NEW ZEALAND AERATED WATER COMPANY.

New Zealand Mail, Issue 771, 10 December 1886, Page 11

NEW ZEALAND AERATED WATER COMPANY.

AN UNFORTUNATE COMPANY.

The adjourned annual general meeting of shareholders in the New Zealand Aerated Water Company took place last Friday night. There were about half a dozen shareholders present, several of whom also represented others. Mr James Macdonald presided. The Chairman reported that the boobs had in accordance with a resolution passed at the last meeting, been posted by the Secretary, Mr Clothier. They had not been audited, however, because the gentlemen who were asked to, undertake the declined to do so, unless they got a guarantee of payment; and consequently, owing to the want of funds, the audit could not be made. The statement prepared by the Secretary showed the liabilities to be £2625 4s 9d, and the assets £3722 17s 6d. The assets were made up thus : Calls in arrear, £1479 17s 6d ; shares unissued (175 at £2)’ £350; stock and plant, £1373; interest in lease, £500; fittings, etc., in- the hands of the bank,,£2o. The liabilities were : Bills payable, £727 18a 4d ; overdraft At bank, £1292; open accounts, £555 6s 5a ; salaries due, £SO. ... Mr Roxburgh : The calls in arrears are set down at £1479 17s 6d ? The Chairman : Yes. _ Mr Roxburgh: Estimated to produce what ? The Chairman: £l5O. Mr Roxburgh asked what was owing to the Directors who had so liberally conducted the affairs of the Company for the last six months. The Chairman: The Directors have paid calls. Mr Roxburgh : Yes, they are bound to do that; but what I want to know is what, beyond the extraordinary liberality the Directors have shown in paying their calls, is the amount of indebtedness to them? The Chairman : About £670. Mr Roxburgh : It is , a pity that these energies were not put into a paying Com* pany. Mr Gully asked whether there had been business losses. The Chairman said no. It appeared that in the floating of the Company everything had been over-valued. He went on to refer to the share-list as “ the worst thing of the sort he ever saw.” There was hardly a solvent shareholder, excepting twelve or thirteen, from whom they could recover. Mr Roxburgh said the Company had been initiated in fraud. _ The Chairman said it was “initiated in fraud and nursed in vice.” He referred at some length to the valuation upon which the plant, &c., had been bought, and to the actions of certain gentlemen connected with it. A number of shareholders, he said, were stewards on steamboats, from whom they could not recover. Mr Roxburgh asked how many bona fide and legitimate shareholders were on the list, and how many dummies ? Mr Gully said they were not exactly dummy shareholders —they were people who had taken up shares and had since repudiated them. Mr Roxburgh said they found that the bank held the major portion of the goods of the Company, and it was impossible for the Company to go on. A discussion ensued upon the “ bogus shares ” said to have been held. Mr Roxburgh asked whether the Directors did not have the busiuess of the Company brought before them so that they might prevent anything of this kind ? Tho Chairman said the calls were always paid while money was going put from the Company. It was eventually decided, on the motion of Mr Roxburgh, that the statement as read be accepted. An extraordinary meeting was then held for the purpose of considering a resolution to the effect that the Company should be wound up. This resolution was put and carried ; and it was decided to appoint Messrs J. D. Baird and H. M. Lyon as liquidators, at a joint remuneration of ten guineas and a commission of one per cent, on the gross amount realised. This was all the business.