THE UNITED FARMERS' ALLIANCE (LIMITED.)

New Zealand Mail, Issue 1107, 19 May 1893, Page 6

THE UNITED FARMERS' ALLIANCE (LIMITED.)

The annual meeting of shareholders in the Farmers' Alliance Was held at the offices of the association on the 13th inst, at Palmerston North. There w.is a large attendance, and the Chairman of Directors, Mr F. Y. Lethbridge, presided. The Chairman that owing to the yearly accounts having only closed on the 30th of last month, the staff had not been able to mike out the balance-sheet and get it audited in time for that meeting, which was fixed by the Articles of Association, and therefore the directors suggested that they should elect directors that day and adjourn for a month.

Mr Arkwright thought that a circular should be sent to every shareholder, giving notice of the meeting. The Chairman said the Articles of Association provided that the meeting could be called by advertisement. The Secretary stated that the advertisement was inserted in the Wellington TIJIES and Post, Manawatu Times, Wairarapa Times and Standard, Wanganui Chronicle and Marton Advocate.

After some discussion, the suggestion that shareholders should receive notification by circular was approved. Mr John Bryce stated that generally the affairs of the company were in a flourishing condition. There was a very considerable turnover, irrespective of wool and commissions, and the company could fairly look forward to having a turnover of L4o,Goo_or L 50.000, which amount it was approaching how. The shareholders' list was a large one, there being no less than 1100 shareholders, and the number of shares taken up was 4300, representing over L 20,000. The directors were satisfied the company was in a prosperous condition, and he hoped tha< when the balancesheet was published, the shareholders would be of the same opinion. The Chaiiman said the retiring directors were—Messrs Coleman Phillips, J. K. Johnston, G. Potts, T. R. Taylor, J. Martin and G. Whitcombe, who had been again nominated, and Dr Newman and Mr R. Gardner, of Kereru, had been nominated for the two vacant positions, which, when filled, made the prescribed number of directors—2o. Mr K. D. McKenzie thought the number of directors should be reduced.

Mr Bryce said the directors had taken this question into consideration,, and had come to the conclusion that on this occasion the whole number would have to be elected, but in the future it would be better if a reduction were made in the number of directors. For his part he thought 12 directors would be sufficient.

Mr Fletcher explained that _ each shareholder could nominate as many directors as he liked, irrespective of who retired. The Chairman said if a change in the directorate was desired, he, for one, would be willing to resign. Several other directors expressed their willingness to resign if desired to do so.

Mr Cotter was pleased to hear the expression of opinion from the shareholders which h,id been given that day. He took it that the shareholders were there to point out those mistakes which were almost unavoidable in the inception of a company, and he, for one, was not disposed to resign his position as director on account of that kind of criticism. He assured the shareholders that the amount of work done by the directors was really extraordinary, and they had no idea of the time which the directors had devoted to the business of the company, The Chairman then declared the gentlemen nominated directors for the ensuing year. A hearty vote of thanks was accorded the directors for their past services. The meeting then adjourned.