COMPANY AFFAIRS.

Auckland Star, Volume LXII, Issue 88, 15 April 1931, Page 4

COMPANY AFFAIRS.

ONAKAKA LIQUIDATION. (By Telegraph.—Press Association.) WELLINGTON, Tuesday. Debenture holders and shareholders of the Onakoka Iron Company, Ltd., spent much time at meetings to-day discussing the affairs of the company. Debenture holders met for an hour and a half in the morning, and for about three hours in the afternoon, a meeting of shareholders being held in the interim. A resolution was carried by the shareholders that the company should go into voluntary liquidation, Mr. D. G. Johnston being appointed liquidator. The debenture holders passed a resolution appointing Messi-s. C. G. White and D. G. Johnston joint receivers. The suggestion made in a resolution passed by shareholders and debenture holders at Nelson yesterday, that representations be made to the Government to investigate the position of the company, and if necessaiy secure a report by an expert from Britain, was considered, but it was decided to take no action in the direction proposed. , SOUTHERN CROSS GLASS CO. WELLINGTON SHAREHOLDERS' VIEW.

Following the issue to shareholders of the Southern Cross Glass Company of New Zealand, Ltd. (Ashburton), calling an extraordinary meeting to discuss the question of winding up the affairs of the company, a meeting of Wellington shareholders was held on Monday to discuss the position. The meeting, which was convened by Mr. C. W. Palmer, a former director and a substantial shareholder of the company, and a large buyer of bottles for his proprietary's preparations, was presided over by the Hon. A. S. Malcolm, M.L.C. There was a largo attendance. Mr. Malcolm*and other shareholders had recently visited the factory, and reports were submitted as to the efficiency of the new works manager, and the quality and rapidity of production of the glassware now being turned out. The following resolution was carried unanimously: "That this meeting thanks the directors for calling a special meeting of shareholders, and hopes that the shareholders will instruct their directors to endeavour to raise a new £10,000, and so avoid liquidation." Confidence was expressed by several shareholders that tlie necessary additional capital to carry on would be forthcoming from existing shareholders.