"DRY" SHAREHOLDERS.

Auckland Star, Volume LXIII, Issue 178, 29 July 1932, Page 3

"DRY" SHAREHOLDERS.

DAIRY COMPANY'S DECISION. CALL OF 6D PER SHARE. (By Telegraph.—Own Correspondent.) WHANGAREI, this day. A long discussion took place at the annual meeting of the Northern Wairoa Dairy Company, Limited, yesterday on the question of "dry" shareholders. The board of directors recommended that a deduction of one-eighth of a penny per pound butterfat from last season's supply and a call of sixpence per share be made in December on all shareholders, both "wet" and "dry," whose shares are not fully paid up. The chairman stated that there were a large number of "dry" shareholders whose present address was not known, the result being that a very large number of notifications sent out were returned through the dead letter office. These shareholders were no longer any use to the company, and a call of sixpence per share would enable the company to forfeit the shares of those who did not pay the call. The subject was strenuously debated by those who considered that the "wet" shareholders were carrying the "dry" ones on their backs, and eventually the motion was carried. This was followed by a further motion setting up a committee of the whole board of directors, three "wet" suppliers and one "dry" shareholder to go into the whole incidences of the share capital of the company and bring down recommendations to a general meeting. Messrs. R, E. Clements, G. T. Downey and V. Trounson were elected as the suppliers' representatives to act with the board. The "dry" shareholder is to be appointed by tho board of directors.