MEETINGS.

New Zealand Mail, Issue 761, 1 October 1886, Page 10

MEETINGS.

AERATED WATER COMPANY.

Tlie adjourned annual meeting of the above Company was held at Mr- Isaacs’ auction rooms, Willis-straet, last Mondaynight. The chair was occupied by Mr J. McDowell, Chairman of Directors, and there were also present Messrs J. D. Baird, N. J. Isaacs, J. Ballinger, Sexton, Roxburgh, H. Blundell, and Hurrell. The Chairman, in opening the meeting, alluded to the meeting held on the 30th August, which had to be adjourned as the Secretary, Mr Louis Davis, would not give up possession of the Company’s books. Since then Mr Davis had made promises that he would hand thebooks over, but had not kept hist word. In connection with the resolution passed at last meeting, that unless Mr Davis handed over the books to the Company proceedings would be taken, Mr Clothier (secretary) reported as follows :: —“ In conformity with the resolution passed at the meeting on the 30th ult. your Directors notified to Mr Daviethrough their secretary that unless theCompany’s books were delivered up atonce, proceedings would be taken for the* recovery of them. This intimation having; no effect, Messrs Bell, Gully, and Izard* were instructed to commence an actionimmediately against Mr Davis. In accordance with these instructions our solicitors issued a writ against Mr Davis, claiming the return of the books or LSOO, and a Judge’s summons wasissued calling upon him to deliver the books at once to the Registrar of the Supreme Court for preservation and inspection. This order was made with., costs in the cause. Mr Davis failed, however, to comply with the order, only surrendering a portion of the books, necessitating another application to the. Judge, who granted a summons, returnable in three daya, to Davis to show* cause why he should not be committedfor contempt of Court. This had the. desired effect, the remainder of the books, were given up, and an affidavit filed by Davis that he had now surrendered alii the property of the Company* in his possession. An application for the surrender of the books to the Company will bewill be made to-morrow (Tuesday).” The Chairman thought the action ofr the late Secretary a most extraordinary one. Of course the books would have tobe audited before the Secretary could have them. A letter was read from Messrs H. M... Lyon and D. T. Stuart stating the terms*on which they would audit the booksThey also asked for a personal guarantee* from some of the Directors that they would be paid for their work. Mr Baird, quite understood why they should makethis last request, as they no doubt thoughtthe Company’s books were in a very “ crooked condition.” He thought they could not do better than leave the auditing of the books in Messrs Lyon andStuart’s hands.

Mr Sexton thought there was not a-.-personal guarantee in the Company,, which he considered “quite rotten.” The Chairman stated that the calls*, owing to the Company were made over tothe Colonial Bank in liquidation of theBanlc overdraft, and also stated that the. Directors had paid the last week’s salaries' out of their own pockets. If the callsowing, LIGS, were got in, the Company would find themselves in a better position.

Mr H. Blundell thought they were* working in the dark in the absence o£ : the books. He thought that some course should be adopted to enforce payment from defaulting shareholders. Hath ought the Company should have thebooks and then hold a meeting to decide what should be done for the future. He proposed that the appointment of auditors stand over till the books were in the possession of the Company. Mr Baird seconded the proposal. Mr Boxburgh moved as an amendment that Messrs Stuart and Lyon be appointed special auditors to audit the Company’s books, and that the Directors convene a meeting as soon as the books are audited.

The Secretary stated that he had gone to the Court at the request of Mr Izard, -and examined the ledger and cash book, and had found them nicely written so far -as Mr Davis had got, although the ink -was not quite dry. Mr Boxburgh’s amendment was then put and carried. . In reply to Mr Sexton, the Chairman stated that each shareholder would be supplied with a balance-sheet. Mr G. A. Strike stated that certain keys were missing, and that the . niachinery had recently been cut as if with a tomahawk. The Chairman thought the best thing to be done was to procure a new set of locks. , , Mr R. Roxburgh remarked there was a iremedy in all cases of trespass. It was decided that the Secretary be instructed to apply to Mr Davis for the keys of the Company. . Mr Roxburgh mentioned that it would be as well to leave the election of Directors till the books had been audited; they might so turn out that the Company would not require any Directors. He -thought it would be advisable for the present Directors to hold office till the books had been audited and the Company thoroughly understood its position. It was subsequently moved by Mr -Baird, seconded by INIr Hurrell, That Messrs Roxburgh and Ballinger be appointed interim Directors, to assist the •other Directors, until the books were Brought before the shareholders. Carried unanimously. The meeting then terminated.