EMIGRANT AND COLONISTS' AID CORPORATION.

Daily Telegraph (Napier), Issue 2982, 15 January 1881, Page 4

EMIGRANT AND COLONISTS' AID CORPORATION.

A special meeting of this eompaay was held on November 15, at the offices, 25 Qaeen Anne's Gate, S.W.—the Earl of Daabigh in the chair—for the purpose of authorising the issue of further capital to extend the operations of the corporation by the purchase of further properties. Mr M. Diigald Buckler, the secretary, read the notice convening the meeting, and the circular issued by the directors was taken as read. The chairman said the directors had called the shareholders together in order to take them into consultation as to what should be their future action. The undertaking had been in existence now, practically, since 1871, and if things went on as they had hitherto done, they might look to an end of their Manchester block in 1884. As prudent people it was always well to anticipate things and ccc what they should do for their own benefit. Of course if they did nothing the whole thing would come to an end, but having gone to a great deal of trouble in forming a very valuable etatt who had had great experience, and having so far met with great success it seemed almost a pity that the whole thing should be broken up. Mr Halcombe led the board to believe that there were many opportunities of doing quite as good a business in the future as they had hitherto done, and the directors, who had had three or four alternatives before them, had come to the conclusion that the best course to pursue was to issue further capital. To bring the question before the meeting he would move — " That the directors be and are herby authorised to issue £107,000 further of the existing capital beyond the £53,431 already issued, such further issue to be in certificates of 10 shares of £1 each, and to be offered to the members of the Corporation in the proportion of one such certificate in respect of every £5., and the fraction of £5., of existing stock held by him, such offer to be made by notice, specifying the number of certificates to which the members are entitled, and limiting the time to not exceed 21 days, which offer, if not accepted by the member or his nominee, will be taken to be declined," In 1872 the directors were authorised to offer for subscription shares to the extent of one half of the nominal capital, and the present issue would bejuet doubling the present capital. Col. Feilding seconded the resolution. One object of the present issue was to enable the company to get a quotation of its shares on the Stock Exchange, the previous application to the committee of that body having been refused as a sufficient number of shares had not been placed. They bad very little doubt that they would obtain a quotation, and that the shares would command a premium. Mr Halcombe deprecated the whole onus of the selection of blocks as resting with himself, and suggested that people of known local integrity and prominence should be consulted in regard to the matter. If a purchase •were made in Wellington the local directors there would be conferred with. Mr Kimber explained the legal bearing of the matter, and pointed out that it was more desirable to carry on the present company than let it lapse and form another undertaking. It was proposed to call up only £l 5s on the £10 shares at present, and a further £1 5a later on, making £2 10s par], and instead of calling the balance it was intended to raise what money might be required on debentures. Mr Halcombe said there were more opportunities than one of making a purchase in New Zealand on favourable terms. Much would depend on the block, but he did not think it would become remunerative under two years. After some remarks from Dr. Clayton, who objected to the issue at par, the resolution was put and carried unanimously. A vote of thanks to Mr Halcombe, and also to the chairman and directors, terminated the proceedings. — European Mail.