N.Z. SHIPPING COMPANY.

Evening Star, Issue 3228, 25 June 1873, Page 3

N.Z. SHIPPING COMPANY.

On Friday, a general meeting of shareholders was held at Christchurch, in the Canterbury Music Hall It was well attended; Mr J. L. Coster, Chairman of the Board of Directors, in the chair. The CH A IBM an explained that the meeting h»/1 been convened through a desire to make the Company a Colonial Shipping Company. They had received support from the importers of Dunedin, but the exporting merchants had not given much present promise of support. In Wellington the Company would be supportfffrby exporters, importers, and others. BhareMiad been freely taken in Wellington and Otago. No request had been made in Auckland, hut there was a probability of the Freight Company amalgamating with them : when together they would form a strictly national company. A contract had been entered into •with the General Government to convey Immigrants and merchandise to New Zealand, on terms that would he fairly remunerative to the Company. Whilst the Directors were pushed their contract, the Government proved that they werO well able to protect their own interests, buffhe was glad to inform the shareholders that the contract would be remu- : ierative.—(Hear, hear.) Having entered into his contrast,' the jSqnfpany would of course : iaVe to extend its operations to other ports ban that of Lyttelton, and they would there- : ore engage a portion of the trade to and from fll ports of New Zealand. —(Hear, hear.) Their jondon agent, Mr Turner, had sent a very gratifying letter to the Directors, from which no “would read a few extracts, os follows : “ Mr Turner wrote that he had been received •very cordially by the Agent-General, to whom he nad received' good introductory letters from the Colonial Government. The Agent-General lag jnrt before his writs! celled' for tenders

for two ships—one. for Wellington' r and the other for Lyttelton. Only one was sent in from Shaw, Saville, and Co., at Ll9 10s. Two days afterwards one was sent in by an outsider at L2olos. The meeting would probably understand what that meant. Dr Feafcherston declined all, but afterwards arranged with Shaw, Saville, and Co. for the two ships at LI7. The freights had also been raised. The Agent-General subsequently arranged with Mr Turner for the despatch of immigrants to Canterbury at Ll6 10s per head. Mr Turner had secured a suite in Alderman’s Walk for the remainder of the lease (about three years unexpired). Other charters, Mr Turner wrote, were pending. He further hoped to obtain the agency of the Auckland Freight Company ; if he did so, he thought he would be acting prudently in taking up the beith for New Zealand generally, if by doing so he could secure the Government work. This course must sooner or later be adopted. We must take up all New Zealand; s-> say all our friends here.” The Chairman remarked that six days after this letter was written by Mr Turner, that gentleman would have received a cablegram from the Directors, advising him that they intended negotiating with the Government in the Colony for contracts. On the 23rd April, their London agent would be in possession of a cablegram, informing him that the Board of Directors intended to negotiate with the Government for the conveyance of immigrants to New Zealand. They would see, therefore, that the action of the Board fitted in wonderfully with the suggestions contained in Mr Turner’s letter of a few days’ earlier date. He had already informed the meeting of the contract that had been entered into with the General Government, and the terms of that contract were by this time known to Mr Turner and the Agent-General; in fact the contract was cabled to them immediately after it was concluded He might inform the meeting that the Board of Directors had secured the services of Captain Fox, of the Forfarshire, and instructions were sent Home to Mr Turner, telling him to purchase a ship for Captain Fox, conjointly with that gentleman. Captain Fox was sanguine of the success of the Company, and had taken up a number of shares. As tno shareholders would not meet for another month, he thought ho would not be breaking confidence if he informed them that Captain Bose, of the Mermaid and Merope, was already probating in the Company’s service—(hear, bear) —and Captain Bose was expected to be in Lyttelton with the first ship belonging to the ComSany before the close of the present year.—(Hear, ear.) The Board had received applications from several first-class captains desirous of joining the Company. Applications were constantly coming in for shares, and he thought they might now congratulate themselves on not being the mushroom Company they were looked upon at first. The first of the resolutions which would be submitted to the meeting for approval, proposed the increase of the capital of the Company to L 250,000. The reasons for this proposal were—that the Company had entered into a large contract with the Government, and the Company partook of the character of a national company. At the commencement, they were undoubtedly local, but this was no longer the case, and the Directors thought that it was to the interest of the Company to increase the capital. There was no doubt whatever that the snares would speedily be taken up. The Directors, although they could not but recognise that the present position of the Company, from the engagements they had entered into, was infinitely better than it was when shares were allotted previous to the 24th of January, felt that it would be impolitic to seek to ask a premium on the proposed new issue of shares, and they hoped the shareholders would endorse that view. They therefore proposed to take advantage of clause 13, and take permission to issue and allot the new shares as they might deem fit, as was the case with the first issue. If this were not done, and the shares had in the first instance to be offered to the original shareholders, the proportion of shares so offered would be three to two, and it would be out of the power of the Directors to invite applications for shares in Auckland or other parts of the Colony, till they become aware of the decision of the original shareholders in the matter. Of course it would be open to any registered shareholder to apply for as many shares of the new issue as they desired, in addition to those they already held. The second resolution proposed that the directory should be increased. The object of increasing the minimum number from seven to ten was, that shareholders in other Provinces might desire to return to the General Board a Dunedin, a Wellington, or an Auckland representative, who could come at any time ancl vote on the General Board, without interfering with the carrying on of the regular business of the Company, from the want of a quorum. It was only natural that the shareholders in Otago, Wellington, or Auckland should like to have a representative on the General Board, and this was the main reason for increasing the minimum number of Directors from seven to ten. The Chairman read and explained the remainder of the resolutions, which the meeting would be called upon in due time to confirm, Before sitting down, he might state-that ho had received a" telegram from the chairman of the defunct Otago freight Association (Mr Prosser), stating that the shareholders fully endorsed the proposals that were now brought forward, and that delegates would attend the confirmatory meeting if necessary. He had no doubt the meeting would have had the gratification of being attended by delegates from Dunedin, were it not that they were in the throes of an election. He had sent advertisements to Dunedin and inviting shareholders to attend. From Wellington several proxies had been received. He did not think ne had any further information to lay before the meeting. The following are the resolutions read by the Chairman : “ 1. The capital of the company shall be increased to L 250,000 by the issue of 15,000 new shares of LlO each, and such new shares shall be considered as part of the original capital, and shall be subject to the same provisions in all respects with reference to the payment of calls,' the forfeiture gf shares op ppmpajqpent of calls' and in all other respects as* If tney bad formed part of the original issue; and such new shares shall be issued and allotted as from time to time the directors may deem fit. “2. The Board of Directors, hereinafter called the Geneial Board, shall consist of any number not less than ten and not more than .fifteen. “3. Any one member of any firm or copartnership registered as holding in the aggregate a number of shares not less than at the rate of fifty for each co-partner shall be considered to nave the necessary share qualification for election as a Director, either on the General Boards or on any of the local Boards hereinafter mentioned. “4. The shareholders for the time being upon the share register of any Province in the Colony of New Zealand may electa local Board pf Directors in and for' such Province, for directing and managing the local affairs of the said company in any such Province, to consist ®f such' number of shareholders not exceeding five, as the General Board, Upon requisition signed by any one or more shareholders of the said company who are bona fide residents in any such Province entitled, alone or in the aggregate, to not less than 2,500 registered shares in the Company, shall determine. Such local Boards shall nominate an agent of the Company in each Province of New Zealand for lymch a local Board shall be so constituted as aforesaid, which nomination shall be confirmed by the General Board, un. less, in their Judgment, good reasons exist to refuse such confirmation, at their next meeting, which shall be held within one calender month after notice, in writing, of such appointment by such local Board shall be given to the General Board. Provided always that the remuneration of such local Boards and of such agents, and the nature and extent of their respective powers, shall be subject to such rules and regulations as the General Board shall from time to time determine. The agent of the Company, in every such Province for which a local Board shall be appointed, shall open and keep at his office, in one or more books, a register of the shareholders of the Company who are actual hona fide residents in such Province, and there shall be entered in each such Provincial register the following particulars;— “1. The names, addresses, and descriptions of any of such resident shareholders, and the shares held by each of them, distinguishing each share by its number.” “ 2. The date at which the name of any person was entered on such Provincial register, as such resident shareholder. “ 3. The date at which any person so entered on the Provincial register, ceased to be such resident, but such Provincial register shall in no way interfere with the general register of shareholders, kept in accordance witlt the requisitions of the Joint Stock Companies Act, 18G2. “ All transfers of shares must first be duly entered in the general register ot the Company by the general secretary, before such transfer shall be notified in any Provincial register. “No person shall be eligible for election as Director on any Local Board, unless he holds the necessary share qualification required t© render any shareholder eligible for election as » Director upon the General Board of Directors,

and has his name duly entered on the Provincial register in respect of such shares, and his teifhre of office, as snob Local Director, diall be subject to the considerations set forth in Article 30 of the Original Articles of Association. “ The powers confers d by the General Board upon any Local Board, shall be exercised by such Local Board, in reference to, and connection with, the affairs of the Company, in the particular Province for which such Local Board shall have been elected, and such powers shall in no way whatever clash or interfere with the powers and authorities of the General Board. And the decisions, directions, and instructions of the General Board, shall in all cases where they conflict overrule the decisions, directions, and instructions of any Local Board relating to the same matter. “ Any occasional vacancy in any Local Board shall be filled up by the Local Board of the particular Province in the Board of which such vacancy shall occur, by the appointment of a shareholder qualified for election upon _ such Board, who shall in all respects stand in the place of his predecessor, until the next meeting for the election of Directors for such Local Board. “The original Articles of Association, having reference to retiring and election of members of the General Board shall, so far as the same can be made to apply, be held to apply to the retiring and election of any Local Board. “A Board of Advice shall be appointed by the General Board, to sit in London, and assist the Company’s agent there. The number of the members of such Board of Advice shall be in the discretion of the General Board, but the number shall not exceed seven, and members need not necessarily be sharebolde r s in the Company. The Local Board of each or any Province shall be requested by the General Board, and shall be entitled to nominate members of such Board of Advice in proportion to the number of shares entered on the Provincial register for the Province for which such Local Board has been constituted ; and the General Board shall ascertain how many members each Local Board is entitled to nominate to the London Board of Advice, and the General Board shall advise such Local Boards, and unless they see reason to the contrary, shall appoint as members of such London Board of Advice the person or persons nominated by such Local Boards. The term of office of such Board of Advice, their remuneration, and powers and authorities exercisable by them, shall bo subject to such rules and regulations as the General Board shall fix and determine ; but such powers and authorities shall, when given, in no way clash or interfere with the powers and authorities of the General Board. And the decisions, directions, and instructions of the General Board shall, in all cases where they shall conflict, overrule the decisions, directions, and instructions of the Board of Advice, relating to the same matter. “Wherever a vacancy shall occur in the Board of Advice, such vacancy shall be filled up by the General Board, upon the nomination of the Local Board of the particular Province by which the retiring member of such Board of Advice was originally nominated.” Mr John Anderson moved, and Mr J. V. Boss seconded, “That the resolutions as read by the Chairman be adopted.” The resolution was put, and unanimously agreed to by the shareholders present. Mr J. V. Ross asked over what period the contract with the General Government extended. The Chairman stated that the Directors thought it wise that they should not answer the question just now. The contract wouM no doubt be laid on the table at the opening of the General Assembly. He might say that the Directors were perfectly satisfied with regaad to the time over which the contract ex tended. Mr Sawtell inquired what would be the tonnage of vessels purchased by the Company. The Chairman stated that they would be from 800 to 1,000 tons, and they would be superior ships.—(Hear, hear.) In reply to further questions, the Chairman stated that Mr Turner had received instructions to purchase a vessel for Captain Rose, and that he should purchase her in conjunction with Captain Rose, if that gentleman entered the Company’s service. With regard to Capt. Fox, that gentleman had sent Home his resignation, and ne would select a vessel with Mr Turner. Permission had been given Mr Turner to retain Captain Fox at Home for a short time, if he desired his services there. In reply to Mr Lee Smith, the Chairman stated that the two vessels first purchased by the Company would be iron ships. Whether the other vessels purchased by the Company would be iron or wood, he was not prepared to say. Mr Bluett inquired whether the Directors intended to establish a line of steamers between the various ports of New Zealand to co-operate with the shipping. The Chairman said the matter referred to by Mr Bluett, as well as other important considerations, had not been lost sight of by the Directors.—(Hear, hear.) Before closing the proceedings, the Chairman said lie should like to add to what he liad already stated, that 9,991 of the original issue of 10,000 shares had been allotted, and there were applications for over 5,500 more, and those applications were made from very influential quarters It was only seven months ago, that very day, that the first meeting on the subject was held, and the first ship under the Company’s auspices was now on her way to New Zealand —the Punjaub having sailed for Lyttelton on the 31st of May last. — (Hear, hear.) The Company was now undoubtedly a Colonial concern of great promise. —(Hear, hear, and applause.) The proceedings then terminated.