WALKATO CO-OPERATIVE ASSOCIATION.

New Zealand Herald, Volume XXIV, Issue 7898, 17 March 1887, Page 5

WALKATO CO-OPERATIVE ASSOCIATION.

[by telegraph,—own correspondent.! Hamilton, Wednesday. At the meeting of the Co operative Association to-day the accounts as brought forward were adopted. The extraordinary meeting of shareholders was then held in the Public Hall, the Chairman presiding. The meeting was a full and representative one. . The Chairman moved, " That the resolution of the last meeting to liquidate the company be considered. Seconded by Mr. Brookes, and carried unanimously. The election of liquidators was then proceeded with. A letter was read from certain shareholders recommending the appointment of Mr. Garrett and Mr. Newland. Captain McPherson said it was a most extraordinary proposal to make, a manager and a director of a business that had gone to the dogs to bo liquidators. Mr. G. Franer, of Auckland, and Mr. Byron wore proposed. Mr, Duncan proposed as an amendment, that Messrs. Garrett and Newland be appointed. The Chairman said -there was a general opinion that Mr. Garrett should be one of them. A letter was read from Captain Daldy to this effect. Several speakers spoke to the question that the only persons who seemed to be considered were the creditors, not the shareholders. Mr. Brookes thought the creditors had far more at stake than the shareholders. He would Bupport the appointment of Mr. Garrett as liquidator, with Mr. Newland and Captain Daldy as supervisors. Mr. Heather would have had no objections to either Mr. Byron or Mr. Fraser as liquidators had he not been already pledged to Captain Daldy. Mr. D. B. McDonald, of Auckland, was then propoted as an auditor by Mr. Barton and seconded by Mr. Knox. The latter would rather it went to the official liquidator when certain parties would find themselves brought before the Supreme Court, aud it might be found to be another Glasgow Bank affair. Mr. Pegler approved the appointment of Mr. Garrett as one of the liquidators. Mr. Brookes reminded the shareholders that one liquidator would cost £150, two would cost £300. Captain McPherson said that as the Association was to be buried, its murderers should not be chosen as the undertakers ! If there was any power in law to force this liquidation into the hands of the public officer, the shareholders should use their utmost endeavours to do bo, Mr. Gaiie moved that the liquidator's remuneration be three per cent. Captain McPherson moved, as an amendment,' "That it be one per cent." The amendment was put, and there was a tie of nineteen. The Chairman gave his vote against the amendment for 1 par. cent. The motion for 3 per cent, was then put, and there were 20 for and 20 against it. The Chairman gave Lis casting vote in favour of the motion. A motion proposed by Mr. Browning, seconded by Captain MoPherson, " That the meeting be adjourned till the books of the Association were produced," was put and lost. A very stormy discussion on the non-production of the books followed. Captain McPherson and several shareholders left the room. The proxies were then examined, and, on ;;t poll being taken on the motion, " That the remuneration of the liquidators be 3 per ceat.," the votes were found to be : For the motion, 1001 to 54. A vote for the appointment of liquidators resulted as follows :—For Garrett and Fraser, 557 ; McDonald, 427 ; for Garrett and Newland, 35. Garrett and Ftaser were appointed | liquidators.