The meeting then resolved itself into an extraordinary one for the purpose of considering certain resolutions passed at previous meeting.
The Chairman said he had little to add to what was said at the previous meet It was desired to get the special resolutions passed in order that the necessary preparations might be made with regard to the land so as not to lose the cold weather, As regarded the financial part it was proposed to make up.a list of the shareholders as on the 31st of December. That would probably occupy a week, and then a notice would be sent to all the shareholders asking them if they wished to take up the new shares at the proportion of one new share to two old ones. The notice Would be returnable atthe end of Jawuary, with Tls. 10 per share, and Tls. 15 on allotment, but beyond that no money would be called up until required, and so far as he could see there would be no need to call up more money. But applicants must be asked to pay something to show that they would pay the balance and not allow it to go by default. There was not likely to be any strain on shareholders, and due notice would be given of any calls required. Already applications had been received from people for more shares than they were entitled to, so he did not think there need be any apprehension as regarded the subscription of take a very considerable holding if the the shares. His firm was also prepared to
public did not want them, He begged to propose— sed at the last Extraordinary Meeting of the company and Piinted in the notice convening this meeting and the sane are hereby, confirmed.
Mr. Prentice seconded, and the resolution was carried unanimously.
This concluded the proceedings. for presentation to Shareholders at the second ordinary meeting to be held at the office, of the General Manayers, on Wednesday, the 24tix November, 1897, at 3 p.m.
The General Managers now submit a statement of receipts and expenditure to "31st October, 1897, together with the result of the first six'months? work The Mill began working on the 10th of May with 4,000 spindles, increased now to 23,500) spindles, and averaging 14,249 spindles for 24 weeks and 3 days.
The Profit and Loss Account for that period is attached and shows a balance at credit of Tls. 41,261.64. From however, must be deducted the sum of Tls. 3; te eliminate the amount standing at debit of preliminary expenses in the balance cheet.
the other hand, the General Saoagers have waived their commission which would amount to Tls. 4,228.12 on the amended scale.
It is proposed to pay a dividend at the rate of 7 per annum, equal to Ts 3.50 per share, which will absorb Tls. 35,000, and to carry forward the balance of Tls. 2,303.86 to new account.
Consulting Committee.—Mr. M. Adler retired on leaving for Europe and Mr. A. MeLeod has joined the board. In aecordancowith Article XVII all the members retired, election. gre but, being eligible, offer themselves for
Text read from the printed page and cleaned; old type leaves the occasional error.