NEWTON KING, LTD.

Hawera Star, Volume XLVII, 30 July 1928, Page 5

NEWTON KING, LTD.

ANNUAL; MEETING. REVIEW AND FUTURE POLICY. The eighth annual meeting of shareholders in Neivton King, JAd., was held at* the company’s offices, New Plymouth, on Saturday. Mr. Trnby King, cn air mam .of directors, presided, and there were about 80 shareholders present. In moving the adoption of the bal-ance-sheet and directors’ annual report the chairman referred to the proposals for reorganisation and recapitalisation which had been foreshadowed in the directors’ report issued with the balance-sheet. He stated that he felt certain no shareholder would disagree with these proposals, for all recognised that they were necessary for the future well-being of the company. Mr. King said he and the directors generally, were emphatically of opinion that if the proper steps were taken to meet the present position there was no reason why, with reasonably good seasons, the business should not be put on a profit-earning basis. He pointed out that Messrs. Monzies, Clarke, Griffin and Ross, of Wellington, the film of accountants chosen to advise the directors and. the shareholders, was one of the highest standing and greatest experience in the profession. When the directors again met shareholders at the .special meeting it was intended to call, they hoped to be able, with the advice of the expert accountants, to be able to bring forward a sound scheme of reorganisation. The motion was seconded by Mr. H. E. Abraham, wlio said that prospects in the immediate future, were exceedingly bright, and it looked as though New Zealand were about to experience a few good years to compensate for the lean ones just left behind. Various 1 directors and the general manager (Mr. S'. E. Shaw) supported this view, and informed shareholders that the company’s business during the last six months had been exceedingly active. It was gratifying to be able to state, also, that the farming community and general public throughout the province were affording the company a full measure of support. The report and balance-sheet were adopted after a full discussion by shareholders. The meeting entirely endorsed the directors’ action in proposing a- reorganisation and employing a capable firm- of accountants to assist. The retiring auditor (Mr. Hugh N Baily) did not offer himself for reelection, and Messrs. Menzies, Clarice, Griffin and Ross were appointed in his stead; Messrs. Ashton, Heady. King, Salmon and Shaw were all re-elected directors.