AUCKLAND TOBACCO COMPANY (LIMITED).
An extraordinary gonoral meeting of tho shareholders of this Company was held in tho large room, New Zealand Insurance Buildings, yesterday afternoon, to confirm the resolutions passed at tho previous meeting (3rd November) authorising Mo directors to purchase the property of the Now Zealand Tobacco Growing and Manufacturing Cempany (Limited). Mr J. Howard (tho Chairman) presided, and thoro were present:—Messrs Cruickshank, Barstow, McLcod, Metcalfe (directors), Messrs Maclicchnio, Brookfield, Chadwick, and Wayte (shareholders). The Chairman said his task was an easy one on tho present occasion, as he had simply to ask them to-confirm the resolutions just read by the Secretary: Ist—That tho capital of tho Company be increased to £25,000 by tho issue ot 20,000 new shares of £1 each, and that it shall not be necessary to offer such now shares or any part thereof to the present inemuers of the Company, an mentioned in Kulo 27 of Table A annexed to tho Companies Act, 1882. 2nd—That the stock-in-trade, machinery, plant, buildings, and other property of the New Zealand Tobacco Growing and Manufacturing (Company (Limited) be, if possible, purchased by tho Auckland Tobacco Company for such price and on such terms as tho directors shall deem right and expedient. Mr Mackechnie said he had no fault to rind with the resolutions, but he would remind the directors that the only empowered them to purchase they property without any reference to the debts of the Company, which he understood were considerable.
Mr Bafatow, in reply, remarked that the wording "on such terms aa the directors may deem right and expedient" entitled them to take the debts owing by the Company into account. Mr Mackechnie held that "on such terms" referred "only to the purchase," adding that he only raised the point for their guidance, but personally he would be satisfied with any action the directors might take.
After some discussion the Chairman rose and thanked Mr Mackechnie for his valued remarks,and reviewed.the terms of arrangement between the/t wo .Companies. The resolution was then put, seconded by Mr Barstov, and carried unanimously.'
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Bibliographic details
Auckland Star, Volume XXVI, Issue 4518, 21 November 1884, Page 2
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345AUCKLAND TOBACCO COMPANY (LIMITED). Auckland Star, Volume XXVI, Issue 4518, 21 November 1884, Page 2
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