NORTH CANTERBURY SALEYARDS COMPANY.

Press, Volume LXII, Issue 12481, 18 April 1906, Page 5

NORTH CANTERBURY SALEYARDS COMPANY.

\ j TO BE WOUND UP. Tho annual ' meeting of tlio North Canterbury .Saieyardw Co. was hp.d yes- | teriiay, and wac. uttended by tweiny- ' i nin« shareholders. • i Air it. \V. Chapman, who presided, .' moved the adopt .on of tho b^lanco- • : sheet, which showed a MiUscribud ca.pi--1 tal of £Io2U, with a mortgage ot LioO, . and a liability to tho L'niun Banii o: Loo 13s h\. Tho compnei'd property £l!J07 10s 2t|, leaving a bal«noo of £418 17r lid. ; . The motion was carried without dle--1 CII6MOII. ' Messrs Macfnrlano, .1. G. Ruddoni klan. and K. Mclnto-h wen , re-elected I directors, and Mr J. B. AViipon auditor. Aα extraordinary meeting was then held to consider a motion to wind "P tho company, and appoint Mr It. W. Cliapnvin liquidator. Tho Chairman, who propa the motion, stated it had been, proved to ■ tho satisfaction of a majority that the company, after fifteen years' struggling j i for existence, could not carry on. It ~ i had been decided by the directors, after ~ a full consideration of tho matter, to exercise the power of sale of tho property, and tho following resolution had been agreed to by the Board:—"Thai tho offer of tho .North Canterbury Stores Company bo accepted fo r the ■ freehold of tlio yards and building--, for . an amount sufficient to pay the amount of mortgage, bank overdraft, and cewts of winding nn. the chairman nnd Mr It. Palziel to "sign and seal transfer of . tho fame." Mr J. G. Pntldenklau, who seconded, explained the circumstances which led to the directors' decision, and stated that tho shareholders had not assisted i the yards as it was expected they would 'have done. 1 ' A etiPiied, in which one or ■ two rawed objections to any eale except by auction. ' Tho motion for tho winding up was carried by 67 votes to G.