THE PUNT G.D. COMPANY'S ANNUAL MEETING.

Evening Star, Issue 13002, 22 December 1906, Page 15

THE PUNT G.D. COMPANY'S ANNUAL MEETING.

TO THE EDITOR- . Sir, —In the full report of the above which appeared in Saturday evening's issue I was surprised to sec the evident pains the chairman took to burk any discussion bv the counlrv shareholders present. Mr Gilkison is a lawyer, and one would imagine he was in a court of law pleading his best in the interest of a bad case when he shielded himself behind a legal technicality —viz., that according to the Companies Act seven dear days of notice of a motion' to tiring forward fresh matter at ah unnu.il meeting must be lodged with the secretary. It was useless, 'apparently, for the representatives of us country shareholders who were deputed to attend the meeting on our behalf to point out that the secretary did not post the annual report and balance-sheet to us in time for us to poet him a notice of motion, within the statutory seven days required. Mr Gilkison remained firmly entrenched behind that clause in tho Act. If 1 am not mistaken, the Companies Act also states that the secretary shall issue to each separate shareholder a copy of tho annual balance-sheet and directors’ report to be laid before the. shareholders at tho ensuing annual meeting. Well, sir, I know one shareholder in tho Punt Company that has never received the repott and balance-sheet, and who is prepared, to swear an affidavit to that effect. I fancy that the secretary's laxity in this instance invalidates the appointments made at the late meeting, and all business transacted thereat. Onr united thanks arc due to Mr Siott for having so strongly voiced our opinions re tho management of this unfortnrnte company, in spite of the chairman's attitude and desire to allow any light being thrown on the matter. Now, I will allude to a very grave charge brought against the dredge-mnsier and engineer by' the d're.ctorato —viz., that tile latter had been kept in ignorance of tho requirements of tho dredge and the state she was in. To refute this charge Mr Scott was furnished with tho press copies of the engineer's reports and extracts from the dredge-master's reports dating as far back as April, wherein constant informalion was furnished to tho directors re the dredge. These were produced by Mr Scott, but were not allowed to be opened and read, as the chairman ruled it was fresh matter, and serin days’ notice should have been given, etc. Another matter I wish to draw your attention to Is that tho chairman stated in his address that Mr Talboys hold the first on tho dredge at 8 per cent.—that is, if ho has been correctly reported. How is it that, although the chairman knew perfectly well that the interest was _l2i per_ rent.,_ and that Mr Talboys received ISO paid-up shares besides as a bonus to advance tho J31,C00, be never once .alluded to it. The countrv shareholders were id utter ignorance of this wonderful financial transaction till lately, and a good few do not know it vet. Dunedin has known of some extraordinary meetings of shareholders in dredgiim companies being held there, but 1 think it must be admitted that the Pimt meeting held on Friday night takes tho cake. Fancy a company of only 5,000 shaies getting steady returns which have averaged 28oz weekly being in such a lamentable position!—l am, etc., A Country .Shareholder. Cromwell, December 18.