OPUNAKE.

Hawera & Normanby Star, Volume X, Issue 1819, 4 January 1888, Page 2

OPUNAKE.

DAIRY FACTORY.

(prom our own correspondent.) An extraordinary general meeting of members of the Opunake Dairy Faotory Company, Limited, was held on Friday evening "last, 30th December, 1887, at the Town Hall.

About thirty members were present. Mr, A. B. Anderson, chairman of

directors, presided, and opened the meeting with a few suitable remarks, as follows: — The meeting was a most im- , portant one, being called for the purpose of considering a resolution — "That the company be wound up voluntarily;" and he was sorry there was such a poor attendance, for, although- there was a quorum present, there were not sufficient members entitled to vote present in person or by proxy to carry tne resolution, so that business could not be gone on with. An approximate balance-sheet had been prepared,whictushowedliabilities as £433 in excess of assets, without including as an asset the real propertyplant, etc. — of the company, the saleable value of which was very bard to estimate. The immediate cause of the directors calling the meeting waß on account of judgment being obtained by a milk supplier upon two overdue promissory notes, and, as the court had ordered the judgment to be deferred until the 30th inst., the directors > desired* that all creditors should be on the Bame footing without preference and thus the meeting had been called.

In reply to a question, the chairman stated that the bulk of the cheese sent to London had realised 48s per cwt, and the balance 44s per cwt, which left about 2d per lb nelt at the factory. The Chairman having invited discussion.

Mr. J. Stevenson stated he was opposed to winding the company up. He considered that it would be far more advisable

for suppliers to take whatever dividend

the company could now pay, and wait another year and see how the company could then get-on. In any case, suppliers would have to be satisfied with a dividend only, and that could possibly be arranged without winding up. He considered it would be advisable to see the supplier who had got judgment, and ascertain whether he would come to terms.

The Chairman reminded the meeting that judgment had been deferred by the court on the understanding that the pro* posed winding up was bona fide, and not to gain time; and he considered it advisable that the meeting adjourn until that day week, at the same hour and place. The meeting was adjourned by the chairman, with the consent of the meeting, until Friday, the 6th mat.", at 7.80 p.m. January Ist, 1888.