WINCHESTER JAM FACTORY.

Temuka Leader, Issue 1843, 22 January 1889, Page 3

WINCHESTER JAM FACTORY.

A meeting of the shareholders in the above proposed company was called for last Friday evening. There were present Maears J. A. Young (chairman), Rolleston, Cliff, and O’Neil. The chairman explained that the object of the meeting was to hear the articles of association read, and in reply to Mr Bolleston he said there was no nesessity for holding the meeting, only they thought it was necessary to hold one so as to let the shareholders know what they were doing. Mr Cliff did not know what all the meetings were for. Here they were now for three years, holding meetings and nothing done. How was it he had been kept out of his money all the time, when if he had had it he might have doubled it 1 Mr R. A. Barker: You can have your money as soon as you like. Any shareholder can have his money. Mr Cliff: I want mine then as soon as it is convenient. Mr Cliff then left the room. Mr O’Neil: Is it the intention to go on as soon as the company is floated I The chairman said it was the intention to go on as soon as they had sufficient capital. Mr O’Neil; If you cannot get enough capital what will happen 1 The chairman : It will be wound up, of course. Mr O’Neil: Then what is the use of going to the extent ot registering the company 1 Would it not be better to wind it up, instead of going to further expense I . The chairman said there was a possibility of the company being floated. fMr Barker said the original idea was to get the factory floated for the first season when it started, but that failed. The people were very kesn for it then, when there was a surplus of frnit, and they would be equally keen next year again if their fruit was rotting as it was then. Mr O’Neil said the general feeling was to keep it as it was until sufficient money bad been subscribed, but they wanted now to go to the expense of floating it. He wanted to know how many shares had been taken up? and what was the expense to date ? In reply it was staled that over 500 shares had been taken up, 60 of which bad been withdrawn. The expenses up to the paesent time was Is lid per share. Mr Rolleston said that until the company was registered they were not capable of holding property, and the object of registering it was to enable them to acquire the section of land set apart for the industry by the Government. Let them register the company, secure the land, and then go to the public and show what they had done, and then they would get the shares taken up.

Mr O'Neil objected to starling before they had sufficient funds. Mr Barker said that he had caused to be reiterated in resolution after resolution that no work should be undertaken until sufficient money had bean subscribed. He called on the secretary to read minutes bearing out this statement. Mr O'Neil said in that case ne would withdraw his application to get back his money for his shares. He was now satisfied with what they were doing. Mr Holies ton said he had no sympathy it all with persons who were uuareprengjiting their aims, and writing most letters making accusations against the directors to the effect that they were getting money by means of false pretences. This was because the directors thought it would be wise to have a grain store in connection with the jam factory, but they did not attempt that without the consent of the shareholders, and there could not hvae been any fraud. They found it could not be done without the consent of all the shareholders and there was an end of it. It was very wrong to impute fraudulent intentions to them because of this. Mr Barker said the object they had was this : They thought they had more land than would be required for a jam factory, and that if they got the grain store with it the farmers would be more likely to take up. shares. - Mr Bolleston said there was no use m discussing the matter further. He moved that the articles cf association as presented by Mr Aspinall be adopted. Mr Barker seconded the motion and it was carried. Mr D, C. McCarthy was requested to continue to act as secretary until after the registration of the company. The meeting then adjourned.