COMPANY AFFAIRS.

Auckland Star, Volume LXII, Issue 87, 14 April 1931, Page 4

COMPANY AFFAIRS.

MEAT MERGER OPPOSED. HAWKE'S BAY PROPOSAL. (By Telegraph.—Press Association.) HASTINGS, Monday. The proposed merger of the Hawke's Bay Farmers' Meat Company with Nelson's (New Zealand), Ltd.'; has been deferred for three years as a result of a substantial majority favouring this course at a meeting of shareholders in the" farmers' company.

Points in the euggested agreement aad been drawn up for consideration by shareholders, but before they were submitted the motion as stated closed the matter for the time being. ONAKAKA IRON WORKS. INVESTIGATION WANTED. (By Telegraph.—Press Association.) NELSON, Monday. A meeting of shareholders, debentureholders and others interested in the Onakaka iron works, called by the Mayor of Nelson, passed the following resolution :— - "This meeting of shareholders and debenture-holders in the Onakaka Iron Company, being more concerned over the stoppage of a Dominion industry than their own pecuniary interest, suggests that at a meeting of shareholders and deben-ture-holders in Wellington on April 14 strong representation be made to -.he Government to investigate the* position particularly the past output, control ind management of the company and explore the future possibilities to see if under ncv management the undertaking may reasonably be expected to succeed financially. "That to this end. if necessary, the Government should obtain the visit of an expert from Britain to advise and report. Such a report should not cost more than £1000 or £1500, and should be well worth obtaining before allowing . a national enterprise of this character to be closed down."

SOUTHERN UNION INSURANCE. Shareholders of the Southern Union General "Insurance Co. of Australasia, Ltd./ at a meeting on March 31, unanimously endorsed the board's decision to sell the company's Australian business and goodwill to the Phoenix Assurance Co., Ltd., London. The chairman (Mr. J. A. Boyd) said that the attempt to make Southsrn Union a world-wide company had been responsible for losses of £25.000 in New Zealand and £140,000 in London. By the sale of the company's business its policy holders would have the additional security of the entire resources of the Phoenix Company, one of the oldest and soundest of the British offices. The company, in view of the sale of its insurance business* would be converted into an investment company, and an endeavour would be made to have the uncalled share liability of 16/ per share cancelled. When that was accomplished it might be wise to consider the consolidation of the ehares by giving one share paid up to £1 for eight or nine of the present shares. That would make the shares readily marketable. The 1/ per share obtainable from the Phoenix Comnany represented a sale of part of the Southern Union Company's assets, and could not be distributed without an order of the court enabling the company to reduce its capital. In answer to a question, the chairman said that steps to wipe out the share liability/ would be taken at the earliest possible moment. The board did not intend to make any further calls. SCOULLAR COMPANY, LTD. Mr. Will Appleton has been appointed a director of the Scoullar Company, Ltd., in succession to the late Hon. T. Shaikr Weston.