CAMBRIDGE JAM COMPANY.

Waikato Times, Volume XXVIII, Issue 2311, 3 May 1887, Page 2

CAMBRIDGE JAM COMPANY.

A meeting of the shareholders of the Cambridge Jain Company was held in the borough council chambers on Friday evening last. Present :Messrs T. Wells (chairman), James Hally, D. Richardson, F. J. Brooks, J. Forrest, W. B. Souter, Hooper, Gerrish, Ferguson and bull. The advertisement convening the meeting was read, as were also the minutes of the last regular meeting, which were cofirmed. The Chairman in a very brief speech said that in deference to the opinions of the shareholders expressed at the last meeting, the directors had endeavoured to sell the business, —but as they had foreseen would be the case—had been unable to do so. No offer whatever had been made for it, so they had sold the fruit and plant, and in fact had realised the whole of their property, and as rent and several incidental expenses were still going on they thought the better way would be to wind up voluntarily. The better plan would be to appoint liquidators who would compel the shareholders to pay up. He therefore proposed that the Cambridge Jam Company (Limited) be voluntarily wound up. This was seconded by Mr j. Hally and carried unanimously.

The Secretary then read a statement of accounts, which showed the liabilities to be about £140, and calls due from shareholders £212.

The Chairman said the directors had made the last call instead of leaving it to the liquidators, as they found that would have been a troublesome and expensive method, as they (the liquidators) would have had to apply to the Supreme Court, and everyone knew that meant expense. It might be thought that as there appeared £212 to be collected from shareholders, there would be something to hand back to them. He was afraid not, for, what with deaths, bankruptcies and papers that had not been properly signed, he was afraid £140 was quite as much as could be collected, and indeed the directors in making the last call had endeavoured to hit the happy medium that would balance their liabilities. It would be necessary to hold another meeting to confirm the minutes of this one, after which the directors would cease to have any power, everything being left in the hands of the liquidators. The Chairman moved, and Mr D. Richardson seconded, "That on the confirmation of the foregoing special resolution Messrs James Forrest and William Henry West'oy be appointed liquidators for the purpose of winding up the affairs of the Cambridge Jam Company, and that the remuneration for such services be fixed at £18, in addition of all costs out of pocket." Carried. Mr J. Forrest said some of the original promoters had not paid up, und that "he should go straight for them." Mr Richardson proposed, and Mr Gerrish seconded, " That the liquidators be instructed to immediately sue all defaulting shareholders." Carried.

Mr Forrest said the company had been heavily _ handicapped, in consequence of only being able to put three varieties of

fruit upon tho market, while the American sent seven. That made a difference of 3s per dozen. It was proposed by Mr Hally, and seconded by Mr Brooks, "That an extraordinary general meeting be held oil May 20th, at 7.30 p.m., for the purpose of confirming the business done at this meeting." Carried. Mr Brooks proposed a vote of thanks to the directors, and said the company had not failed through mismanagement, for it had been conducted with skill, judgment, care and energy. This was seconded by Mr Ferguson, and carried unanimously. The Chairman, in returning thanks for the directors, said they were glad to have the confidence of the shareholders, and perhaps they could take a sort of negative credit to themselves, inasmuch as they had not wasted the whole of the capital that they were at liberty to call up, viz., £1200, but had been content with one-third. Mr Forrest: That is a phenomenon among companies in this part of the country. The meeting then dispersed.