THE NEW ZEALAND LEATHER MANUFACTURING CO. (Limited.)

New Zealand Times, Volume XXXIX, Issue 6699, 6 October 1882, Page 3

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 S .-ptember 28. There were about forty persona present, and 1375 shares were, represented by proxy. On the motion of Mr T. IC. Macdonald, seconded by Mr McTavisb, Mr John PJimmer, one of the Frovi ional 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 motion.

Mr Bievwright 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 belter to take the articles seriatim, and not rush things through. He had received a letter signe 1 “Metcitor,” ami if he- were present he would like to ask him a few questions,' 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 tha adoption of the memorandum was carried.

Mr Plimmer moved the adoption .of the articles of association.

Mr Walton said he desired to refer to the plant on the ground. Mr McTavisb said the Directors would be business men, and the plant would be bought at . a valuation. Mr 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 signal tures in order to complete the document. , Mr, Wright moved that Messrs.A. R. Baker; O. J. Johnston, G. H. Luxford, R. .Miller, T. K. Macdonald, A. J. McTavisb, and J. Piiihmer, 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. ■ I

Mr Walto.-i 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 Go. 1 , 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 O. P. Powles and Widdop were elected auditors, their remuneration being fixed at £lO 10s each. , The Chairman said that was all the business of the meeting. Mr Walton then read from a printed letter, signed “ 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 share would be taken up in Wellington, if required.