NEW ZEALAND TIMBER COMPANY, LIMITED.

New Zealand Herald, Volume XXV, Issue 9120, 31 July 1888, Page 6

NEW ZEALAND TIMBER COMPANY, LIMITED.

A general meeting of this company was held yesterday at the company's office, Custom-street West. The object of the meeting was to confirm a resolution passed at a previous meeting in reference to the sale of the company's property. There were present :—Messrs C. A. Harris senr. (in the chair), G. Harper, T. T. Minefield, C. A. Harris junr., F. Jagger, A. Devore, T. Morrin, R. Nixon, S. T. George, J. King, P. H. Mason, W. S. Parker, and 15 were represented by proxy. The Chairman explained the object of the meeting, and Mr. Harper moved the following resolution : —" That the resolution passed at an extraordinary general meeting of the shareholders of this company, held on the 9th day of July, 1888, be confirmed. The resolution at that meeting, and proposed to be confirmed on the 30th inst., is as follows, namely :That the action of the directors in agreeing to sell the company's property and assets to Mr. David Blair for a sum divisable among the shareholders of £3 10s per share, net, after paying all liabilities, as from the 31st day of December, 1887, be ratified, and that the directors bo authorised to execute all necessary deeds and documents to carry such agreement iuto effect." He remarked that, as they were aware, this resolution was necessary in order to make the former proceedings legal, and he moved it accordingly. Mr, C. Harris, junr., seconded the motion. Mr. Jesse Kino, as an amendment, moved :—"That the resolution stand unconfirmed until the date is fixed for the payment of the purchase money, and then simultaneously shall the resolution be con- ' firmed and the money paid over to the company." In moving the amendment he said his opposition to the action of the directors in this matter was purely on the principle that in these depressed times one should more closely guard his shattered assets, and although he stood alone in his opposition ho was quite sure that all were of opinion that they were giving the property away. Mr. S. T. George said he thought that what Mr. King meant was that this should be a cash transaction, and to state the date i on which the money should lie paid. I Mr. Dkvork said the money would be paid on August the 11th, next Saturday week. Mr. George said, of course, then if the money was not paid on that date the agreement would fall through. The Chairman said, as they were all aware, he was one of the last to give way, but he was not going to be captious in regard to the date of paying the money, but I if it was not paid by the 11th, the longest | limit asked, then the bargain would be off. I Mr. King's amendment was not seconded, ! and the motion as proposed by Mr. Harper : was put and carried. On the mot-on of the Chairman, it was i then agreed to declare the transfer books I closed. He also suggested that they should ! advertise for all accounts against the comj pany, bub on Mr. Mason pointing out that i this was not the business of the meeting, | this was withdrawn. On the motion of Mr. Kino, a vote of J thanks was accorded to the secretary and j officers of the company, and on the motion of Mr. S T. George a vote of thanks was accorded to the chair.