THE TITANIC COMPANY.

Evening Star, Issue 4112, 2 May 1876, Page 4

THE TITANIC COMPANY.

This company, in which many Dunedin people are interested, held its annual meeting of shareholders in Wellington last evening, when the Directors’ third annual report was presented. The report, after reciting the well-known history of the Company’s operations, proceeds to make the following remarks, which contain the gist of the whole :—“ The Directors have made careful inquiries as to the expense of putting the furnace in blast for one month, and they find it will cost between 1,400 and L 450, the faulting product being estimated to be worth more tuan that amount. As to the best course to be pursued under the circumstances, they do not feel able to hazard an opinion ; they feel very strongly that the facilities for carrying on the undertaking at Taranaki were very,much over-estimated, and that a long period must elapse before the enter, prise could in any sense become a payable

one. They, therefore, respectfully submit the whole question to the careful consideration of the shareholders, and will be guided entirely by their opinion ; they can only express their own regret at having to make such an unsatisfactory report on the subject,” The appended balance-sheet shows that the capital called up is L 16,446 (L 6 per share on 2,741 shares), while calls have been paid in advance to the amount of L 8 3s, and L 1,919 6s 9d is still due on unpaid calls, a further sum of L 33 5s 8d being due from sundry debtors. The over-draft at the Bank of iv ew Zealand amounts to L 1,838 8s 7d, and sundry creditors have claims against the company to the estimated amount of about L 826.