NEW ZEALAND SHIPPING COMPANY LIMITED.

Globe, Volume IX, Issue 1207, 16 January 1878, Page 3

NEW ZEALAND SHIPPING COMPANY LIMITED.

An extraordinary meeting of shareholders was held at the Company's hear], offices, JJorefprd street, at noon yesterdayThe Hon. J. T. fVacock, in the absence of Mr J. L. Coster, the chairman of the Company, presided, and explained that the object of the meeting was to obtain the sanction of the shareholders to the expunging of amended article 5 of the association, which was restrictive and inconvenient in its operation, and tin introduction in lieu of it of a new article He then moved—“ J'liat amended article 5 oi the association he repealed.” This was seconded by Mr S. S. Eevars. and carried unanimously. The Chairman then moved the introductio of the following article in lieu of article i expunged

The Comp my may from time to time borrow upon debentures to be issued under the seal of the Company and sivnod by at ’east two of tie directors < f the Company and al-o by tin general manager for the time V.e'tig of tin Company, any sum or sums of money not ex coectirg in the whole current at any oue time a

sum of money equal in amount to the sum of tin* uncalled portion of the capital of the Company for the time being, at such rate or rates of interest «a may from time to time bo deter mined hy the directors, and the payment of the print ipai moneys and interest intended to ho second by miHi d houtures shall be a first charge on the portion <t the capital ol the Comi,any unciihed at the time of the is-ue of, such (hbimtnres respectively, and finch uncalled portion of the etpit.d of the Company shall, when called up, be applied in the first place to the discharge of the priori mil moneys intended to he secured by au-di debentures.

In submitting this mallei' to the meeting Mr Peacock pointed out that the dVectors, having the authority of the shareholders to i-isue debentures, felt it was right to specially pledge the uncalled capita! to their liqmdation, explaining that already £.')(•,000 of the Company’s debentures were sold, and more would probably be; and the shareholders, he said, would understand that, the capital at present uncalled would only be called tip on the maturing of the debentures, and for their repayment . The Hon. K. W. Stafford, in seconding the adoption of this clause, said it appeared to him to he one entirely in the interest of the shareholders.

Mr Tancred asked whether depositors might exchange their deposit receipts for debentures, and also sought some further information in respect to the clause expunged and that to be introduced. Mr JET. Selwyn Smith, the general manager, gave (he necessary explanations, after which the chairman put the resolution, which was carried unanimously. The Chairman said that under the Joint Stock Companies Act it was necessary that the resolution now passed should be confirmed by a meeting to lie held not earlier than a month after the present one, and he announced that the meeting for the confirmation of these proceedings would be held on Tuesday, the 19th day of February at noon, in the company’s offices. Before concluding his remarks the chairman stated that the directors had much gratification in announcing that they would be ah I e to pay a dividend of -1 per cent for the halfyear ending Hist Do ember last, which would be payable after the confirmation of the present proceedings. This terminated the meeting.