S.C. REFRIGERATING COMPANY.

Temuka Leader, Issue 2009, 18 February 1890, Page 3

S.C. REFRIGERATING COMPANY.

An extraordinary general meeting of the shareholders ot the Spmh Canterbury Hefrigeraiing Company (Limited}, was he'd at their offices at 2 o’clortc on Saturday afternoon, to pass a resolution authorising the diteciots to borrow £BOOO upon the security of the uncalled capital. Mr Edward Acton presided, and said since the resolution authorising ths latter had been passed the directors had ordered the necessary machinery and boilers, and hod entered into a contract with Meatus Pal'issr and Jones (o build the necessary additions, When the whole works were completed they would, of their size, be equal to the very best in the colony. Coming now to ilieir finances, the unc tiled capital at date was £c3oo ss, made up as follows :—On old shares, 3293 nt £1 ss, £lll6 os ; on shares newly taken up, 1046 at £4, £4148 ; total as named above. 'J he shares newly taken up were ot ihe value of £5, of which only £1 was culled up, and £4 remained uncalled, and there were still open !o be taken up 161 shares, which, reckoned at £4 each as uncalled capital meant £644. 'r a grr.nd total of uncalled capital of £8944 di. And this still left 500 shares, new issue, which the direcors thought it advisab e lo retain in hand. The proposal now before them was to issue debentures for £BOOO on the security of the uncalled capital ; tha to be 1, 2, and 3 years’ currency, hearing interest at say G|- to 6| per cant- Mr Acton then read ihe clause in the company’s Articles of Association bearing on the question at issue, and said that they had taken their solicitors’ advice on it before submitting it to the shareholders. By their advice it was proposed that the uncalled capital should be invested In two trustees, in trust for the debenture-

holders. The resolution had been drawn UP by their solicitors, sad he (the chairm n) would ask Mr Howell to move it. Mr W, B. Howell moved That the directors be and th y are hereby agth.'oisefl to borrow a sum or sums of ■ money not exceeding £BOOO to be applied . towards the p .ymect ut It-bilitit-s of the company for or hereof.©' to t. contracted as 1 11 r' dir ctors think lit -uui for the purpose aforesaid from tune in time to issue debentmes in such sums for such period and of the tame- nr different classes a i such race or rates of interest and upon such terms us to priori y 01 otherwise find in such form or forms as they shad chink fit. That the directors be and they are hereby authorised to give the holders o f the said debenture-! for 'he time being a special charge upon a 1 or any pait of the uncalled capital of 'ln,- company for the purpose of securing the payment of the said debentures am! interest thereon. That towards effectuating such purpose the directors be aud they are hereby authorised to assign all or any pirl of the uncalled capital of the company to Messrs Edward Acton and Thomas Teschem ikcr or such other person as they think as trustees for the debenture holders either absolutely or by way of mortgage with such powersami subject to such covenaivs, conditions, and provisions, aod generally in such manner and form ns the directors may in their discretion consider best adapted to carry out and give effect to the security.”—The motion was carr.ed unanimously.

Mr 1. L v Morris, of Pleasant Point, asked for some information about certain sheep, the property of Mr A. M. Clark, of Temuka, having (0 be sent to Christchurch.

The chairman said that they had to be refused at the work, which were not sufficiently large to carry the sheep through. A general discussion then took place on the charges, Mr M. Quinn, of Temuka, and Mr Elvvorthy'advocating the lowering of them to the level charged by the Christchurch and other companies. The latter said that all things being equal, sheep grown in South Canterbury should naturally gravitate to the works at Timaru. The chairman said that they must bear in mind that many of their shareholders did not own a single sheep- They simply lent their capita), and the company was bound to earn a dividend for them. After a lengthy discussion the matter dropped, and the meeting terminated.