WINCHESTER FRUIT-PRESERVING AND EXPORT COMPANY.

Temuka Leader, Issue 1971, 19 November 1889, Page 2

WINCHESTER FRUIT-PRESERVING AND EXPORT COMPANY.

The annual general meeting of shareholders in this company was advertised t;o be held in the company’s offices, Winchester, on Saturday evening l?st. According to the rules of the company hot less than 12 shareholders, could be' present at the general meeting, and as at the time appointed only about 10 Were .prosent the general meeting could not be gone on with, and, after waiting an hour, it lasped. A meeting of the directors, had however, been held previously, Mr J. A. Young, chairman, presiding. The directors’ report and balance-sheet to bgjplaced before' the annua! meeting were read and approved of. Some small accounts were passed for payment. . Mr Ash well forwarded an account for £2 2s, for auditing the company’s books. He also wrote pointing out that when asked to audit the books for a fee of £1 Is he had accepted the offer on the uuderstanding that the audit was for one year. It had, however, in reality extended back* four years, and had also involved a journey to Winchester. Mr Lewis objected strongly to the account being passed, The agreement had been for one guinea, and he thought it - should be adhered to. He contended that the transactions of the previous three years did not involve much work in the way of auditing. He thought the company’s money should hot be frittered sway, if avoidable. . , The secretary explained that the whole of the application forms had to be checked, as these were the only vouchers there were for the earlier operations. The audit had occupied Mr Ash well some seven or eight hours, and had occasioned him a journey to Winchester, and him (the ( secretary) two to Tern oka. He considered £2 2s was not at all dear. Messrs Flint, R. A. Barker, andKelUnd considered the charge reasonable, and were of opinion that Mr Ashwell could not be bound to the £1 Is, as he had not been made aware that the audit would extend so far back. It was resolved to pay (he amount, only Mr Lewis dissenting. The chairman of directors asked to be relieved of his position as chairman, as ho thought it might beneficial to the company to have a fresh chairman. A change sometimes did good. He was urged to reconsider bis decision and retain the post, the directors present considering that no good would be got by making a change. After a considerable amount of persuasion, Mr Young consented to retain the chairmanship. The report and balance-sheet to be submitted to the shareholders were as follow - “ To the Shareholders, ‘‘Hentoembn, —Your directors beg to. lay before you the financial position of the company, as disclosed by the audited accounts up to the Slst September, 1889. The balance-sheet shows the items of receipts and expenditure. The profit and loss account, and the statement of assets and liabilities attached, fully reveal the existing state of (he undertaking so far. The apathy shown by the genera! body of ■, shareholders in the furtherance of the interests of the company is too plainly evidenced by the fact that not only was the first general moating of shareholders

r called after the registration not attended > by a foil quorum, but the payment of the , bulk of the allotment fee has been bat t badly responded to. A* the rules and i memorandum of Association give- the i directors the power to legally enfora the i payment of all unpaid calls, your directors : won d gladly invite an expression ef i opinion with regard to giving effect thereto. It will be seen (hat 21 applicants for shares claimed a refund of their , application fees, which the directors were advised to refund, less of proportion expenseslncarred. The remaining39lshares, representing $6 shareholders are only about one-half (he number originally considered as necessary before active operations should be commenced. The site being secured, and the legal and other expenses of registration being duly paid, the,next step, in the opinion of your directors, should be either to proceed to business in teal earnest, by floating the balance #f the shores through an energetic broker, or allow matters to rest till s more favorable opportunity for the commencement, of business operations.presents itself. In thf meantime the balance to credit, leovicg a small margin available for incidental expenses, might continue to bear interest at , the bank as at present. Yon will be called upon to elect three directors in the room of those who retire in accordance with the roles. “J. A. Yovn«, “ Chairman of Directors.” “Balance-Sheet.—Beceipts ; To capital subscribed, £127 ; to capital subseqaently withdrawn, £26 10s; total, £153 lUs. Expenditure : By refund of application fees on 106 shares £26105, less expenses£sl9a 7d, £2O 10s 5d ; by land purchase, £24.2s l(M ; by law charges including registration fees, £25 5s lOd ; by brokerage, £l4 17s 8d ; by printing and advertising, £ll 4s; by salaries (late secretary) £5, (present) £3, £8 ; by charges—incidental expenses, stamps, stationery, books, &c., £lO 4s 2i; by cjedit: balaace, Bank ‘of Now South Wales, £37 7s Id ; by cash in hand, £118s; total, £153 10s. “ Profit and Loss Account.—Dr: To printing and advertising, £ll 4»; to brokerage, £l4 17s 8i ; to salaries, £8 ; to law charges, £25 5s lOd ; to charges, £4 4a 7d ; total, £63 12a Id, Or: By balance, £63 12a Id.

“ Assets and Liabilities.—Liabilities : To capital 1590 shares at £l, £ISOO ; to sundry creditors, £l3; total, £1513. Assets: By capital 1500 shares at £l, £ISOO, less 381 shares on which 10s has beea called £l9O 10a, and 10 shares fully paid up £lO-£2OO 10a, £1299 10s; by sundry debtors (unpaid calls), £73 10s: by land, £24 2a 101; by cash at Bank of New South Wales, £37 7s Id ; by cash in hand, £118s; by balance, £76 12s Id; total, £1513. The balance-sheet was certified to as correct by Mr J. Ashwell. Those present took the apathy of the shareholders in the matter, as evinced by their non-attendance that evening, as an indication that it was not desired to push the undertaking this year, and it was decided to let it stand over for the present. The following resolution was unanimously passed : “ That those shareholders who have not paid their calls be notified that all calls that are not paid forthwith will be cbarged'iaterest at the rato of 10 per cent, from the time of *heir allotment in accordance with rules 5 to 10.”

The term of tbs secretary’s engagement having expired, be requested to be relieved of his duties.

if was acknowledged that the company would, have to pay someone to act as their,secretary, even if they did net go into active operation. There would also be the annual return to the registrar at Christchurch, in accordance with the “Joint Stoek Companies’ Act,” ta be made out and forwarded. It was suggested that the secretary’s fee for the year abould be fixed at £5. Mr Lewis objected to the sum as being too much. He thosght the work could be done for less. The work that actually bad to be done; having been detailed to Mr Lewis, he finally agreed to £5 being the remuneration.

Mr C. 0. McCarthy was reappointed secretary, his appointment' tb extend oyer the annual meeting of 1890. * The meetiag terminated with a vote of thanks to tbs chairman.