CO-OPERATIVE SUPPLY CO.

Gisborne Times, Volume XXVII, Issue 2622, 2 October 1909, Page 5

CO-OPERATIVE SUPPLY CO.

VOLUNTARY" LIQUIDATION AGREED TO. A special meeting of the Poverty Bay C-o-operative Supply Association shareholders was held in Townley s Hall last evening. The President (Air. J. R. Kirk) Avas in the chair, and alarge number were present. The Chairman stated that Jhe meeting was a special one as set out in the notice to consider, first, whether the Association should Avind up voluntarily, and in the ewent of that being decided, that a liquidator be appointed and assets be called in and realised. Continuing, the chairman said he would not like to traverse the ground that he went over at the last meeting, but he would say that he regretted the situation that had been forced upon them* * .< To his mind they had a good start, and a good asset in the laud, but lie had come to the- conclusion that it would be best to wind up, and the majority of tlie directors favored asking the shareholders their opinion on the question. The objects of the Association had been satisfactory in some respects. They had! set out to bring down the price of groceries, and now the price had been got to the lowest limit, and there Avas plenty of competition to preserve their interests. He thought that they could get £3OOO. or more, for the corner, and if it was put up for tender and this amount was not forthcoming, he would guarantee to take the business over and put up the money. (Applause.) He therefore proposed that the Poverty Bay Co-operative Supply Association should be voluntarily wound up. Air. F. H. Lawton seconded the motion. An amendment was proposed, but,. _ subsequently withdrawn, that AlaL Kirk’s offer should be accepted. The Vice-President (Air. S. Oxenham) spoke, and said that at first he had thought it best to carry on, but bad almost been persuaded to agree to tlieir ivinding up. Considerable discussion took place, and on a \-ote being taken a substantial majority was recorded for the motion. A ballot was then requested, and resulted in a three-fourths majority for the motion. Air. S. Qxenham proposed that no liquidator should be appointed at present. but the matter should be left- in the hands of the committee. sir. 1). E. Leslie seconded the motion. , In amendment was proposed by Mr. G. Black that two liquidators should be appointed, but lapsed for want of a seconder, and the motion was carried. A recommendation to the committee was carried that the freehold property should be put up for public tender the disposal of the business to be left to tlie committee. , _ The special meeting then concluded.