MARCONI COMPANY.

Timaru Herald, Volume CXXIII, 17 March 1927, Page 9

MARCONI COMPANY.

LIVELY MEETING OP SHAREHOLDERS. By Cable—Press Association—Copyright. Australian and .V.Z. Cable Association. (Received March 16, .5 p.m.) LONDON, March 15. An overflowing and turbulent meeting of Marconi Company shareholders was held to consider the reorganisation of the Company. Mr Marconi, in moving the adoption of the report, expressed the hope that the directors’ proposals would mark the turning point. He admitted that there had been a trying and critical period, partly due to past mistakes. If the proposals of Mr Nordon’s committee were carried, he had no course but to resign and decline the presidency, and also to seek the termination of his agreement as technical adviser, and sever all connection with the company. Mr Kelleway, in seconding the motion, in the course of a lengthy speech, justified his policy. lie emphasised the conversion of heavy losses into working profits last year. Mr Garney assured the meeting that it might safely proceed with the directors’ proposals, which augur a prosperous future. Mr Nordon, on behalf of the English dissentients, declared hotly that he was fighting with tied hands, as he was unwilling to damage the prestige of the company by publishing the facts concerning the colossal internal mismanagement which would astound everybody. Mr Kelleway had a salary of £10,900 per annum. “The friends who nominated me and others for the directorate,” added Mr Nordon, “imposed the condition that Mr Kelleway must vacate the position. We must select capable and independent people to do the reconstruction work.-not for the benefit of those who battened and fattened on the shareholders.” These statements were greeted with a wild scene of .waving hats and papers.