SHAREMARKET FLUTTER.

Auckland Star, Volume XLIV, Issue 28, 1 February 1913, Page 5

SHAREMARKET FLUTTER.

SYDNEY. January 31

The recent excitement on the sharemarket in connection with the shares of the Greater J. D. Williams Amusement Company has died down. The shareholders are "awaiting the report of the directors. Mr. J. D. Williams is retiring from the position of managing director. Mr. William Barrington Miller, formerly of New Zealand, has joined the directorate.

(Received 9.25 a.m.)

SYDNEY, this day

The directors of the Greater J. D. Williams Amusement Company carried a motion dispensing with the services of J. D. Williams as managing director

from to-day

In a published statement Mr Williams contends that the directors have no power to dispense with his service. That can only be done, he says, by a two-thirds vote at a general meeting of shareholders. In July last one director suggested to him that a Royal Commission should inquire into the affairs of the company. Williams agreed that this was the best course. Another director, however, said that would be foolish. A few days later the directors declared a dividend of 1/(5 per share, despite his opposition. Williams says the dividend had helped to cause the present Stock Exchange panic, because it swallowed up the compnay's ready cash.