Co-operative and Farmer's Alliance of New Zealand.

Evening Post, Volume XLII, Issue 62, 10 September 1891, Page 3

Co-operative and Farmer's Alliance of New Zealand.

A meeting of the shareholders in the, abovo was held in Mossrs. G. Thomas A Co.'s rooms this afternoon. Mr. Coleman Phillips, who was voted to the chair, explained that although the Company was only rogistorod that month tho provisional directors had thought it the better plan immediately to call a meeting of shareholders to olect directors. Somo 664 sharos by 106 applicants had been applied for, which at £b per share represented This was a larger sum than many such co-operative alliances hod tttarted upon, notably tho Manchester Co-operation in England or tho Canterbury Alliance in New Zealand. But as tho Wollington Alliance could only call up 30s per sharo during tho first year of its existence, shareholders wonld soo that the direotors would have to proceed cautiously. Personally, ho hoped to see many more shares taken up during the course of the next few months. A mistake had been made by the first provisional dirootors in fixing the capital of the Alliance at .£250,000, Boeing that tho Government now demanded .£125 por annum for the annual tax. The Canterbury Alliance had only issued 17,000 sharos, which, at .£5 per shore, represented a subscribed capital of JE85.000. Tho dirootors thorofore proposed to reduce the capital of tho Wellington Alliance to £75,000, and a speoial meeting would be called for that purposo. The cooperation having been advertised in all the newspapers at tho JE250.000 capital, it was deemed more economical to register the company and rednce that capital than go to tho expense of again advertising the reduction. A suitable building had been scoured upon very favourable terms from Mr. T. C. Williams, near the Wellington Railwaystation, and negotiations woro under way for the appointment of a suitablo manager, and he hoped that the Allianco would be able to begin operations before tho end of the year. Tho Chairman went on to explain that tho preliminary expenses of forming and registering tho company had been i! 200, including: contingent liabilities, which he considered very moderate under the circumstances. The necessity for such a company was enlarged upon, and the Chairman pointed out that one of the first steps of the directors would be to get freight to Australia and elsewhere reduced. Mr. Bobert Gardner proposed that tho following gentlemen should act as directors : —Messrs. G. S. Bridge, James W. Baker, D. Cannon, D. J. Cameron,' J. Martin, iun., C. Phillips, F. D. Puokle, T. Miller, J. Dawson, T. H. Robinson, W. H. Simoox, G. Whitcombe, Sanson, and the mover. The motion was seconded by Mr. Whitcombe, and agreed to. The question of appointing an auditor and a seorotary was referred to the directors. Mr. Whitcombo gave notice of his intention to move at a subsequent meeting that, with a view of relieving the Alliance from paying a heavy annual license on the nominal capital that the nominal capital be roduced to .£75,000 by cancellation of 35,000 shares not sold or subscribed for. A VATA AT TnnTllf ft Tf* Tnn PnfliT* f*ATIfMfiM An