TEMUKA LINSEED COMPANY.

Press, Volume XLIV, Issue 6878, 10 October 1887, Page 6

TEMUKA LINSEED COMPANY.

On Friday evening a special meeting of the shareholders of the Teraukn Linseed Company was held at the Oddfellows' Hall, Temuka. Mr John Talbot occupied the chair, and there was a large attendance. The Chairman said that the meeting, as they were all aware, was called for the

purpose of discussing the proposal made by Mi J. T.M. Hayhurst, "That the Company be wound up voluntarily." Mr Hayhurst was, unfortunately, "absent that evening, or a more detailed account of the position of the Company would have been placed before them. The shareholders would understand that the Company for some time past had been labouring under difficulties. The Directors had given their personal guarantee to the Bank to the amount of JE-IOOj and there were other liabilities amounting to about £1000. The Directors held as security the land, plant and stock, -of the value of which different opinions were expressed. Some few months ago, it would be remembered, that the Company had decided on issuing new shares in order that they might carry on. Each of the Directors had taken two, and paid them up, and about ninety shares in all had been applied for. At the time these were issued matters looked more proraising. The spinning frame was working well, and the Company could see its way to making a good profit by manufacturing binding twine. Unfortunately, however i it was found that their stock of fibre was | unsuitable for the purpose, and therefore they could not proceed. At the time the fresh issue of shares was made, a promise was given that if the Company could not carry on that the shares would not be called up and deposits paid on them would be refunded. The Directors having displayed the position of the Company to their solicitors, found that the refund could not be made legally. The new share's formed part of the asset- of the Co.npany, and under the Articles of Association could not be dealt with as preferential shares. The Directors deeply regretted this, but could not help it. Under the circumstances there was no resource but to wind up the Company, unless the shareholders chose to relieve the Directors of their responsibility.

Mr J. W. Miles then moved—" That the Temuka Linseed Oil, Cake and Fibre Company be wound up voluntarily." Mr W. Lyons seconded the motion.

A long discussion ensued, add the Chairman in reply to questions gave a lot of information as to the working of the Company. The shareholders as a whole exonerated the Directors from any blame and expressed their appreciation of the manner in which they had ccme forward to assist in keeping: the Company goinp. The motion on being put was carried, three hands being held up against it. Mr Brown moved—" That each shareholder lie supplied with a copy of the statement of the assets and liabilities of the Company before the meeting which

would be held in fourteen days to confirm the resolution, and that in the meantime the W-drarif __*}#could 'do so without .ncui-*n-gißMi^'^«-.g----.'w s ■ -...»-■ .«"-■■■■-•:'- After passing; the customary vote to the chair the meeting terminated.