CANTERBURY SPINNING, WEAVING, AND FIBRE COMPANY (LIMITED).

Press, Volume XXII, Issue 2736, 15 May 1874, Page 2

CANTERBURY SPINNING, WEAVING, AND FIBRE COMPANY (LIMITED).

The second general meeting of share- J holders of this company was held yesterday afternoon at the Oddfellows' Hall. The Chairman of the Directors (Mr W. H. Lane) occupied the chair, and asked the secretary to read the advertisement calling the meeting. The Secretary then read tbe minutes of the last general meeting, and those of the special general meeting held in Spensley's Hall, which were confirmed. The Chairman said it was quite unnecessary for him to make a speech, as those present who bad attended the last meeting, when fall particulars were read, were as con- j yersant with tbe elate of, the affaire of tho

company as he himself. The first proposition of the company had failed, and the directors had been empowered to take steps for the manufacturing of woollen goods. Acting on this, the directors had at once taken steps to procure machinery, and a letter would be read, which bad been received by the mail to hand the previous day, in which it was stated that the machinery was at the time in progress of manufacture, and might be expected to arrive in the course of a few months, and he (the chairman) hoped that at the next annual meeting the directors would be able to lay a very satisfactory statement of the progress of the company before the shareholders. He would not detain them longer, but would ask the secretary to read the letter he had alluded to and the report, The secretary read a letter from Messrs Barlow Brothers, of Manchester, acknowledging receipt of telegram for the manufacture of machinery for spinning yarn and weaving blankets and flannels, statiug that the machinery was in hand, and would be shipped probably in May, or certainly in June. The letter also covered specifications and complete invoices of the whole of the machinery ordered. The following report was then read : — " Report by the directors to be presented at the second general meeting of shareholders, to be held at the Oddfellows' Hall, Christchurch, on Thursday, the 14th May, 1874, at 3 p.m. " The directors, having submitted at tho special general meeting of shareholders held on the 29th of January last a full report of the position and prospects of the company, have now to report that that they have endeavoured to carry out the resolution passed at that meeting, empowering them to take all necessary steps for the purpose of undertaking tbe manufacture of woollens. " Instructions have been sent to England for the purchase of machiuery for spinning yarn and weaving medium Witney blankets and imitation Welsh flannels, and a reply has been received by cable that the order is in course of execution, and that the makers hope to have the machinery shipped by a vessel leaving London in June next ; the directors consequently anticipate that by the end of the present year they will be able to commence manufacturing. " It will be necessary to elect two directors one in the room of Mr Reginald Cobb, deceased, and one in the room of Mr William White, who retires by ballot. Mr White is eligible for re-election. & « W. H. Lane, "Chairman." Mr H. Thomson moved, and Mr Moore seconded, the adoption of the report. Mr George Oram desired to make a few remarks with reference to the fees to directors passed at the last meeting. He thought that it should be a work of love to place a company of that kind on a proper footing, which would not only be a credit to the province but to the colony. If he had known that this minute had been recorded he would have been prepared to move that the minutes be not confirmed. Mr E. W. Trent, as one of the directors, considered that even receiving two guineas did not repay him for coming twelve miles to town tp attend a meeting. The chairman said he had had some experience as a director, and he bad had the honor of being a director of one of the largest concerns in Christchurch where the directors were not remunerated, and at times they had had very great difficulty in obtaining a quorum. At such times perhapß a mail might be missed, with a very great loss to the shareholders. His experience had been that love in business matters was only a name, and experience had shown him that a director when not remunerated, might feel inclined to finish a chat with a friend, or his smoke, before attending a meeting, but when paid for attending to that duty he made it his business to be there. The report was then adopted. Mr C. Oram (Kaiapoi) and Mr H. Packer, were elected directors in place of Mr B. Cobb, deceased, and Mr W. White, who retired by ballot. • Messrs Oram and Packer returned the latter gentleman hoping that they would all soon be sleeping in blankets of their own manufacture. On the motion of Mr Lewis, seconded by Mr J. Lowthian Wilson, Messrs Bishop and Craig were re-elected auditors. Mr H. Thomson moved—"That the remuneration to the auditors be £2 2s, instead of £3 35." - Mr J. Lewis opposed the reduction. The motion on being put was carried. Mr Lewis considered it was beneath the dignity of a large and prosperous company to save money by such cheese paring. He would propose—" That the same remuneration be allowed to the directors as they received the previous year." Mr T. McDonald seconded; the resolution, which was carried. A vote of thanks to the chairman terminated tbe proceedings.