THE TITANIC STEEL COMPANY.

Evening Star, Issue 4124, 16 May 1876, Page 4

THE TITANIC STEEL COMPANY.

A meeting of the Dunedin shareholders in the above company was held last night, when 653 shares or 6,530 were represented. Mr D. M. Spedding was called to the chair. After some preliminary discussion, during ; which the speakers spoke in strong terms of the management of the concern, Mr Ashbr moved— That the Dunedin shareholders, having lost confidence in'the Wellington directors aud officers of the New Titanic Steel and Iron Company therefore cannot advise the directors in es- ect 'of - commencing smelting operations. That the Zh nediu shareholders consider that they are not m any way responsible for the directors passing at a committee meet.ng 500 paid tip shares to Mr £. M. Smith, the same not being passed 'at a general meeting or sharcheld.rs, and being in direct contravention of the prospectus of the company. That in the opinion of this meeting a thorough investigation shou d he made by a special committee, to be appointed by shareholders, to find out on whose authority or instigation the ' statements and estimates contained in the prospectus wore made. That the mis-statements therein having grossly deceived us, we are of opinion that, should they be found to have originated from or through any paid servant now iu the company’s employ, the same be at once dismissed from the company’s service.

He (Mr Asher) explained that this motion was recommended by tbe snb-committee. Mr Hutton proposed, and Mr Blakely seconded—“ That the Directors be recommended to wind up the Company immediately.” After softie discussion it was resolved—- “ That the'!company be wound up, provided the s,oooacres of land have been secured, in accordance with the provisions of the Taranaki Iron Smelting Works Land Act, 1874.” This amendment being formally put as the original motion. Mr Clifford moved the following amendment, which was carried by a large majority —“ That the Dunedin shareholders, having lost confidence in the directors ■ f the New Zealand Titanic Steel and Iron Company, cannot advise the directors in respect of commencing smelting operations,” The following resolutions were also carried .

That in the 3vent of the directors finding it to he true that Mr Macdonald has become the purchaser of Mr E. M. Smith’s interest in the coiui g,uy, he be dismissed the service. That this meeting strongly censures the Wellington Directory for allowing 500 shares to Mr E. M. Smith, in direct opposition to the provisions of the prospectus nud without the knowledge of the Otago shareholders. —That this meeting considers that, should the forthcoming general meeting of shareholders decide to commence smelting, and in case of nonsuccess, the d rectors be requested to take immediate steps to Wind np the company. That the Dunedin shareholders consider that they are in no way responsible for the directors passing at a committee meeting 500 paid-up shares to Mr E. M. Smith, the same not being passed at & general meeting of shareholders, and being in direct contravention of the prospectus of the company.

A hearty vote of thanks was passed to Mr W. Asher for his services as Dunedin •director.