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SPECIAL GENERAL MEETING.

A special general meeting was held immediately after the statutory meet ing, the same gentlemen being present Mr At J. Turner in tbe chair-

The chairman moved a resolution empowering the Company to increase its capital from £2000 to £8000-

Seconded by Mr P. Cunningham. Mr Penlington asked what tbe ob jeefc of the increase was.

. The chairman said the Company bad bought property valued at £850. They would probably have to.pay £800 for building and abcut £1000 for plant. To obtain a factory with tbe latest equipments tbry would have to pay about £2000 There would be other preliminary expense?, and the £2000 capital was not suffi cient. The directors thought it better to increase ordinary capital at tbe start. They only had £1000 of non supplying shares which was the only capital available, and tbey could not work their Company on £1000 capitalBy increasing the capital to £8000 i& would allow for £2000 for non-supply-ing shares and £1000 for suppliers-

A shareholder said the purchase of the property at £850 was a good ideaThere was something to stand for the money invested- They hod oougbfc a factory site which would probably double in value in the next 10 or 15 years.

Mr H. C. Dierek said that he understood tbat a shareholder was prepared to finance the Company by buying 2000 shares, and if this was so he could not see why they should need tbe extra £1000 capital, The ohairman said they had nothing in writing from the gentleman referred to, and he believed he had put his offer in a differ, ent form since.

Mr Lawreno9 raised the point as to how shares would be allocated in case suppliers required more than the 1000 allotted them.

The chairman said this was a matter • entirely for tbe directors to attend to, and , would be settled equitably. Tbe chairman's motion was carried unanimously.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/AMBPA19140612.2.13.2

Bibliographic details

SPECIAL GENERAL MEETING., Akaroa Mail and Banks Peninsula Advertiser, Volume LXXII, Issue 4404, 12 June 1914

Word Count
318

SPECIAL GENERAL MEETING. Akaroa Mail and Banks Peninsula Advertiser, Volume LXXII, Issue 4404, 12 June 1914

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