A COMPANY'S TROUBLES.

Star (Christchurch), Issue 7088, 2 May 1901, Page 3

A COMPANY'S TROUBLES.

HEATED DISCUSSION. [From Oor CdRREsrdNDENT.] DUNEDIN, May 2

•Dredging company promoters are incurring the wrath of irate • shareholders just now, consequent oi the bursting- of last vyear's boom. An extraordinary meeting of Richards'a Beach company last night?' at tended by sottie fifty shareholders- wa9 of •an exceedingly lively character. In the course of a Seated discussion, Mr Talbpys, tbe chainman of the meeting, stoutly denied that he had misled or done anything to mislead anyone regarding the compony's property, and said that as a mart/tor of faot the majority of the shareholders in; Cromwell had still the same, confidence in the claim as they ever did. Mr Dick, another direcbop, tried to throw* oil on the troubled waters regarding the sale of preference shares. He denied that when it was imagined that the company was in trouble thei vendors had sold their shares. When the shares were sold the prospects of the company were extremely good, but money was needed, and thi9 method was adopted as the siiuplwt way of raising it. This explanation was followed by a stormy scene, in which a number of very uncomplimentary remarks were made concerning the sale by the directors of contributing shares. The chairman said tha* from the- feeling displayed it seemed to him doubtful whether any explanation would be accepted. He defied and man to say tbat he had trafficked' in shares. Mr Spedding moved that the promoters of the ' company who have lent their shares to the company, shall be tendered the same number of shares dn payment of any claim they have against the oompany. Despite the chairman ruling this proposition out of order, the meeting insisted op. it being put, and it wa> carried. The chairman intimated that after such on expression of opinion by the meeting, and the oarrying ol a motaon with which he coy Id not comply, there was nothing left .for him but rto resign hie position as ai director. Several shareholders urged' the chairman to reconsider hie decision, and Mr Spedding disclaimed any intention of being personal, but Mr Taiboys was obdurate. 'He said he had taken Mr Spedding's remarks as referring to him as chairman of the company, and though dt was foreign to him to leave in difficulties anything with" which he was connected, -still he felt that in. the present case he had no option. .