then he said he would return the £37 to the Company. He was attacked by Mr J dm Crawford on this point, who appeared to throw douht upon his statement. Next came the election of three directors. and on the Chairman intimating tint Mr Moody was ineligible for election owing to the application having been put in too late, another scene edenrred, Mr Moody stating that what the Ch irman s .il was a “ fabrication,” and that a special messenger bad delivered the application in time. Mr M'-ikle asked Mr Moody if ha could prove that the letter had been left at the office as he said. Mr Moody said he could. Ha had sent a special messenger with the letter and could produce this messenger if the meeting desired it. The Ch id'man ; I rule that Mr Moody’s application is out of order. Mr Moody : 1 claim my right to stand as a Director. (He-r, hear). lam not going to he put down or snuffed out by yon, Mr Chairman. (Loud Applause). Mr Jackson : I beg to withdraw in favour of Mr Moody, The Chairman : No need for you to withdraw, Mr Jackson. Mr Pigs io has been asked by me, and has consented, to withdraw is Mr Moody’s favour. Mr Pigeon denied that he had given bis consent to withdraw, but said if Mr Moody wished to be elected he did not mind.

The Chairman replied that now M> Pigeon had so kindly withdrawn the Directors had no objection to Me Moody’s being elected a Director, Mr J icob Hill said the proper way was for the four candidates to stand, and this having been backed up by Mr Moody, Mr Pigeon rose and waid (with much force) that he had not withdrawn as stated by the Chairman. Mr B vrker asked if the new Directors were to become responsible to the Bank for the guarantee mentioned at >ast meeting. The Chairman : The present Directors have resolved upon this; unites the Directors share 'ho guarantee, we shall withdraw our security from the Bank, and let them sue us. Wo shall not buy a bushel of wheat ; we shall sell all the flour we have, and then let you have the mill to do what yon like with. Mr Crawford : You must not think to intimidate us, Mr Chairman. I shall not he intimidated by the best man in the place. (Applause.) After some further parleying of an animated nature, the Chairman moved—- “ That Messrs Lovegrove, Jackson, and Moody he elected Directors.’’ Mr Pigeon rose with extraordinary vehemence to say he had not withdrawn. Mr Jackson offered to withdraw, but the Chairman would not let him, and held that Mr Pigeon had withdrawn, or, if he had not, Mr Moody was not eligible. Ultimately Mr Pgeon nestled down quietly and the three Directors were elected.

Mr John Crawford moved a resolution to the effect that tlie managing director should be elected by tne shsireholders instead of by the Directors, as is present, but as this was embodied in the Committee's report, asked for, and was grunted, leave to withdraw it. The next motion by Mr James King was —“That any shareholder holding in his own right shares to the value of fifty pounds shall be eligible for election as « Director ; and that the Articles of Association be altered accordingly."

Mr Meikle moved ns an amendment that the Articles stand as they are.

The Chairman said the resolution was in Mr Bruce’s writing, and M> - Crawford said it wag no business of the Chairman who wrote it, and after a stormy debate it was carried. Anolher motion was carried increasing the number of Directors to ten, despite the opposition of ibe Directors. . '

The report of the Committee to consider the reinstaluient of Mr Bruce aa working mmager waa then read. They reported that the Directors would not employ Mr Bruce under any circumstances except in work outside the mill, and they proposed that lie should receive as compensation £IOOO, or £2OO a year for 5 years. They also recommended that a manager should at once he appointed and that he should not be one of the Directors ; and that no wheat be bought from any one who would not take up some shar<.s. After some further discussion the report was adopted almost unanimously, but against the wishes of the Chairman.

The Chairman intimated that this motion and others carried that, day would have to be confirmed at a special meeting, of which due notice would be given. He added that tire Directors would consider the whole thing carefully,'and during next week would deliberate on their conm-ctioo with the Company as it at present existed, and decide whether they would continue in the Company any longer or not. He would like to «ee the Company prosper in the interests of the community at large. Still, the hostile attitude shown by a large number of the shareholders to the Directors would, he feared, compel them to

letire. Under these C'reumatHnces lie held the shareholders could not blame the Directors, and therefore the shareholders would have to take the comwqu mces, (Turning to the Directors): These are your views, gentlemen ? The Directors; Yes, MrUhahman, they are. The meeting then terminated.