First General Meeting of Shareholders.

Waikato Times, Volume XXII, Issue 1856, 29 May 1884, Page 2

First General Meeting of Shareholders.

The first general meeting of the shareholders was held at the same place at noon, Mr Graham presiding. The number of shareholders present was probably 70. The Chairman opened the proceedings by reading the advertisement calling the meeting, and also the following

KKI'ORT OF THE PROVISIONAL DIRECTORS. Gkntlkmkn, — It is our pleasing duty to announce to you the successful floating of the North New Zealand Fanners' Co-opera-tive Association (Limited). The warm interest manifested by the settleis in stiiutly watching and weighing each soparate clause of the ai ticles of association, and the jealous guard kept by them ovei the voting power-, and the sli.uo list is one ot the moat assuring feature-, of the society, as it proves that each shareholder has joined not meicly a-- a subscriber, but also as a champion of the cause. This augers well for the safe and honest working of, the association. Your pnnisional cwmnutteu in their canvass foi shareholders have kept in view the desire to spread the shaies as much as possible, and rather to obtain a large number of shareholders than a number of large shareholder*. Upon this pi inciple will, we believe, be founded the ultimate success of the society. The following schedule showing the number of holdings of shareholders, will no doubt piove interesting and satisfactory to you : —

Mr James Forrest's resolution, setting apait2ooo shares to be offered to the respectable artiznn and working classes of Auckland and Thames in single shares of £1 each, each share to cairy a vote and full paiticipation in all the benefits of the asso ciation, has proved to have been a wise step, and has been warmly appreciated by the leaders of the Tiades and Labour Council of Auckland, who, in meeting assembled, have passed the following li'tjolution, which speaks for itielf. Mo/ed by Mr King, seconded by Mr Tudehope, " That after heating the explanation of the Farmers' Co-opetati ye Association, Limited, thus council lecognjses the benefits likely to accrue to the working men of Auckland by being .shareholders, and pledges itself to advise the different branches of labour which they represent to take up the 2000 shau's offeied on such easy terms." — The thanks of the association are due to Mr Gillett and also to Mr (ira.nl for the able manner in which they laid the true objects of the association before the Trades and Labour Council, and which led to the above most s-atisfactory result, the importance of winch cannot be too highly estimated, inasmuch as we believe that the fact of obtaining the cohesion of 2000 shareholders and ready money customers from the working classes with the association at once establishes it upon a concrete base, so broad and sound that, practically speaking, no limit can be fixed to the extent and benefits to shareholder? which await the energotic working of the association. The Provisional Board of Directors regiet that they, after careful thought, have considered it necessary to close the yhare-li^t befoie several very important districts have had an opportunity afforded them for participating in fcho advantages which the association offers — we would mention particularly tho Thames and Whangaiei districts. But although we are empowered by the Companies Act to remain in office for four months, we have felt that the pressure bi ought to bear upon us by the large number of existing shaieholders to commence operations has rendered it an imperative duty for us to call you together in general meeting to hand you our report and statement of the present position of the association, and then to resign in a body as required by the Act, in order that each distiict may have a fair and equitable oppoituuity to elect its own representative and theieby to share in the honours as well as the responsibilities attached to the directorate of this important association, and it is tho desire of each and every member of the provisional directorate that I should make it plainly (uidei stood to every shareholder who has favoured this meeting by attendance, that no feeling of credit due to members of the provisional board should stand in the way of voting for the most suitable men for the future directorate. Personally, gentlemen, I set my face against any pre-emptive right to a seat on the board. Once and for all, then let it be understood : We have launched a gallant barque into deep water, and named her " The North New Zealand Farmers' Co-operative Association." Very much indeed will depend upon the captain and officers whom you appoint to navigate your ship, whether she will safely sail through opposing elements, or founder in mid-ocean. We, gentlemen, are, up to the present, only the designers and builders of the ship, and now hand her over to you launched and ready for sea. It is for yourselves to appoint to her the very best officers you can find, and to do so without fear, favour, or affection. Acting upon the. powcis conferred upon them by the act, the provisional board have fixed the number of directors, for this association no*, to exceed twenty-five. They have also cided to keep the account of the association in the Bank of New Zealand. Taking into consideration the fact that the association has extended so far and wide, we believe that Auckland must be the head office of the association. But this, together with the consideration of the numerous applications for tho situation of manager and secretary to the association, also the offers in writing from various high-standing seedsman's firms to hand over their stocks, merge their business, or sell out with or without management to the association, we have considered right to hold over for the consideration of your permanent board. The offer of Mr Jolly to give the association a valuable site for granaries and stores — upon certain conditions — recommends itself most strongly to the provisional board. And they trust the association will avail itself of the opportunity thus afforded it for securing ample and central granary and storage room for their requirements in Waikato. The erection of granaries seemingly meets with muh warm sympathy from. all sides. It is very gratifying to mark the confidence reposed in the association and its objects, from the fact that many have already taken advantage of the right to pay up their calls in full to the amount of 10s, and many more have signified their intention of so doing. The unqualified thanks of all who sympathise, or shall in any way benefit by this association, are due to the proprietors and staff of The Waikato Times newspaper, for the sturdy fiupporfc that journal has afforded us. We are of opinion that to The Waikato Times is largely due the credit for the successful floating of this' association. With the exception of establishing negotiations for continuous supplies of a highly valuable guano, on most advantageous terms and QSWfPWjM«tfI fa? *?•

rangomonts we have to thank Mr Arthur Heather, merchant, of Auckland), we have entered into no contracts to bind or fetter tho free action of the incoming board. I have now, therefore, gentleman, to move of thi*, onr first report and statement, and then call upon you to elect new directors, and also auditors for the association.

William A. Graham, Chairman. In moving the adoption of the repoit the Cliainniin said he believed the plau of electing representative directors for f each district would bo found to work ; well. Many important districts had not as yet been canvassed, and it would not therefore be advisable to fill np the I board. Owing to the necessity of keeping open the books of the company it had been found impossible to prepare a complete balance-sheet to lay befoie the meeting, but a statement of acco.ints had been laid on the table, and would show how the association stood. | He then formally mo\ ed the adoption of | the report. Mr J. Newland seconded the motion. He was quite sure that the whole of the director had given their best iittention to the concerns of the association, but he felt bound to say that the success of the movement was in a large measure due to the energy of their chairman. The success of that gentleman's "fad" must be veiy gratifying to him. When he (the speaker) proposed that the association should have its present name he was told that it was too ambitious, that it should be called the Waikato Association ; but events had proved that he was right, for shares had been eagerly taken up, not only in Waikato but in all parts of the province. The thanks of the shareholders were due to Messrs Sandes, Grant, Gillett and others, who had freely given much time and even money in furthering the interests of the association. He sincerely hoped that they would be guided in their choice of directors by a dosire to net the very best men they could. (Hear, hear.) Mr J. J. Barugh, in supporting the motion, wished to add a word of testimony in pi aisu of Mr Graham. Had it not been for that gentleman he did not think the association would have succeeded. It had been said that Mr Graham was too energetic, and that he merely wanted to enhance the value of his own property. Had the asaoeiatron's head- quartets been at Tamahere there might have been some grounds for the remark ; but it was not a Tamahere, nor a Waikato, but a colonial institution. (Hear, hear.) In answer to Mr Forrest, the Chairman said tho association had power to make further issues of shares it it were considered necessary that they should embrace other districts. Some of those now holding 100 shares would probably be willing to part with some in order that the privileges of the association might be more widely distributed. The motion was then put and carried unanimously.

KLKCTIOX OF DIRECTORS. MrJas. Forrest moved that the number of directors Le 25. This was seconded by Mr Gillefct. The Chairman explained the method by which the directors ought to be elected, one cr two for each distiiet, according to the number of shares taken. Mr Selby considered that 20 directors would be sufficient, and moved an amendment to that effect, but it was not hecondi-d, and Mr Forrest's motion was then put and carried. At the icquest of Capt. McPher&on, the Chairman read out the names of the following set entcen gentlemen who had consented to be elected dire tors : — \V. A. Ui'dhan 1 , Hamilton ; J. J. Barngh, I'ainaheK 1 : Jas. Bell, Wairoa; John Biooks, Churchill; J. Forrest, Cambridge ; C. Gould, W.iitoa; R.Gillett, Kiiikirira; J. Newland, Njjaroto ; \V. H. Wallis, Ragla-i ; C. Day, Whatawhata ; A. Heather, Auckland ; E. Waymouth, Auckland ; Teed, Mahurangi ; Westney, Te Awamutu ; Cairns, Mangare ; Owen Cameron, Gisborne ; Rutherford, J. G., Pukeltohc. Captain McL'herson moved that the seventeen gentlemen whose names had been read be appointed directors, leaving eight vacancies to be filled up hereafter. Mr Jolly thought they were rather premature. He thought the provisional directors ought to remain in office until the share list was filled. The Ciairman explained that the provisional directors had lesigned, and the meeting was therefoie bound to elect directors. Mr Forrest remarked that thirteen out of the seventeen pioposed were Waikato men. He thought they should decide at once how many Waikato representatives there were to be. Mr Brooks thought they should not draw too hard aud fast a line. They wanted, in the first place, men who would work together. Next year they might spread the representation over the country ab widely as possible, but at the outset they required men who would pull topether. Mr Newland coincided with Mi Brooks. Mr Jolly thon seconded Captain McPherson's motion, which was put to the meetiug and carried unanimously.

AUDITORS. Mr John Waymouth (Auckland) and Mr Ueor»e Edgecumbe (Hamilton) were appointed auditors to the Association.

CO2fCI.USION\ The Chairman said they mis;ht now fairly say that the association had been established, but its measure of success depended entirely on the support givento it by the shareholders themselves. If they stuck to it was bound to succeed. He hoped e\ crybody would act in concert with the management and deal with the association. He had been requested to mention this, as the association intended to proceed to business at once (applause) He would ask shareholders to send in the orders without delay. On the motion of Captaiu Me Pherson, a hearty vote of thanks was accorded their chairman,

Meeting of Directors. At a meeting of directors held subsequently to the above, Mr W. A. Graham, was elected chairman, Mr A Heather managing director for Auckland, and Mr Gillett managing director for Waikato. About seventy applications for the posts of manager and secretary were opened, but no appointment was made. The Chairman and Messrs Gillett, Heather, James Bell ami Cairns were appointed a committee to proceed to Auckland to make definite arrangements regarding offices, &c-, for the association, and, if necessary, to appoint a manager. They were also empo\yered to complete arrangements for the immediate starting of operations in the wholesale and retail meat trade. It was further agreed that these gentlemen have discretionary power to allot the 2000 shares appoined to Auckland, in compliance with the resolution passed by the Trades and Labour Council. It was resolved to tender the thanks of the association to Mr Jolly for his liberal offer of the site selected by Messrs Graham and Gillett at Frankton, for central granaries and stores for Waikato, on condition that the same is securely fenced and the cost of deeds paid by the association, and to inform Mr Jolly that his generous gift would be accepted. It was resolved that the survey be made without delay, and the association's solicitor be instructed to prepare the necessary transfer deed at once.

The latest official report on the condi- j tion of the districts overwhelmed by the Krakatoa eruption states that the surviving inhabitants of the various villages have reassembled under their headsmen, and are erecting their huts. The volcanic ashes did little harm to the soil, the growing crops all presenting a luxuriant appearance. The trees, however, had suffered greatly, as had some of the coffee plantations. Two bays, Lampongand Semengka, which were blocked up by field of pumice, wer>* free by the middle W,Deo9m|jey, t s • '

s: hnrchok » 17 2 28 71 1 1 113 1 1 2 347 3 5 13 ders, Holding 100 ."SO 30 25 20 18 15 10 8 7 0 5 3 2 i Total shares. 1)00 851 (iO 700 1420 18 15 1130 8 7 12 1745 9 10 13 (iIG 0898