THE FINAL MEETING

Evening Star, Issue 14628, 26 July 1911, Page 7

THE FINAL MEETING

BUENSIDE LIME AND CEMENT COMPANY. Ten shareholders attended a general meeting of the Buroeide Hydraulic Lime and Cement Company, held last evening. Mr George Clark was voted to the chair. The meeting wae called for the purpceo of receiving the statement and account of the liquidators, showing the manner in which the winding-up hail been conducted and the property of the company disponed of; to receive any explanation whidi 'h.j liquidators might wish to give; to determine by extraordinary resolution tho manner in which the books, accounts, and documents of the company, iind of tho liquidators thereof, should be disposed of. The Chairman said shareholders woe aware that Mr D. M. Spedding >or.e of the liquidators) had borne the brant of tho work, and ho had done it well. Jli Spedding was present to lay before tin* meeting "the liquidators' report. This tot out the documents executed in order to make over to the Mil burn Lima and Cement Company tho whole of the assets of the Burnside Company, it stated that certain shareholders had dissented from the sale, and outlined tho Supreme Court, proceedings which resulted from this action. Tho report went on to say that after considerable negotiation it was agreed that whereas the consenting shareholders received 44 fully-paid-up shares in the Milburn Company for every 100 shares held by them in the Birrnside Company, the dissentient shareholders should accept 00 shares in the Milbum Company for each 100 held by them in the Unrnaide Company. Immediately after this ment was come to the liquidators forwarded a requisition to the Milhuru Company asking them to allot to e*>ch individual shareholder in the Bumside^Company the number of shares in the Milbum Company that ho was entitled to, and this has now been done, and shareholders have been placed in possession of their shara certificates. The half-yearly dividend payable by the Milhurn Company, as at 31st January last, has also been paid en all tho shares allotted to the_ riurnsidc Company's shareholders. Under the terms of tho sale the Milhurn Counr-.ny undertook to pay the whole of the, liabilities of the Burnside Company. Consequently, ono of the first acts of the liquidators was to call iii the debentures., amounting to £IO,OOO, indued by the Bu.-m----side Company, and the* whole of these, together with interest up to date, were paid off by the Milburn Company on presentation. Further, all churns against the Burnsido Company were advert t.-ed f< r, and, as they came in, were handed over to the Milburn Company for totilcment. The following resolutions wore carried without dissent : That the report of tho liquidators submitted to this meeting showing tho manner in which the winding up of tli> company had been conducted, and the pioperty of the company disposed or, be received and adopted. That the books, accounts, and documents of the company, and of the liquidators thereof, be handed over to the Milburn Lime and Cement Company. Ltd., the purchasers of the whole of the company's assets. That the'shareholders present ct this | final meeting, realising that tho euin origvnallv fixed for the remunorvaou of the liquidators is totally inadeqjato to | the services which they have rendered I in tho winding up of the lompany, owing to tho protracted nature of the liquidation, and to the unexpected cifhculties which have had to be encountered, respectfully recommend that tho directors of the Milburn Lime and Cement Company, Ltd., should make such further payment, by way of bonus, to each or either of the liquidators as the directors may consider will prmeriy remunerate them for the time aid attention devoted by each or either of them to the business of the liquidation, and that this resolution be transmitted to the directors of tho Milburn Lime and Cement Company, Ltd., through Messrs Hosking and Cook, tho solicitors lor this company. ' Mr J. Lindsay said there had b-!on taken away from Green Island something that would have given a lot of employment, and when the work was carried on lie hoped it would be given to residents cf flreen Island. He realised that the <-■ -inpany could not have done better than lud been done. The Chairman said he saw ;i-> re;.sen why the works should stand idle. "J'l.i-rc wore ways in which they might be ut-.ed There was the manufacture of hydraulic: lime, and he did not see why they shm'd not make pottery there.