KAIAPOI WOOLLEN MANUFACTURING COMPANY.

Press, Volume XLII, Issue 6304, 2 December 1885, Page 3

KAIAPOI WOOLLEN MANUFACTURING COMPANY.

An extraordinary general meeting of shareholders waa held on Thursday afternoon, November 26th, at the Oddfellows Hall, Kaiapoi. About twenty were present* ,M* G. H. Blackwell,Cha.irrnan of Directors, presided. . ' '-~"'' The minutes of the extraordinary general held on Octobsr 26th having been read by the Secretary, Mr H. A'Court, The Chaibman stated that he had only to formally ask for the confirmation of

those minutes, as no alterations could be made in the articles as drawn up lythe Company's solicitors, except on an adjournment for, another meeting. Mr \V. Fa 16KB objected to the phraseology of rule 93 m the Memorandum cf Association. At the last meeting it waa distinctly carried that four Directors should be a quorum at any meeting, whereas the rule in question gave the Directors power to determine the quorum. The CsAiBKaK pointed out the latterportion of the rule said " Three Directors may at any time summon a meeting of Directors unless otherwise determined. Four Directors shall be a quorum at any meeting." Mr MrrcHßix thought on reading this through for the first time, the construction to be put on it waa as stated. Mr £. Moobi considered the rule a very misleading one. Mr Wilson suggested the question could be met in one or two ways by the slight alteration ot one or two words. The Chaibman stated the Directors would be guided by the resolution and wish of the shareholders, as Btated in the; resolution of the previous meeting Mr Moons- said that being in Wellington, he had only received hia notice of the meeting that day. There w«b a shareholder present who had not received any i notice. He hoped there would be a little* time given to look over the articles, as shareholders passed resolutions at last meeting which they did not know what they were passing. Mr V* ilson thought this technical point might be waived on the assurance or the Chairman, and a note being made on the present minutes of his explanation. - The Chaibkan then put a motion for confirmation of the minutes, moved by himself, and seconded by Mr W. Strange, which was carried withouc diseent. The Chaibman announced tnat it was necessary now to elect two Directors, completing the number to seven. Mr Fbasbb called attention to the question of notice being required of nominations.

. The Cratbi!ah read the articles bearing on the question. : Mr W. Stranob proposed, and Mr B. Moobb seconded, the nomination of Mr W. B. Mitchell.

; Mr J. A. Moboak moved, Mr T. Mollstt seconded, the nomination of Mr W. Strange. Mr Fbasib nominated Mr Moore, who said he was extremely obliged to his proposer, but declined to be elected. The Chaibman declared Messrs Mitchell and Strange duly elected. Mr Mitchell stated he was obliged to his propoeer and seconder, as well as to the body of shareholders. He htd not asked to be proposed, but supposed that after a certain amount ti experience in a fair way of business, he would be able to assist the Company, and trusted to be able to aid in presenting satisfactory balance-sheets for many years hence. [Hear.] They had a good industry, and with the employes connected with them the factory ought to hold its own against all comers. They had the advantage of experience in the trade, com' plete machinery and buildings, the great advantage of water for scouring, or carriage if it could be utilized close to the mill, with other advantages, that placed them in front of similar companies. The Company was also sufficiently large and influential to rectify mistakes and carry on asound business. At present it rested with the shareholders to maintain their confidence in the concern, and push the sale «f tiie manufactures. He saw an advantage to the company in the increase of its capital and reduction of the price of its shares, by which means a larger number of persona would be brought to take an interest in its progress. When other factories such as those of Ashburton and Timaru were coming' into their boundaries, it behoved the shareholders more than ever to use their in- , fluenee as far aa possible. He found that nearer home the Company's productions were not bo well patronised as they might be, and the traders of Christohurch had done very little to assist the Company. He thanked the shareholders, and hoped, as stated before, that the Company would always be able to hold its own. [Applause ] Mr Si bangs, in returning thankf, said he should do bis best to promote the best interests of shareholders and to influence the sale of the Woollen Company's productions in their favour.

The Chaibman remarked with satisfaction the relative position between the twoprincipal Woollen Companies in regard to their plant and premites, which was greatly in favour of the Company whioh he had the honour and pleasure to represent. According to the repoit of a recent meeting of the Mosgiel Company allusion had been •made to the competition which was being brought to bear, and the question of the survival of the fittest. It was not difficult for him to predict that the lending Canterbury Company would be included in the survival. [Applause.] A vote of thanks to the Chairman terminated the meeting.