WYNDHAM.

Otago Witness, Issue 956, 16 May 1889, Page 16

WYNDHAM.

Mat 13.— The' building trade is brisker at present than ib has been for a long bime. An extension bo bhe Presbyterian Church is among the most important works in hand. Mr Thomas Finlayson, the contractor, is turning out the work in a very satisfactory manner. Two other buildings are nearing completion also. ' ' Mutual Ikpbovbmhnt SocißTr.-rThe session of the local Debating Society has opened auspiciously. At ,the'last meetingthe desirability of trade unions 'was discussed, Mr Clarke speaking in the affirmative and Mr M)oaw in the negative. .Regret is often expressed that' more interest io not evinced in their meetings of this soofety. This 'season a good start has been made, and, I trust success will attend the whole session. DbaugHts.— The club , is again' in 'full swing, and the tnembers are again practicing diligently, bo we may expect to see them give a good account of themselves 'in any contest they may take part In during the'season, ' ><•■■■ , Daibt- Factobt.— This company is figuring before*' the public in a ;new role. The words of the song are the same, but the music is in another key.. Prpm an historical point of view the company have on the one hand paid more for milk than the cheese panned out, and on the other disposed of shares, that the directors, could not, sell, by way of bonus to the then shareholders, creating, , as,, one shareholder fairly put it, a debt on milk paid for in excess of value of '£700, .and bonus about £300. The debt is therefore I about,£looo. An action df'the directors which 1 has been severely criticised was the 'making of a call of 2s 6d per share with the, (Object of reducing this in-, debtedness, or as I heard;, it, .forcibly put, paying for milk out of capital. Some shareholders who thought the directors should have'faced the 'shareholders, requisitioned tbflm to do 'so, and after hearing their reasons, take such steps as was 'considered 'prudent. The directors (called, the meetings aud appeared to imagine the shareholders on,ly came there to bear the chairman make a defence, 'on" behalf of the . directors,' for levying' a call, as the chairman is re- * ported to have said (and apparently adhered to the point) that he declined to allow any 'motion to be put. That being the ruling' several who felt strongly on the call declined to speak when ho result could .be , achieved. Two of the non-producers, however, critidised the' ,aotion of the directors in trying to plug the mouth of the shareholders in no measured terms, and from an impartial standpoint I am confident the public cannot fail td admit (1) that the directors acted, very unwisely in not conferring with the shareholders before i making the, call ; (2) in not promptly responding to the petitioners' request to have a meeting before the call Was due ; (3) in ignoring their request' to ■ have' any action'taken that the meeting may have deter- < mined; (4) in declining to, allow the shareholders I the liberty of recording by vote their approval or condemnation of the action of , the directors in making the call. Headers of the reports could not fail to have noted the Very few speakers on either side, ex1 cept the directors in defence of their position, four or five of whom appeared , to (have \\ risen to re? spond." In several, quarters I have, heard regret expressed that the chairman, directors, and their sympathisers should have raked up matters thatshould have been buried, and . indulged ,in personalities, and that the speakers on the non-call Bide ihave to be ' complimented in not committing that too, common error.. I think that the, shareholders who are being compelled to pay fchifldallhave'iridisputably a grievance, and many .must have wondered that they did nob exhibit some feeling at the meeting. It appears that the directors or bhe secretary made a mistake in 1 issuing the notification of bhe call, not having given the usual 21 days' notice ; but now that the call has bo be paid ib will not be'Wiseto take advantage of such a slip, but will 6e better to pay up and, look as pleasant as possible. Any expenses the directors are put to in issuing alegal'call will, of course, have to be 'paid by the' shareholders collectively. - >