TAIPO EXPLOSIVES SYNDICATE

Otago Daily Times, Issue 13288, 20 May 1905, Page 2

TAIPO EXPLOSIVES SYNDICATE

An extraordinaiy general mooting of the Taipo Explosives Syndicate, held Inst night, was largely attended Mr ft. L. Denniston (chairman of directors), who provided, said thai flic busmen before the meeting vyas to consider the financial position of the company and the best moans o£ increasing the capital, 110 detailed the circumstances which had rewleied this advisable, and sni'l that the calling of the mooting had been purposely dela.vcd in order that they might have the advantage of the presence and eo'imel of Mr Adam M'Cracken, who had just returned from London. After tho situation had lseen exhaustively discussed and a number of questions satisfactorily answered, the Chairman said that it was proposed to create a new company, with a capital of £35,000, in £1 ehaies, of which 523.990 would be allotted to the shareholders of the present syndicate, or m the proportion of five shares for every one of their present holding. Of the Ixilnncc, 610 shares would he reserved to coyer the e\- j penscs of flotation, and the remaining 5500' o'fererl to the public. In order to assist in the flotation of the now company, Mr Adam M'Cracken had veiy geneiouslr offc-cd to hand over to the shareholders the " Taipo " rights for New South Wales, thus giving them tl'o control of tho nnnufactuio and sale of Taipo in New Zealand, Tasmania, and N"\v South Wales Mr Adam AT'Ciack™ had al-o undertaken to remain in tho colony for =eveial months, m oider to wcisonally superintend the manufactuie of the explosive at tho factory at Deboiah Bay—This stitement was iceeivcd with much satisfaction.—On the motion of tho Chairman it was unanimously resolved— "That this meeting of shareholders approves of the xoheme now submitted, pledges it-elf to give it its he.nty support, and instiuctp the diiectois to take the lvecssaiy steps to carry the fcheme into effect."