BALCLUTHA GAS COY., LTD.

Clutha Leader, Volume XXI, Issue 1042, 13 July 1894, Page 5

BALCLUTHA GAS COY., LTD.

o An extraordinary general meeting of the above company was held in the Borough Council Chambers on Tuesday evening. About 25 shareholders -,vere present and the Chairman of Directors, Mr D. Stewart, presided. The chairman said that no doubt they all knew for what purpose the meeting had been called, viz., te consider a resolution to wind up the company. He had to explain to them that the company formed is impossible to carry on. The present indebtedness of the company was close on L9OO. The money owing to them only amounted to some L 2-50, and some of their creditors were pressing, In fact if they had any choice in the matter of voluntary liquidation it was taken out of their hands, for some of the creditors were already petitioning to have the company wound up by order of the court. •In reply to a question the chairman said the works were worth LI4OO, or LISOO. After some discussion several shareholders expressed the opinion that a proper canvas had not been niade to try and sell additional shares. The chairman said that a,n attempt had been made, but the canvasser did not meet with any success. Out of 600 shares promised only 300 had been taken up. These did not include these allowded for the plant, however. Mr Dunne moved — " That it has been proved to the satisfaction of this meeting that the company cannot by reason of its liabilities continue its business and that it is advisable I to wind up the same, and accordingly that the ] company be wound up voluntarily." He said j it was a pity that it had become necessary to j adopt this course, but to liquidate was the \ only one left open to them. Mr IP. A. Joseph seconded the motion, and spoke in high terms of the quality of the gas, expressing the hope that the gas works would still be carried on. The motion was carried unanimously. On the motion of Mr Joseph, seconded by | Mr Dunne, Messrs John C. Mitchell, and j Andrew Todd, and James Barr of Dunedin were appointed liquidators' The meeting closed with a vote of thanks to the chair.