TEMUKA LINSEED COMPANY.

Temuka Leader, Issue 1651, 25 October 1887, Page 3

TEMUKA LINSEED COMPANY.

A general meeting of the ebureholders in the Temnke Limeed Company wae held last night to confirm the isolation to wind up the Company which wae pasted at a previous meeting. Mr John Talbot occupied the chair, and there was a large attendance. The Chairman said they were all aware the meeting wee held to confirm the resolution to wind up and to appoint a liquidator. HrHayhnrst moved that the resolution passed at a previous meeting be confirmed. Mr Brown seconded the motion, but in doing so said there was an omission in the balance-sheet. He noticed that the deficit was dose on £IOOO, be t it did not show the money due to the shareholders. He held the deficit wae £SOOO. The things were taken at cost price, and the properties had depreciated in value since. Hr Storey asked whether any seed had been sown in the district f The Chairman said ha did not know. In reply to Mr Brown, the Chairman said (he Factory had since last meeting been rented to Mr Monaghan for £9 per week, and be to pay £8 per ton lor fibre. Mr Stcrey complained that no information bad bean given as to whom the money was doe. There was nothing in the balance-sheet to show it. The Chairman said that could not affect (he question. The names could be ascertained if any one so desired it. Mr Brown hoped they had made a good deal of profit during the past fortnight. He thought if they could get on that way they would get sufficient to reduce the liabilities Mr Metson asked if it was true that 30 acres of linseed were to be put in on Mr Guild's Isnd. If that was the ease some one would go in when the shareholders went out. Mr Filbtbw said lie had been arranging for 89 acres of land from Mr Guild to sow hemp and linseed in. M* Davey thought they ought to let it go op if Mr Monaghan would pay the rent for

. Mr Metson proposed to let Ur Monaghan ©wry it on until he had paid himself. I Mr George Oavey suggested that the shareholders should share in any new fompany which might, be started to carry it on. Alter the matter had been discussed at some length, the motion to wind np the Company was put and carried. Mr Entland complained of the injnitiee done to the new shareholders, and the matter was discussed at full length. She Chairman explained that the mortgagees would not benefit by the new shares, ae they were not included in the deed of mortgage, and efter some conversation the matter dropped. On the motion of Mr Storey, seconded by Ur Bosooe, Uesirs Aehwell and J. Brown were appointed liquidators, and the remane* ration was fixed at £26 for Ur Ashwell and £lO for Mr Brown, She meeting then terminated.