TEMUKA LINSEED COMPANY.

Temuka Leader, Issue 1644, 8 October 1887, Page 3

TEMUKA LINSEED COMPANY.

A special meeting of the shareholders of the Temuka Linseed Company was held lost night at the Oddfellows’ Hal). About 30 persons were present. Mr John Talbot, Chairman of the Directors, presided. The meeting was convened by circular, and was called for the purpose of discussing a resolution to the effect “That the Temuka Linseed, Oil, Caka, and Fibre Company be wound up voluntarily.” This resolution was to have been moved by Mr Eayhurst, but that gentleman did not put in an appearance, and after waiting for him for some three quarters of an hour the Chairman brieiy explained the reason for calling the meeting. He was not in a position to give the fall figures which had induced the Directors to take the step of calling tha shareholders together, but the position was briefly that the Directors bsd given their personal guarantee to the Bank for the sum of £4400. There were outstanding liabilities amounting to £IOOO, and the Directors did not feel disposed to incur further liability. He desired to .make some explanation with regard to the issue of new shares. At the time the shareholders were last called together it was thought that the Company would be able to produce binding twine of good quality. The Directors, huwever, found that the fibre in stock was inferior, and that twine could not be made from it. On the strength of the prospect before them the shares had been issned, and it waa understood that if the Company did not carry on the money would be refunded. The directors regretted that their legal adviser had informed them that under the Articles, of Association they were powerless to refund this money. It belonged to the shareholders, and was one of the assets of the Company. The directors had themselves each taken two shares and paid them op, so that they were in similar circumstances to the rest of the

ihareholders. , ~ 1t Mr Miles, in the absence of Mr Hayhurst, proposed —“That the Temuka Linseed, Oil, Cake, and Fibre Company be wound up voluntarily,” Mr W. Lyon seconded the motion. A long discussion followed, and the subject was thoroughly ventilated. The motion was ultimately carried. Mr Brown proposed that a full statement of the assets and liabilities of the Company be forwarded to each shareholder before the next meeting, which would be held in fourteen days to confirm the present resolution, and that in the meantime if the Directors could bbo their way to carry on the works at a profit that they do so. This was seconded by Mr Mason and carried. The meeting then terminated after passing a vote of thanks to the Chairman. A full report will appear ia our next issue.