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MAURICE 8AL0M & CO., LIMITED.
A ?pedal meeting of ahanholden in Maurioa
oalom ft Co. wm held at the auction mart on
Monday afternoon to consider the resignation
Of tk* Manunni. TkiMntn* IKfr .1 TT Waillln.
nuterL There waa a good attendance, and
Mr. T. Eyres (Chairman of Direotors) pro
aided.
Mr. WsiDKMBOPERBaid he understood toat
?ome of hia previous remarks bad been oon
torted againat him, and for the beneBt of those
?hareholdera who were not present at the
meeting held on the ICth inst. he wished to
repeat that about nine years ago this Company
waa formed by a Syndicate of fourteen gentle
men, who paid Mr. Maurioo Salom tha sum of
£20,000 caah for the City Auction Mart,
premised, and goodwill of tho business. Tha
goodwill at that time* consisted principally of
the business previously riven to Mr. Salom by
the gentlemen who formed tho Syndicate to
purchase the concern. At tbo last meeting
aome shareholders remarked that he had been
one of this Syndicate. He could only say that
the shareholders offered him a salary of £1,000
per annum as Manager, which was a sufficiont
inducement for him to join and invest hia
capital. When the Company waa first formed
nearly every shareholder contributed largely to
the business, making it a pro6 table concern ;
bnt three years afterwards caine tho collapse of
the land boom, bad seasons, and commercial
failures, and the business, which previously
yielded large commissions to the Company,
disappeared and dividends ceased for, two
years. A Urge number of shares then ?{?jaWtUi
tbo hands of persons who had not contnCr »d
any business to tho Company. HU salary was
then cut down to less than one-half of the
original amount agreed upon at tho time of the
formation of the Comiiany. During the past
four years he had assiduously worked up the
business of the Company in other directions —
entirely independent of tho influence of the
shareholders— with such success that the share
holders had received from the profits of hia
personal exertion regular dividends for the past
eight half-years. An auctioneering business
belonging to a Company was a eood one if all
the shareholders contributed business ; but if
they failed to do that its success was depen
dent entirely upon the personal exertion of tho
auctioneer, and consequently was only a one
man concern. If any aliatchotders fancied
that the ' name' simply of an old-established
auctioneering firm drew business he could ad ?
vieedly * ay they were labouring under a mis
apprehension. With regard to the present
position of tho business he informed tho share
holders that the total gross commissions earned
during tho past had beon, on an average, oyor
£100 per week. Out of that the proportion
contributed by the shareholders had oq an,
average been under £20 per week, Or less thail
one-fifth of the whole ; thus the earnings, out
side of the influence of the shareholders, had
been, on an average, about £S0 per week. Of
the whole of the list of the shareholders only
four had contributed business during the past
half-year. Among the shareholders who ex
preyed most dissatisfaction At his tendering
his resignation were some who had not con
tributed any bufinoss to tho Company foryears
past These gentlemen should be well satis
fied with having participated in tho dividends
for the ]jait eight half-years. They could
hardly claim the right to a share in the
fiuita of hia personal exertions in
definitely. The nature of auctioneering
business had now so -changed that expensive
premises did not pay. The most profitablo
portion of the business of the Company had
been done out of doors, so that a small sale
room and an office centrally situated wero all
that were required. The City Auction Mart
premises stood in the balance-sheet of tho
Company as valued at £20,000 less £1,000
written off, equal to £10,000. During the past
six months tho total gross comniisiions on
sales of good!', the bulk of which had passed
through the mart and premises, amounted to an
average of less than £S per week. The
expenses exclusive of his remuneration
amounted to vt averagu of £20 per week, so
that the shareholders could form their own
estimate of the value of the mart and premises
to the business ot the Company.
Mr. C. Hart wished to know from Mr. .
Weidcnhofer whether he had said at the last
meeting that he had made arrangements with
tho clients of the Company to take away at
least three-quarters of the business, and that
he had made such arrangements prior to Mr.
Muecko'a departure from the colony. lie
thought that coiini hardly be true.
Mr. WciuESUOFER said Mr. Hart had
courteously informed him that he waa going to ?
ask this question. (Hear, hear.) He utterly
denied that he had said anything of the sort,
and he would leave it to those present at thu '
previous meeting to corroborate. (Hear, hear. )
The first statement he bad made with regard
to the resignation was to Mr. Mildred.
Mr. Mildred emphatically denied that Mr.
Weidenhufer had made any such statement.
The Chaibhak did not remember Mr.
Weidenbufer making the statement it-bad been
suggested be had made at tho previous meet
ing. ?
? Mr. Mildred said when the question was
put to Mr. Weidonbofer as to Mr. Muocke's
viewa Mr. Weidenhofer'a reply was, 'IIo
knows all about it; it makes no difference :'
while he also made some reference to tho insol
vency of shareholders.
Mr. Wjcidenhokeb said it was monstrous.
He had not mado any reference as to the insol- *
yency of shareholders, or the other statement
imputed by Mr. Mildred.
Mr. F. C. Howard moved—' That in- riow
of the resignation of Mr. Weidenhufer as
Managing Director of Maurice Salom&Co. this
meeting is of opinion that the interests of tho
shareholders will be best conserved by volun
tary liquidation, and that the Directors bo
requested to take the necessary stops to causn
the Company to be wound up voluntarily.'
The course of the Company's business had
altered since the Company was originally
formed. The sugar sales, tor instance, wore very .
remunerative, but now he did not believe thore
had been ono for the last twelve months.
fHear, hear.) At present they wero carryirur
on a risky business, and it would bepreferablu
to wind up immediately than wait six months.
(Urar, hear.)
Mr. E. C. Mckcee seconded.
Mr. Grates suggested that the concern
should be eold by rniblic auction.
Mr. Mildred raid tho Company could have
gone on paying dividends. It was damaging
to the interests of the Company to have bucu
statements as Mr. Iloward had made given
publicity.
Mr. WEiDESnoEKC said the Company had
£6,900 in cash and the value of the premise.*.
Mr. C. Edlix protestod against Mr. Wei
denhofer assuming that because a largo portion
of the business was got through his exortiom
that it was hia to take away. Had anything
inssed between the Chairman and Mr. Wei
denhofer which might lead the latter to
believe that if he went into business on bia
awn account the Company's business would go
with him ! .
Tho CifAnuf ax— No.
Mr. EuLLVrnovedaB an amendment— 'That .
i special meeting be called for the purpose of
ippointing three other Directors to act for the
present Directors to advise the shareholders - '
ia to the beat course to pursue.' ' ij
Mr. H. Mildred seconded. *j
Mr. Moohhocsr objected to Mr. Weiden
iGfer considering himself indbpennablc.
Mr. WEiriEJcnorai said he would have
jeen a fool if be had done so. He wished to
nforni the shareholders that there was an
rregnlarity in tho title of the Com|nny
o the Company's detriment, which should bn
ittended to.
The amendment was lost and the motion
arried unanimously.
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