FARMERS' UNION, GRAIN, PRODUCE, AND FINANCE COMPANY, LIMITED.

Press, Volume XLVIL, Issue 7741, 22 December 1890, Page 6

FARMERS' UNION, GRAIN, PRODUCE, AND FINANCE COMPANY, LIMITED.

A meeting of shareholders of the above. Company was held on Saturday at the Clarendon Hotel, when there were about 100 shareholders present, Mr p. H. Walters in the chair. Mr Lbughrey, of Messrs Loughrey and Lane, was present as the Company 3 legal adviser. The Hon. Secretary, Mr U. E. Treherne Hill, read the Directors' report;, which stated that the meeting was called in compliance with the terms of the Joint Stock Companies Act. After consideration of some hundred applications for the position of manager, and enquiry, the Directors determined to appoint Mr L. C. Williams, formerly manager of the Farmers' Co-operative, manager of the Farmers' Union, and bis duties would commence with the new year. A question had arisen as to the premises arranged to be taken over. The Directors found the position they were in compelled them to table over the premises involved in the Articles of Association at the price named, or liquidate the whole affair. Several shareholders went into the matter of value in detail, before the Company was formed, and were satisfied to the extent of, becoming ■ shareholders'. In .considering .the matter of commencing business 'the Directors had every reason to believe, provided: every applicant for shares was a genuine one, that the Company would be a success, seeing that about one quarter of the nominal capital had been applied for, or an average of nearly ten shares per member. The first agency to be opened would be at Ashburton. From accounts received from that district the Directors believed that it would largely conduce to the success of the Company,' and therefore it was intended to enter into negotiations for a branch establishment there. From the expressed'earnestness of the Ashburton shareholders there was no doubt that the growth of,the branch, together with others which might be established on the Peninsula, Amberley, &c, would be the Company's strength. By rule 78 of the articles of association the present Directors were empowered to hold office until the 17th of next September, but according to rule 84 the Company could determine the number of Directors in the aggregate. A statement of receipts and expenditure had been prepared up to date, and in conclusion the Directors wished to submit to the shareholders the necessity for, their voluntarily placing in the abends of the Directors the amount of sheur shares, and so saving both interest and expenses. After -several questions had beeo asked I and answered, Mr A. Baddeley proposed, and Mr James Reynolds seconded.—* That* the present Directors remain, in office." jMr B. M. Stewart proposed as an amendI ment, and Mr John Musson seconded— " That the Directors resign." The Chairman, upon a show of hands, declared, the amendment; negatived. Messrs R. Hill Fisher, A. M. Ullivier, and F. E. Wright were nominated for the positions of Auditors, and upon a show of hands the two former were declared, elected. The meeting then closed -With votes ot thanks to the ChatrmjHl' and. Mr Lougnrer.