DANZIG SWEEPS

Evening Star, Issue 21966, 28 February 1935, Page 10

DANZIG SWEEPS

CONCESSION COMPANY CRITICISED PETITIM FM WHUWU-W IT CHIT [Pek United Press Association.] , .WELLINGTON, February 28. Criticism of the activities of Inter* national Concessions Ltd. voiced by; shareholders at a largely attended meeting led to the passing of a motion by the members of the company whose shares are not fully paid up that a petition be presented to the court for the winding-up of the company under the supervision of the court. International Concessions Ltd. was formed for the purpose of conducting international lotteries, with headquarters at Danzig. Tuere was a division of opinion between the fully paid and the partially paid shareholders.! The main criticism of shareholders was that insufficient information of the activities of the company had been .given,! . An Auckland solicitor (Mr J. N. Wilson) said the liquidators realised .that shareholders had not been given information, to which they were entitled. The Royal Commission which investigated several financial concerns in New Zealand had recommended that it be advisable that companies which proposed to deal in lotteries should bo wound up by the court. The directors thought that the court would feel some diffidence in disposing of the concessions at a definite advantage. They communicated with an Australian company and agreed to sell the concession for £SO in cash and a share for share for fully paid shareholders. The company was also given to. the end of February -in which to ,define fully-paid shareholders. The directors felt that they had reached the stage, where the concession was placed, safely out of any possible winding-up by the court. A meeting had been held, and a motion for liquidation was carried. One speker said that the present meeting was ■ the first intimation that had been given that partly-paid shareholders could participate in the Australian company proposal, if the shares were fully paid up."- In his opinion, the company had been “ pretty lax.” This remark was greeted with general assent;