THE NEW ZEALAND LEATHER MANUFACTURING CO. (Limited.)

New Zealand Times, Volume XXXIX, Issue 6693, 29 September 1882, Page 2

THE NEW ZEALAND LEATHER MANUFACTURING CO. (Limited.)

A meeting of all the applicants for shares in the above-named company was held at the Chamber of Commerce last evening. There were about forty persons present, and 1375 shares were represented by proxy. On the motion of Mr T. K. Macdonald, seconded by Mr MoTaviab, Mr John Plimmer, one of the Provisional Directors, took the chair. The Secretary then read the advertisement calling the meeting, the business of which was to consider and settle the memorandum and articles of association of the company, to elect Directors, to empower the Directors to regulate the company, and to elect auditors. Mr Plimmer said the proposed memorandum had been printed and circulated, and he would move their adoption. Mr Walton seconded the motian.

Mr Sievwright said one or two amendments had been made, but he did not think them material, except that they were protective of the shareholders’ interests. One of the amendments would prevent the Directors putting the shareholders’ money into any other business without their express authority. It was also provided that property acquired might be paid for wholly or in part with paid-up shares of the Company. Mr Walton thought it would be better to take the articles seriatim t and not rash things through. He had received a letter signed « Mercator,” and if he were present he would like to ask him a few queetions. Mr T. K, Macdonald said they should discuss these matters at the close of the business for which they were called together. The Chairman did not know whether “ Mercator ” was a shareholder. The motion for the adoption of the memorandum was carried. Mr Dimmer moved the adoption of the p.rticles of association. Mr Waiton said he desired to refer to the plant on the ground. Mr McTavish said the Directors would be business men, and the plant would be bought at a valuation. Air Williamson had authority to dispose of the property to a_ company, and had approached the Provisional Directors and asked them to form a company, to purchase it. That was exactly ‘ how the matter stood. The motion for the adoption of the articles of association was then put and carried, and a number of shareholders attached their signatures in order to complete the document.

Mr Wright moved that Messrs A. E. Baker, C. J. Johnston, 3. H. Lurford, E. Miller, T. K. Macdonald, A. J. McTavish, and J. Plimmer, be elected Directors,

Mr Fownes seconded the motion. Mr Walton asked if all those whose names were mentioned had paid their deposits. The Secretary said he might say they had, for he was responsible to the Company for the money. Mr Walton wanted to know whether any of the proposed Directors were interested in the sale of the property. Mr McTavish said the firm of Krull and Co., with which he was connected, were only interested so far as the rent of the land was concerned. It could, no doubt, be purchased by the Company at a valuation. He did not represent the Bank of New Zealand in any 'way in connection with the property. On the motion of Mr J. Plimmer, the Directors were empowered to register the Company, and Mr C. P. Powles and Widlop were elected auditors, their remuneration being fixed at £lO 10 s each. The Chairman said that was all the business of the meeting. Mr Walton then read from a printed letter, sicoed “ Mercator,” and an acrimonious discussion arose, but, as there was no resolution before the meeting, and nothing was arrived at, we do not report it. In reply to a shareholder, the Secretary said that 4215 shares had been applied for in Wellington, and the money paid. This did not include a number which might really have been added. He was sure the 10,000 shares would be taken up in Wellington, if required.