HELENSVILLE TIMBER COMPANY.

New Zealand Herald, Volume XXV, Issue 9124, 4 August 1888, Page 3

HELENSVILLE TIMBER COMPANY.

SPECIAL MEETING.

A special meeting of the shareholders of the Helensville Timber Company was held yesterday at the offices, Fort-street. Considerable delay occurred until a quorum of shareholders could be found, and messages had to be sent to several of the shareholders asking them to attend. Eventually, however, the necessary number was secured, and the business was proceeded with. Mr. 8011, who presided, explained that the meeting had been called for the purpose of confirming the agreement entered into between the directors and the Kauri Timber Company. In this agreement the directors offered to sell to the syndicate the whole, of the company's lands, mills, etc., for the sum of £5524. It was, however, provided that the stock and timber should De taken at a valuation. He ought to say that they had to sell their property under somewhat unsatisfactory circum* stances. They had no bushes of their own, and they had to rely on the purchase of timber as they wanted it; but the new company acting no doubt very wisely, bought some bushes near the mills of the Helensville Timber Company, and the latter company was consequently left in a position that if they did not come, to terms with the syndicate, they would have to go without timber. Under these circumstances, he did not think they got full value for their property. However, they had not paid dividends for some time, and unless prices were raised they had no prospect of making much improvement. He therefore moved, " That the shareholders confirm the action of the directors in selling the property and business of the company as per agreement." Mr. 11. Brett seconded the motion, and it was unanimously adopted. Mr. J. Lamb moved, "That the company be voluntarily wound up." This motion was seconded by Mr. John Reid, and adopted. The Chairman said that the next business was the appointment of a liquidator. He might mention that the affairs of the company had as far as possible been brought into the most compact state, and there was comparatively not a large amount to be de ne. Considerable responsibility, however, rested on a liquidator; the moment that he was appointed the powers of the directors fell into abeyance, therefore it behoved them to choose a responsible man. The terms of agreement were that one-fourth of the total amount of the purchase money was to be paid in cash within one month from the acceptance of the terms, and that one-fourth had been already paid. The balance was to be paid within 12 mouths from the date of paying the onefourth of the purchase money, such balance to bear interest at the rate of 5 per cent. It was resolved, on the motion of Mr. John Lamb, "That the liquidator's fee be £50." Mr, Lamb moved, "That Mr. John Reid be appointed liquidator " Mr. _ Reid would be very glad to see a little rivalry for the appointment. The -Chairman thought they could not make a better appointment than by selecting Mr. Reid. The motion was adopted, and it was then agreed that the shareholders should meet on Tuesday, the '21st instant, at 11 o'clock, in order to confirm the resolutions. Mr. Ralph Kef.sing thought it was due on the part of the shareholders that they should give a vote of thanks to the directors for " having so successfully closed the business. Mr. Lamb seconded this proposal, which was adopted by acclamation. The Chairman briefly replied on behalf of the directors, and the proceedings closed.