NGUNGURU COAL COMPANY.

Auckland Star, Volume XXX, Issue 163, 12 July 1899, Page 6

NGUNGURU COAL COMPANY.

TO BE WOUND UP,

Aiter we went to press yesterday afternoon Isome further discussion took place at the special meeting of the Ngunguru Coal Co. (Limited), concerning the proposed winding-up of the Company. Mr Gascoyne spoke very strongly concerning the management of the Company. He wanted the Supreme Court to appoint the liquidator. Mr Malcolm McGregor said the Court would take a very long time to wind up the Company, perhaps six months.

Mr Gascoyne: If it takes six year 3 I want the Court to do it.

After a long discussion an amendment by Mr Gascoyne regarding the winding-up of the Company wa^ lost, as the following motion by Mr McGregor was proposed: "That it has been proved to the satisfaction of this Company that by reason of its liabilities it cannot carry on its business, and that it is advisable that the Company be voluntarily wound up." Mr Gascoyne objected, and said they didn't want this; they must hava the work done under the supervision of the Supreme Court. Mr McGregor: There is no sense in that.

Mr Gascoyne: Then we're a lot of fools ,and we have been guided by a lot of fools.

The motion was agreed to by 11 votes to 3.

On the motion of Mr F. W. Smith, seconded by Mr Schischka, it was resolved to appoint Mr, W. K. Holmes official liquidator of the Company, at a remuneration of £35, An amendment by Mr Day that the Official Assignee be the liquidator was lost by 11 votes to 3.