TALISMAN WIND-UP

Evening Star, Issue 17720, 22 July 1921, Page 6

TALISMAN WIND-UP

THREATENED STORM AVERTED. A LIVELY MEETING. [Per United Press Association.] AUCKLAND, July 22. A meeting of the shareholders in the Talisman Gold Alining Company, held yesterday to confirm a resolution passed at a previous meeting to voluntarily “ wind up,” was characterised by discussion which at times was heated. Tho Chairman of Directors (Air Blanchard) said that, acting on the advice of their solicitor, the directors had decided that the secretary of the company in Londom (Mr Crewe) should be appointed liquidator on the understanding that Mr Stansfield (mine superintendent) and Mr Blanchard should be appointed his attorneys ill New Zealand. Mr Blanchard suggested that three liquidators be appointed —namely, Mr Stansfield and himself and Mr Crewe. Mr Shader Weston (of Wellington) protested that the chairman had made this suggestion without notifying his codirectors. Ho insisted upon tho original decision of the board being adhered to. _ It transpired that under tho original decision tho proposed remuneration to the Now Zealand attorneys was £4OO each, with an additional commission "in the case of Mr Stansfield. Under Mr Blanchard’s new suggestion his own honorarium was fixed at £750., Mr Weston expressed himself in strong (onus regarding this proposal. _ Mr Richmond (solicitor) said that the liquidator must bo under English jurisdiction ; but Mr Kent (solicitor for Mr Blanchard) said there was no bar. to the appointment of three liquidators, two in New Zealand. Mr Weston said tho directors had £120,000 to divide among shareholders. They wanted to distribute it ns soon as possible. The chairman had never notified his colleagues that ho intended to make this suggestion. If ho would drop it tho speaker would not interfere further; but if Mr Blanchard went on with the proposal, if it cost him £IO,OOO ho would go to the English courts to have him removed' from tho office.

Having consulted with his solicitor. Mr Blanchard was prepared to drop his suggestion. He moved tho formal resolution to confirm the previous one, providing for the voluntary winding up of the company. This was carried.

Resolutions were carried, on the motion of Mr Weston, appointing Mr Crowe (the company’s London secretary) as liquidator at a remuneration of £250, plus out-of-pocket disbursements, and directing the liquidator to appoint as his attorneys in New Zealand Messrs Stansfiold and Blanchard, the remuneration of the two latter to bo S4OO each, plus disbursements, Mr Stansfield in addition to receive a commission of 121 per cent, on tho realisation of tho plant, machinery, buildings, and other assets of the company, exclusive of moneys and securities for moneys. It was resolved that the appointment of the two attorneys bo made as irrevocable as the law admits. Mr Weston said ho thought tho shareholds might rely on a. dividend of 7s. ■ The chairman stated that it could not be receiycd until the end of September at the earliest.