ROYAL FLOURING MILLS.

Timaru Herald, Volume XLI, Issue 3289, 13 April 1885, Page 3

ROYAL FLOURING MILLS.

An extraordinary meeting of shareholders m the Royal Flouring and Oatmeal Mills Company was held on Saturday morning m the Foresters' Hall, George street, Mr MeGlashan, Chairman of Directors, presiding. About twenty-five shareholders were present. After the reading of the minutes of the previous meeting and the notice calling this meeting, the Chairman said the only reason the meeting had been called was to reject or confirm two resolutions passed at the previous meeting, yiz. : — (1) " That any shareholder holding m his own right shares to the value of £50, shall be eligible for election as a Diroctor, and that the Articles of Association be altered accordingly" ; and (2) " That the number of Directors be m Mr Balfou? asked what had been done witl reference to the report submitted at last meeting. He'^d like to know if th< Directors had adopted f*. or . lf the 7. intendet only to deal with these pofkOTß of it. _ The Chairman said the Directors had givei their reasons for not adopting it. — they die not approve of it on the whole. Ih< Directors could not adopt just whatever thi shareholders liked to recommend. His offlci was not an easy one. Mr Balfour coulc have it if ho chose, and his shares too, at i discount. Mr Balfour said the only parts of thi ftport the Directors had brought before th<

meeting wore these two motibn3. There wore other matters m the report of great interest to shareholders, and why were they not to be discussed. It was quite evident to him that the shareholders had been ignored m the matter. The Chairman said if the shareholders wanted to discuss any matters outside those of this meeting they must call another for the purpose. He would at present listen to nothing but the passing or rejection of these two motions. . Mr Bo! four said the business of the Company ought to bo placed on a proper footing, and that the Directors should respect the wishes of the shareholders. The Chairman said Mr Balfour was out of order, and refused to grant him a further heaving. Mr R. A. Barker said he was led to understand that the report was to have been considered as a whole at this meeting ; m fact the Chairman had himself said so. The Chairman denied this. Mr Balfour again rose to speak, but the Chairman refused to listen to him, and endeavored to ru«h the motions through. Mr E. A. Barker said before the motions wero put he would like them discussed. How many shareholders holding 20 or more shares were' there m the Company ? If there were only eight or ten, whom were they to choose from ? The Chairman replied that . there were eighteen, and read their names. From conversations they had had outside the Directors were of opinion that a lack of confidence m the Company would be created if these motions were carried, and it would probably result m the placing of the affairs m the hands of a ring. (Cries of " Oh ! oh ! " "It is so new," and " You ought to have left that out.") It required a great deal of money to carry on the mill, and they must have confidence with tho Bank. He thought that what had been said at this meeting was to the effect that they wished to get Mr Bruce back. (" No, no.") Mr Balfour said the shareholders were very dissatisfied, and he had a series of resolutions, which he should liked passed at this meeting. The Chairman said Mr Balfour could form a meeting after the business of this meeting had been concluded, when he might read Mr J. Kelland asked why_ the Directors had not sent one of their manifestos to him. They knew his address pretty well ; at anyrate he could always be found when calls were wanted. The Chairman said a copy had been sent. Mr Hill »as of opinion that the Chairman's action was most arbitrary m not allowing the meeting to discuss the matters brought up' before them. There could be found among the shareholders holding only a few shares just as many honest and capable men as among the bigger ones. The Chairman by rushing the business m this way was doing an injustice to the shareholders. Mr R. A. Barker said the shareholders ought to know m what position they stood with the Bank. If the Bank had power to nominate the Directors, why not say so at once ? The Chairman said such was not the case. Several shareholders asked why the report had not been brought forward at that meeting, to which the Chairman replied that he did not think it was necessary. Mr Balfour said those who had voted for these motions at the previous meeting were not now bo anxious to do it. The first motion was lost by 16 to 4, and the second by 13 to 7. At the request of Mr Balfour, Mr Mcaiashan retained the chair white he (Mr Balfour) read the following requisition signed by a large number of the shareholders : — " We, the undersigned shareholders, request the Directors of the Royal Flouring Mills to call a meeting of shareholders, to be held on April 25th, to consider the following resolutions : — (1) ' That Mr Bruce be appointed Working Managor of the mill, and arrangements be made with the Directors accordingly ;' (2) ' That Mr Bruce be allowed £800 m paid-up shares m consideration of his claim for bonus and goodwill;' (3) 'That immediate steps be taken to appoint a thoroughly qualified Commercial Manager of the business ' with charge of the office, groin-buying, and full control of the mill, subject to the Directors' authority.' " The Chairman intimated that the Directors would consider the request. Mr Balfour thanked the Chairman, and the meeting terminated.