AGRICULTURAL AND MERCANTILE COMPANY.

New Zealand Herald, Volume XXIV, Issue 7885, 2 March 1887, Page 6

AGRICULTURAL AND MERCANTILE COMPANY.

A special meeting of the Auckland Agricultural and Mercantile Company was held yesterday afternoon, for the purpose of confirming certain resolutions passed at a previous meeting, authorising the voluntary winding »-th«oompaay, the disposal of the property to Mr. I?. vv. unbu, appointment of Messrs. A. Dewar and A. Heather as liquidators. Mr. G. W. Owen presided, and there was a small attendance of shareholders. The advertisement convening the meeting was read, but Mr. Heather's name did not appear as one of the liquidators, and Mr. Blades asked the reason. Mr. Dewar said the advertisement was drawn up by the company's solicitor, and he had not noticed, until that morning, that Mr. Heather's name was ■ omitted, but it appeared in due form in the minutes. Mr. Frater considered that this might inter* fere with the validity of the meeting. The Chairman said that since the last meeting Mr. Heather had been acting with Mr. Dewar as liquidator. The minutes of the extraordinary meeting, held on the 14th February, were then road. These fixed the date of the present meeting for the 28th February, but the chairman explained that Mr. Dewar, not thinking that the full 14 days' notice required by the Act could be then given, bad called the meeting for the Ist of March Some discussion took place as to whether tho meeting could prooetd, owing to tho omission of Mr. Heather's name from the advertisement, and the chairman suggested that it should be adjourned for a fortnight, but Mr, Dowar suggested that they might pass the resolutions, and then consult the company's solicitor, and if he thought it necessary they could call i another meeting. This suggestion was I adopted; and, on the motion of Captain McKenzio, seconded by Mr. Carruth, the minutes of the previous meeting were adopted. Captain MoKenzie moved, "That the omission of Mr. Heather's namo from the advertisement, be submitted to the solicitor of the company, and that if neoessary another meeting be called." Mr. Frater pointed out that this resolution could not be put, as this was a special meeting called for a speoial purpose, but it might be accepted as a suggestion from Captain MoKenzie. The next business was fixing the liquidators' remuneration. It transpired that the debts to be collected amounted to £12,000, and the calls to about £11,000; and Mr. Dewar stated it would take from nine to twelve months to wind up the business. It was agreed that Mr. Dewar be allowed £300, equal to twelve months' salary, that Mr. Heather be allowed 1 per cent, on moneys collected, and that the salary of an acoountant for two months be allowed. This conduced the business.