FERGUSON SMELTING COMPANY.

Press, Volume LXVI, Issue 13719, 28 April 1910, Page 9

FERGUSON SMELTING COMPANY.

VraXSS ASSOCIATION* TELEGRAM.) AUCKLAND, April 27. The adjourned meeting of shareholders in the Ferguson .Smelting Co., Ltd., was held this afternoon. Mr JM. Mennie, chairman of directors, presided. The Chairman explained that when the meeting was adjourned the previous week, his motion to wind-up the company voluntarily was being discussed.- Tlie only way they could avoid winding up would be by the shareholders finding money sufficient to pay the whole of the company's liabilities, viz., £1000. The directors had approached tho wealthiest shareholders with a view to getting such assistance, but they all declined. The .directors had also endeavoured to get outside capital, but they could get nothing, and the position now was, that unless they wound up voluntarily and honourably, they would be compelled to go into liquidation by their creditors. He moved that the company go into voluntary liquidat on. The motion was seconded by Mr T. G. De Renzy. He said if the company went into voluntary liquidation the Official Assignee would have no power to make an investigation; if they went into compulsory liquidation, an investigation by the Official Assignee followed as a matter of course, and in his opinion the affairs of the company wanted imestimation. (Cries of "Hear, hear"). H-*- was in favour of reconstruction, but evidently other shareholders were not. H«? moved as an amendment, that the company go into compulsory liquidation. The amendment was seconded by a gentleman representing a number of

southern sharelwU ers. I }^-^ m said, -that in ringing down we should let in a little more light upon this now famous company b> it before the ftiiprcme uxt .\ '''_ Chairman stated that whether the com pam went into voluntary or not," the Official Assignee haa full po-»er to investigate its atfairs. ? h «J^"J V ment, on bein_ p»t was de eated onlj five out of about 40 present votuifi tor ii, and on the motion bemt; put it was carried.