NEW ZEALAND STEAM NAVIGATION COMPANY.

Hawke's Bay Times, Volume IX, Issue 469, 11 April 1867, Page 3

NEW ZEALAND STEAM NAVIGATION COMPANY.

IMPORTANT MEETING OP SHAEEHOLDEES. (Evening Post. 6th April) A PEivate meeting of shareholders in this company, opposed to the scheme of amalgamation, was held last night at Barrett’s Hotel, J. M. Taylor, Esq., in the Chair. Mr. Bishop read the annexed report of the committee appointed at the previous meeting, and which was adopted with a vote of thanks from the shareholders to the committe for their successful exertions The protest against amalgamation which you adopted was signed by 73 shareholders, resident here and at the Hutt, and was handed in to the Manager of the Company on the Bth March, together with the separate protests with the signatures of 88 shareholders. A circular note from your committee, with a copy of the resolutions and protest which you had adopted, together with a letter commenting on the report of the Panama Company’s December meeting, and also a proxy paper was issued to every shareholder in the colony by the first week in March—those to non residents in Wellington were all posted -,n March Ist. This a"- : on was responded to by many proxies being sent in to varioas shareholders; 53 were sent to your committee by the 26th March, in time, and 10 have been received too late, which would otherwise have increased the majority by HI votes. The result has been that on Friday last the scheme of amalgamation was rejected by 1314 votes against 471, and by 143 shareholders against 30. The object for which your committee was appointed has therefore been attained.” Signed J. E. Nathan, Ed. Owen, W. Bishop. Wellington, sth April, 1887. It being generally believed, from statements by several of the directors, that they intend to prouose, at the meeting on the 18th instant, at once to wind up the company, the following resolution was put and carried unanimously : That this meeting considers that any attempt to wind up the company at the present moment would be seriously injurious to the interests of the shareholders ; and that efforts should be made to prevent the adoption of sucu a plan. That in order to secure a profitable return for the capittai invested, it is requisite that a more economical and energetic system of management be introduced, and under a Board of Directors, the number of which shall not exceed five, or be less than three.

The following Committee was appointed to carry out the views of the meeting, with power to add to their number: — J. E. Nathan, E. Owen, W. Bishop, J. M. Taylor, E. Toomath, Jos. Burne, and Jno Plimmer.