Page 2 Advertisements Column 2

Grey River Argus, Volume IV, Issue 273, 12 October 1867, Page 2

GREY RIVER STEAM TUG CO. --■-•' (Limited), An extraordinary general meeting of the shareholders ' of this ' Company was held at the__Union Hotel, pu Thursday afternoon, for the purpose of considering the advisability of declaring a dividend. Mr Joseph Kilgour was in the chair. The Secretary of the Cpnipany^B'lr G. W. Moss, read the statement of accounts, the balance-sheet, &c, which' were not the "regular annual balances, but merely drawn Up for the information of the ■ meeting. They embraced only" eight months' actual work, after deducting tho tlie time the tug was ashore or undergoing repair. The statement of receipts and expenditure from the 6th November, 1866, -to the 9th October, 1867, was as/ follows :— Dr. : Cost of Pispsitch, L 7841 5s Sd ; working expenses, L 4210 8s lOd ; ... . repairs and expenses at Hokitika,' £1299 6s Id ; ditto at Greymouth, L 702 17s id;, intereston loan, L 127 7s 6d ; outstanding debts, L4O 9s 6d ; loss on schooner Fancy, L 320 4s 8d; balance in Bank, L 1429 11s • : 9d— total, L15,971 11s Id.. On. the credit -. side of the account there were — By capital, L 7320 ; towages, L 3256 0s 9d ; freights, L 2317 16s 44; passage moneys, L 3077 14s— total, L 15,971 Us Id! The balance. " sheet was as follows : — -■ - CAPITAL AND LIABILITIES; ■ To capital— amount received ; ; ] from the shareholders on A 732 shares, at LlO per share A fully paid up - - - £7320 0 0 #J Liabilities — debts due to suii- |J dry creditor! . - - 25 511 M Profit and loss » ■-] - 24C2 19 6. M ■ . - ■'• £9808 5' ijl Contingent liabilities < .• : 66^.14 O^B PROPERTY AKD ASSETS. :. v By p. s. Dispatch - „*.'."- £7841 5 St^M 'Plant. and stock.on hand „.' -. .362 13 $^M Outstandhig ..debts and „'..'.V/...-< •Jtowages; .-■' ■..'../'■ - ...... .174 1,4 ,^|BBi "Balance to credit "in bank - 1429 il ':SiV:.H ; £9808;^ 5^ Mr Moss explained that the balance of casli now in hand, would allow the Directors to declare a dividend of 20 per cent. , and h. ai the accident afc Hokitika not taken pkoy they might have declared ■a dividend of 66 per cent. He^niado aome further explanations, when : ; • Mr J. Davies moved, "That the iDi- •' ' rectors he empowered to declare a dividend of 20 per cent." Mr Joyce seconded the motion.. Tlie Chairman painted out that the ~ amount of the dividend must be left to tie Directors. • The motion was altered as suggested, and carried unanimously. •• --' Mr J. Da vies drew attentioti to the purchase andaale by the Directors of tho schooner Fancy, which had resulted in a loss to the Company of L 320. He be- \ lieved that had they consulted a solicitor they would have been told that to do so they would have to go outside of their province. (Hear hear.) No doubt the, Directoi's acted with the best intentions^ but it would have been better, before? committing themselves to snch a step, to have seen that they were doing so legally. He believed the Directors had rendered themselves personally responsible for the loss ; they ought to have obtained the sanction of the shareholders before they i|j made the purchase. (Hear, hear.) He did not intend to make a motion on the ~ subject. ■ The Chairman" said it was not easy to jS see our faults before we. committed them. J| Now they saw they had .committed $jgkJ«| error, without having it pointed oujy|fg|ga| them ; but taking the boat's history ri|Pl|P3 through lie did not think the sharehold^^|i^| had much to complain about. He agr^^K^ that it was a rash a.ct to purchase suc^^p^S vessel aa the Fancy, and as he was a cJfil||ll senting party to that purchase ho.JsSEmi his. share of the blame. They now -jfJM^HII tlie last of it— the loss was L32(^^^^^H^ Mr M. Levy did not li]^^^^^^^ petty sinrs cast upon the having purchased this vessel. doubt it was done with the -b|spfipl^H& tions, and he thought a, vote.ijJlJiii^Gjp should rather be passed to the'l)ii(9^^H| for their past conduct. (Hear, he^l^^^p Mr Da vies did not intend to o^Hßp petty slurs on the Directors ; on thecoß^g trary, he concurred, in thanking them the manner in which they had conductJP^ theaffa,irs qf th.eC/9tmpany. >; . Jw^..? Mr Kilgour here left the chairy wmck " was tatehl)y Mr Davies. .■'-'■ ~$: Mr J. Heron then moved that L 75 each be presented to Messrs Kilgour an<i Moss, for services, rendered by them in 'saving the ateam-tug Dispatch, she was, ashore at Hokitika^ \^ 'Mr J. Tayxok seconded the motipi? v After .a discussion as to the regularity of this motion, it was- held tq be in perfect order, the reqiusite notice; : hay{nt»; ■been given, V "-.'■• : : Mr "Simmons moved an amendment-^-That the remuneration to Mr Eiljfpur : be increased ta.Ll5O, This vas not "Be<s6nded, The motion was put and carried. There Vyas another' notice of , motion with xegard ~%o the advisability of !; wp*king the Dispatch at other 'ports ; but^tli|swas considered a matter of 'detail, and^on the motion of Mr J. was left to 'the discretion of the Directorsv^S -The usual vote of thankirto the-Ghair^ rijaW; terminated thapr6(Meoißg^V( ' .