MARCONI’S SHAREHOLDERS.

Hawera Star, Volume XLVI, 17 March 1927, Page 7

MARCONI’S SHAREHOLDERS.

A STORMY MEETING. REORGANISATION OF COMPANY. GAtJLli—PfiltiSS ASSOCIATION- COPYBIGHI. LONDON, March 16. An overflowing* turbulent meeting of Marconi Company sharenolders was held to consider the reorganisation of the company. Signor Marconi, in moving the adoption of the report, expressed the hope tliat the- directors’ proposals would mark a turning point. Ho admitted that there had been a trying and ciitical period, partly due to past mistakes. If the proposals of Mr. Norden’s committee were carried out, lie would have no course but to resign, decline the piesideney, and also to seek the termination of his agreement as technical adviser and sever all connection with the company. Mr. Ivellaway, in seconding the motion,'in the course of a lengthy speech justified his policy. Ho emphasised the conversion of heavy losses into a working profit 'last year. Sir G. F. Garnsey assured the meeting that it might safely proceed with the directors’ proposals, which augured a prosperous future. Mr. Norden, on behalf of the English dissentients, declared hotly that he was fighting with tied hands, as he was unwilling to damage the prestige of the company by publishing the facts concerning the colossal internal mismanagement, which would astound everybody. Those concerned had a salary of £10,900 per annum. “The friends who nominated me and others for the directorate,” he said, “imposed conditions that Mr. Ivellaway must vacate his position. We must select capable, independent people to do constructive work, not for the benefit of those who have battened and fattened on shareholders.”

These statements were greeted with a wild seene of waving of hats and papers. The chairman declared the report adopted, amid a volley of protest. Mr. Norden demanded a poll, which was granted. Mr. I’ennell asked: “Wbuld Signor Marconi undertake in future not to speculate with the company’s shares?” Signor Marconi retorted: “That is an impudent lie.” iMr. Pennell: “Then you are a —- liar.”

Hi is gave rise to considerable uproar, and, after more wrangling over the appointment of auditors, it was announced tliat the poll adopted the report by ] ~j8(j,000 votes to 320,000. '•Motions were carried reducing the capital as proposed.