GREYMOUTH AND SALTWATER CREEK TRAMWAY Co. (Limited).

Grey River Argus, Volume III, Issue 166, 5 February 1867, Page 2

GREYMOUTH AND SALTWATER CREEK TRAMWAY Co. (Limited).

GENERAL MEETING/ 1 " ' : , Tho first general meeting of/the above Company was held yesterday afternoon, at the office of the Company, Richmond Quay. Harry Kenrick, Esq., Chairman of the Provisional Directors, in the chair.' In opeuing the business of the meeting, whijh was primarily to appoiut Directors, the Chairman explained that through some misrepresentation the Directors '.'had acted as if duly constituted ; but,.; the Act prescribed that the j ; permanent Directors shouul bo elected at the first general. meeting after the Company had been incorporated.. As this was v'the first meeting of the kind it would be necessary 'for the acting Directors to resign, and for the shareholders to elect a fresh body. Before retiring, however, ho'would give the meeting a general outline of the. present position; and jiiospects of the C«inpany. .They had started with an estimated/capital of L 3003, but only 193 shares, representing LI9GO, had been taken up ; 22/ had been forfeited, and 12 awarded as a bbiius to the promoters. They had therefore 1 iv reality only been working on a capital of/about L2OOO instead of L:JOOO, which, with the aid of other financial arrangements which he would afterwards explain, had, enabled them to carry out the work. The recsipfcs of the Company from air sources, up to the 31st January, amounteA to Ll COB 1 7s 6d, leaving L 503 still to/,receive on 193 shares, but which amount/Was considered a perfectly good asset by the ' Directors. They had spent L 1583 19s sd, .which left a cash balance on hand of L 24 f.ld. There were liabilities for timber, tracts, &c, to complete the line, L 1403 (sd, making a total charge of L 2957 9s, inst which they . had to the credit side 1-71 • 17s 6d, cand 92shanB still unalloted to dispose of. These shares the Directors had, in the interest of the shareholders, from the market, as they found they could obtain the necessary capital ti complete the works on advantageous terms, and which would obviate the necessity of throwing the remaining shares on • the market. The Directors had obtained the consent of the Bank to an advance up to LIOOO on. the personal security of the Directors, which had been given, and which advance would extend over- such a time as would enable the company to meet it out of revenue. Eight months' receipts would meet the LIOOO, and they would thus practically complete the line on a capital of L2OOO. The remaininff shares would then be open for distribution amongst the shareholders. He, might mention that L 485 of the L 1583 wiis represented by rolling stock, horses, &c., in hand. But for an unfortunate dispute with the contractor the line would have been completed, but as it was the contractor had thrown difficulties in the /way. The Directors had secved him with notice on the Ist February holding him liable ft r apenalty of L 5 per day so long: as. the line remained uncompleted. If not ; completed within a short time the company.would take possession aud iinishit at the contractor's risk. :Tlio traffic receipts had been i most satisfactory. Although only 1| miles of the line were open, the receipts for 14 days had amounted, for one carri.oge for passengei's ■.■.only, ;to L 67 17s. Wheii.' the line was open throughout the revenue would be much larger in proportion to the outlay. '*;■■■■. - Mr R. P. Bain made explanation as to the personal guarantee to the Bauk, and referred to it as a striking proof of the confideiice the}' (the Directors) felt in thesucoess of the company. . - '. Vv"' ' '.■'..".'■ /■■/.;/:'. '}-i-h'^ After s6me desultory co.versation," ' ; ' Mr A. I3ai..J>" moved an,d Mr Frrzc^iiAiiJ)

seconded, "that the meeting authorise the Directors to mortgage the lirie and plant to the gentlemen who have Guaranteed or may ' guarantee the Bank against anyadvancf'S ue- , cessary to complete the line ." This motion was carried. ' . ■; ' . The meeting then proceeded to the election of Directors, the number of which was decided to be seven. On the 'motion of Mr A. Bain a vote of thanks was cordially passed to the retiring Directors. . .'■T^ c following gentlemen were elected Directors for the ensuing year :— Messrs Kenrick, . Kjlgour, Macfarland. Ashton, Stark, Blackmore. E. P. Bain,