HOKITIKA SHIPPING COMPANY.

Hokitika Guardian, 26 October 1920, Page 2

HOKITIKA SHIPPING COMPANY.

A general meeting of shareholders in connection with the above was held at 1 the Harbour Board rooms at 8.15 o’clock last evening. In the absence of Mr Perry, who was out of town, Mr D. J. Evans was voted to the chair. Mr Wild (Secretary) after tne formal business had been disposed of, said the meeting had been called to consider the purchase of a steamer in regard to which Hon H. L. Michel had supplied particulars. Mr Wild stated enquiries made in other directions regarding boats considered suitable had elicited replies that the vessels in question were not for sale. There were other boats in view, and enquiries were being continued. Details were then given of the boat mentioned by Mr Michel, and Hon Michel, who was present, supplemented with additional particulars gleaned by him from various sources. The particulars went to show that the boat offered was a steamer of 80 tons which had been in the Coastal trade for some .years, but was now engaged trawling at Napier. The steamer was an iron ship built in 1883, but her boiler was ten years old only. She had a speed of eight knots, and drew loaded 7ft aft. She had accommodation for eight persons. She had a large hatchway suitable for loading timber below, and a suitable depth of hold. The price was quoted at £4,000 and terms of payment could be arranged. The meeting discussed 1 ways and means, and also the suitability of the steamer, and her probable running, if engaged in othe'r than the south trade. Regarding finance a substantial sum was offered by local shareholders, but the opinion was expressed that the south people should contribute a sum at least equal to that raised in Hokitika. A telegram from Okuru stated most of the shareholders there were were prepared to double their holdings, and an interim message from Bruce Bay promised favorable support. Mr Wild and Mr Ritchie were asked to enquire locally and south as to the support possible, with calls of 2s per month; also to communicate further with the south people for v fresh capital. In cases where shareholders preferred the full amount of their subscribing capital, it was decided to give a discount of 5% for the cash. Tlie Secretary was instructed to write at once and obtain a report as to the condition and value of the steamer for the information of a further meeting. Mr Wild detailed the class of information required, and his suggestions were approved, and it was resolvecL,to-"'en-quire accordingly. The staffing of the boat was discussed also, and an indication of the shareholders’ wishes given. The running of tlie ship was deferred till a later meeting. Tlie opinion was expressed that the proposal put forward would go a long way to meet the immediate requirements of the south, and fulfil the requirements of the local trade for some time to come. The situation was now governed by that of probable finance, and the nature of the report received as to the running condition of the steamer under offer. On the motion of the Chairman, a vote of thanks to Hon Mioliel was carried by! acclamation for his interest in the matter, and the promising success of the proposal. Mr Michel said he would be returning to Wellington on Thursday, when he would make further enquiries. It appeared to him the building of a special steameKat pre.sent prices was out of the question. They could not get the money, nor could they wait the time required for the building of a boat. A proposition of the nature now under consideration was the best solution, and his firm would do all it could to make it a success. The meeting concluded at 9.15 o’clock.