NEW ZEALAND SHIPPING COMPANY, LIMITED.

Globe, Volume XXIV, Issue 2534, 23 May 1882, Page 3

NEW ZEALAND SHIPPING COMPANY, LIMITED.

To-day, shortly after noon, an extraordinary general meeting of the shareholders was held at the offices, Hereford street, with a view to the proposal of a special resolution authorising an increase of capital. Present—> Mr J. L. Coster (chairman), the Hon. B. Richardson, and Messrs Robert Wilkin, John Anderson, and A, C. Wilson (directors), and the Hon. J.T. Peacock (retired director), and Messrs James Henderson, F. Banks (also representing Messrs H. P. Mnrray-Aynsley and John Studholme), Joseph|Qonld, George Lewis, John Cook, William Pratt, E. Wilioox, Edward Green, J. McQuade, F. McOlatohie, H. S. Brown, and Mr George Harper (legal adviser). The Chairman made a somewhat lengthy statement as to the object of the meeting, being to make the nominal capital £1,000,000 instead of £250,000 as at present. The company had started at £IOO,OOO, but speedily found it necessary to augment the capital to £250,000. For a number of years this comparatively small capital had been adhered to, hut the directors were now assured that the time had come when the company must take the powers essential to their maintaining their ground as a grand national institution, capable of keeping pace with the growth of trade, the exigencies of business, and the advance of New Zealand. More ships were absolutely needed; for, while the company had but seventeen ships of their own, they, on an average, chartered double that number of ships belonging to other people. The refrigerating trade was also giving an impetus to the demand for ships, the local company pushing that industry having intimated that they would require eight or nine ships for the e isuing season, and havirg asked the Sh’p ping Company for their terms to supply the same. The Wellington and Otago refrigerating companies had coached queries in a similar strain. The march of events, which had long since reached Australia, would soon touch New Zealand, The Ministers of the colony proposed a service for cargo, passengers and immigration purposes, to be performed in about fifty days ; and for this and other reasons the Shipping Company should be on their guard lest the cream of their trade should dwindle away. It was not proposed, however, to rush into steam, bat cautiously to supplement the company’s sailing trade by suitable steamers, running at, say, ten or eleven knots an hoar, ana resembling the Aberdeen, which would do the trip to New Zealand in about fifty days. The Chairman then proposed the following resolution :—“ The capital of the company shall be increased to £1,000.000, by the issue of 75,000 new shares of £lO 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 of shares, or non-payment of colls, and in all other respects as if they bad formed part of the original issue; and such new shares may, notwithstanding the provisions contained in article 13] hereof, be allotted and issued by the Board of the Directors at such times and on such terms and conditions as the Board shall think fit, and the provisions of article 9 hereof may be applied by the Board upon the allotment and issue of such new shares.” He begged to move that the foregoing form part of the articles of association of the New Zealand Shipping Company, Limited. The motion was seconded by Mr H. J. Tancred. The Hon. J, T. Peacock stated that he would like to say he had not attended the meeting with a view to causing any distubanoe, but simply to record his protest against the resolution, he being opposed to the steam scheme. Against the enlargement of the capital* for steam purposes he had entered his protest by resigning bis seat on the directorate. Looking at steam services generally, he did not think the balance'sheets proved that any large dividend attached to the system. He would enter his protest, but propose no amendment. The Chairman explained that Mr Reeves, who bad resigned bis seat as director, was, as a matter of fact, opposed to steam ; but that the reasons for his resignation, os given to his brother directors, were that the company were about to enter on a new epoch for which there seemed to be no option—that ho would have in any case retired at the next meeting, and that he thought the present was a fitting opportunity for so doing, Mr A. O. Wilson corroborated the accuracy of this statement as to Mr Reeves’ motives.

The motion was carried by 21 votes against 6. With the consent of the shareholders the dissent of the following shareholders was recorded on the minutes :—The Hon. J. T. Peacock, and (by Mr Peacock as proxy) Mr H. Lavein, of Wellington j and MrH. T. Bell, and Mr Ohas. M. Izard, solicitors, of Wei* lington. The Chairman thanked the shareholders for their attendance, and the proceedings closed.