WELLINGTON WOOLLEN COMPANY.

New Zealand Mail, Issue 1189, 14 December 1894, Page 17

WELLINGTON WOOLLEN COMPANY.

EXTRAORDINARY GENERAL MEETING.: THE PRESS EXCLUDED. An extraordinary general meeting of the " shareholders of the Wellington Woollen Company was held on December 12 in the ha?l of the Chamber of Commerce for t ie purpose of receiving the report of the Committee of Investigation appointed at the annual meeting. Between 50 and 60 persons were present. Mr W. A. Fitzherbert (chairman of directors) presided. . ' . - ' The Chairman opened the proceedings by inviting the meeting to determine before the committee’s report was read whether the meeting, was to be open to the press. Perhaps it would be undesirable at that stage to allow- the newspaper reporters to be present and the report to become public property. Mr J. Hutchen said he had no fear of publicity through the press. Personally he saw no reason why the -reporters should not remain. - ■ •

Mr H. Kember said that as it was purely a business matter the -shareholders were met to consider, the committee might perhaps guide the meeting do a decision as to whether or not it was expedient that the press should be present. ) Mr Gardner thought it was rather an unusual course to suggest the exclusion: of the press in the. case of a meeting of a public company. Therewas no reason for secresy unless wrong had been done, and no one anticipated that there was any such reason.. He moved that the press be admitted. f . - The Chairman remarked that the reporters would be, allowed to remain unless a motion to the contrary effect was carried. Possibly Mr Zohrab, as .chairman of the Committee of Investigation, might indicate what was the committee’s wish in: the matter. - 1

Mr Zohrab declined to express any opinion. - ‘'~ Mr G. B. Gibbs was sorry.the committee; would express 'no opinion, because'it was only the members';, committee who N were in a position to know'whether it was prudent to . allow the reporters to remain. It might be there was, something in the report’ the publication of which would tell against the Company’s interests. • V’ : -- Mr H. Kember moved, and Mr G. M, Kebbell seconded, “ That the press be excluded.” , ' ’ - The motion was at once pat to the meeting, and was carried, there being only tw;o dissentient voices.

The reporters accordingly at once withdrew. .. . "A ‘

From two or three Independent sources we have ascertained- what subsequently transpired, and. so far as - we can see there cannot be the slightest, possible harm to anyone by relating it. ■ Immediately after the newspaper representatives retired, tho secretary read the report of the Committee of Investigation, of which some 200 printed copies were placed before the chairman. The Chairman thought it inadvisable to distribute copies of the report amongst those present. : V - i - ; V A discussion ensued, and resulted in the passing of a motion that copies should not be distributed. " '/: •

: Mr C. E. Zohrab, as chairman, of the committee, moved the. adoption of the report, and Mr , Arthur Warburton seconded the motion pro forma. .V- - The Chairman expressed surprise at the proposition. He considered it only fair that the shareholders should have ample opportunity of perusing and considering the report before being called upon to vote. ' ’X'" ■ Mr Zohrab coincided in. the reasonableness of this course, and suggested that the meeting should be adjourned in order to admit of the report . being circulated amongst the shareholders in the interim. • After some further discussion this course was resolved upon, a copy of the report with a special proxy form attached to be forwarded to each shareholder of the Company. In order to guard against the report getting into the hands of outsiders it was decided, on the proposition of Mr Gibbs, to have it copyrighted. /, .. - _ At half-past 9 the meeting adjourned until the 9th of January next.