WILD SCENES AT MEETING.

Horowhenua Chronicle, 17 March 1927, Page 7

WILD SCENES AT MEETING.

SHAREHOLDERS ACCUSE MARCONI REDUCTION OP CAPITAL AGREED TO (Received Wednesday, 7.15 p.m.) JLONDON, March 15. An overflowing turbulent meeting of Marconi shareholders was held to consider the reorganisation of the company and the reduction of capital. Signor Marconi, in moving the adoption of the report, expressed the hopethat the directors' proposals would mark the turning point. He admitted there Had been a trying and critical period partly due to past mistakes. If the proposals of Nordon's committee was carried, he had no course but to resign and decline the Presidency; also to seek the termination of his agreement as technical adviser, anad sever all connection with the company. Mr. F. G. Kelleway, in seconding the motion, in course of a lengthy speech, justified his policy. He emphasised the conversion of heavy losses into a working profits last year.

" Sir Gilbert Garnsey (chairman of the Committee, of Accountants) assured the meeting it might safely proceed with the directors' proposals which augured a prosperous future. Mr. Norden, on behalf of English dissentients, declared hotly that he was figthing with tied hands as he was unwilling to damage the prestige ot thd company by publishing facts concerning the colossal internal mismanagement which would astound everybody. Mr. Kelleway had a salary of £10,900 per annum.

"Friends," he said, "who nominated me and others for the directorate imposed a condition that Mr. Kelleway must vacate his position. We must select, capable, independent people to do constructive work, not for the benefit of those who battened and fattened on the shareholders." These statements were greeted by a wild scene of waving: hats and papers. The chairman declared the report adopted amid a volley of protest. Mr. Norden demanded a poll which was granted. Mr. Pennell asked: "Would Signor Marconi undertake in the future not to speculate with the company's shares ?"

Marconi retorted: "That is an impudent lie." Pennell: "Then you are a liar." This gave rise to considerable uproar and after more wrangling over the appointment of auditors, it was announced that the poll had adopted the report by 1,586,000 to 320,000 votes. -

A motion was carried reducing the capital from £4.000,000 t,o £3,374,954.