THE FOXTON AND SANSON RAILWAY COMPANY.

Manawatu Herald, Volume II, Issue 88, 29 June 1880, Page 2

THE FOXTON AND SANSON RAILWAY COMPANY.

"ANNUAL HBSfltrO OF «HAEHOM>BRB. The annual meeting^ shareholders in the above Company was held at the Bchoolhouae, Sahson, on Friday evening last, Mr H. SwMiofl (Chairman of the Board of^lhre'cT>srß), in the chair. About 80 shareholders were present. - ... ... «. riii - ■-'" MINUTES. The Chairman opened the business byreading the minutes of the previouii meeting, which were duly confirmed. REPOBT AND BALANCE SHEET. The Chairman thea read. the report and balance sheet, as follow :—- * . * Fibst Annual Bbport of Dibictoks of THB FoXTOH ABD BAWB*H EaILWAT COMPANY, LIMITBD. The Directors have to report that 4729 shares out of a total of 6000 have been taken up, and that a call of 5s per share has been made, about two thirds of which has bean paid. Owin£ to the very depressed state of the money market, the Directors have not as yet \ taken any stringent steps to^snforoe pay. nmnt of the balance, -y. •" ', The Directors hare strictly conformed to the requirements of the Joint Btook Companies Act in establishing the Company, and have also furnished the Government with all plans, books of reference, &c, required by the Distriot Railways Act 1877, and Amendment Act of 1878! but up to the present have not been able to obcain the 'sanction of his Excellency the Governor for the construction of the Railway. The>Hon the Minister" oC Public Worksassured us that he desired to assiit the Company in oarryiog out the construction of this, line, but, strange to say, Jlr Oliver, informed Mr W. Johnston, who applied - to him on behalf of the Company on the 9th of May het, that the Government intend to amend -.the District .Kpilvrays Act in some particulars during the preteht sSsHonv arid* 'that Government did no* desire to urge the construction of any district rail wuya until said amendment was .passed. - < The Directors are of opinion, however, ' that the Government have no right to. pass any amendment Act which would render the previous action of this -Company null and void. - The Directors think that the time is not far distant wh< n the requisite money for the construction of the proposed line will be obtainable, provided the Governor's sanction be given, and would therefore recommend that the persistent end earnest action of the Company bs maintained until the construction of the Foxton and Sanson Kairway is accomplished. In accordance with the provisions of the Joint Stock Companies Act the following Directors retire, but are eligible for re-elec-tion, mamely, — Messrs Gower, M'Lennan, Thynne, Farmer, Sanson, J. Bowater, and J. A. Bailey. Balance Sheet of the Foxton and S'anson Railway Company Limited, at* at 31st May, 1880, presented to annual general meeting of shareholders held at Sanson on 25th June. 1880. Liabilities

Mr Sanson,having read the above, said the proper course would be for him to move the adoption- of the report nud balance sheet, tyut as there was no auditor to the 'company, the balance shoet had, not been officially audited. He would explain that when the late secretary (Mr Jackson) ceased to act for them, the Directors thought it would be only fair to both that gentleman and , themselves to appoint some competent person to examine the accounts and books of the Company, and Mr, J} N» Flower, agent of the Bank of New Zealand at Foxton, performed the work, and reported that the accounts were quite correct. He (the Chairman) therefore suggested that the report should be adopted, and the meeting should . appoint an auditor to examine the accounts, when, if that officer reported that the accounts were in a satisfactory state, then it should be understood that the balancer sheet also had been passed. Mr Sanson then referred to the report, which he hoped would be carried, especially that clause relating to the efforts of the Company being continued until the desired end had been accomplished. (Hear, hear). By patience, "perflistency, and watching every chance to push along the work, he fully believed they would achieve the desired end. The shareholders must not be " weary in well-doing." Matters might look dark and. gloomy on one day, aricTthenext look all bright* again. They must not get downhearted, but ." try, try again," when he felt sure they would win in the end. Mr Sanson oonciuded^by moving the adoption of the report. Mr James Bowater seconded the motion. Mr Bishop asked if that would not

be equivalent w^assMg;* the balance - ' sheet. Be remarked thatthe bftjance, ' ■a[ieet $&&$ that a largfrgmouat of nawaiey pif been spent, ans. tam&Al tto: shareholders would like\ to. fcjiow where it had gone. ' "i The Chairman explained that it waa not customary in preparing a balance sheeV to give the details of expenditure, It was quite competent, however, for any shareholder, at any reasonable hour, to examine all accounts, documents, snd papers belonging to a "Company;- Slit- Sanson further stated ,that-the course he proposed would' avoid^the" "necessity of adjourning .tfcat,. meeting till the auditor's report was made. Owing to the large number of shareholders required to be present at a meeting bytfie Act, it was difficult to, g*t sufficient shareholders present to form > ; # , a quorum; The motion for the adoption of the report was then put and carried. AUDITOR. Mr Gower proposed— " That Mr Campbell, manager Bank of Australasia, Sanson, be appointed auditor." Seconded by Mr Hill, and carried. RE-ELECTION OF DIRECTORS. Some discussion took place as to whether the retiring directors should be elected individually or collectively. Eventually the names were put seriatim, when all the retiring directors, were re-elected. , £ The Chairman reported that it would be necessary to elect another director, vice Mr Phillips, resigne.d. After several shareholders present had been proposed for the office, and severally declined, Mr McLennan proposed, and Mr Gower seoonded— " That Mr Rockstrow be appointed director in place of Mr Phillips, re* signed." Carried. . NEXT MEETING. It was resolved that the next ordinary annual meeting be held at the schoolhouse, Sanson, on a date hereafter to be named. PUSHING ON THE RAILWAY. Mr J. Bowater proposed-— " That in the opinion of this meeting, provided the Governor's assent be obtained, the Directors shall without delay ose every means to;'push on the working survey of the line, and take the best possible measures to complete the railway." Mr Edwards briefly seconded the proposition. Mr (rower said he had a few words to say in support of the motion, which he had no doubt would be heartily supported in the districts of Foxton, . Sandon, and Carnarvon. There were, however, some people who seemed to think a railway could be made by resolutions, and that no money was required at all. On look? at the balance sheet, it would be found that the first call had been paid on only 2884 shares, leaving calls still due on 1845 shares. Now, it was a fact that all shareholders had signed the articles of association, and the majority had paid their first call on the understanding that every shareholder would pay the first call. When the company was inaugurated, the shareholders looked at the matter of the. first call as a speculation, and it was calculated thajfc should the scheme end in failure, the amount of the first call would pay expenses, and he asked — was it right, fair, or honorable on the part of those shareholders to evade the payment of the first call ? He thought it had not been done through meanness, but thoughtless-* ness. The success of the scheme depended on the unanimity of those engaged in promoting it. If the share list had been shown fully made up, with the first call paid by every shareholder, it would have had great weight with the Government. It was no use passing resolutions unless it was shown that people thoroughly supported the oompany. He had heard that some of the defaulters ' would try and wriggle out of payment on a legal technicality. If such were .attempted, he thought the directors should at once summon some of those shareholders who had not paid, and thus test the matter. He himself believed no such difficulties existed, and considered that every man who signed the articles of association was justly, rightly, and honorably bound to pay his firsfc'call; (Applause.) ] Mr Speedy asked if Mr Bockstrow had paiiJus^jcalUl.^ „ - ■ , r . r , The Chairman replied 'in we negative. Mr Speedy remarked that in the face of that, he thought it was not consistent td Appoint -aim on the ~ directory. The Chairman deprecated harsh measures being taken in the matter of the defaulting shareholders. They should still fight on shoulder to shoulder, and victory would come at last. He also remarked that . those shareholders whpi were #Bsa#Bfie4, had done the least for the Company. No doubt more enthusiasm would be felt when the Governor's assent' irae obtained. : • « * A shareholder enquired whether it ,■ was notrpossible to make the railway ; only as far as Mrs Campion's^ wsucu v ■ could be done for a small . amgun^i, and make tlie-iest alfcerwiusfts. >> . -^v - < x Mr Gower replied >tfcas wtftf *«. present articles of association ■, suck -, would not be possible ; a new cpjn- .-. pany would have to be formed. ; , ., , .COMPENSATION. . •% Mr Gower proposed— \ A . .., ",, v " That in tho opioion of the shtrehoMert of the Sanson and Foxton Railway Compiny, f ' provided there BhJl be anything in the new Act contemplated by the Government to bt passed this pment session to amend th« Pnmbl PiMriok Bailwsjri lot that thAji

nnder tb« proceedings of ibe Oomptnj null •ad void, the Directors shall be empowered I? Uk for compensation for all lotief stuteiae&bjr tbrt farther amendment. \ In speaking to the resolution, Mr >jgow^r said* that he thought if the Government stopped operations, they should grant compensation to the Company. He hoped it would not come to that. He (Mr Oower) wished he had the same hopeful spirit as the Chairman, and he most applaud the spirit of hope he had shown. Mr M'Lennati seconded the resolution, and said he.thonglit compensation, would be gra&ied. by the &>- --vernn}ent|if they stopped the scheme. The h>4 gfteif every encouragement to the' Directors to go on wjtii the railway, ancl offered to fappiy the rolling stock, &c. In regard to the alterations proposed in the District Railways Act, Mr M'Lennan said that he believed the alterations would merely consist in making better provision for the placing of debentures on the London market. VOTE OF THANKS. A vote of thanks to, the Chairman, and also to the Press representatives present, concluded the proceedings.

£ 8. d. To capital-Instalments on Application on 6000 shares, 5b each, £1600— lees 1271 shares unallotted and in handa of Directors. £317 16s ; leaving 4739 shares taken up . . 1)82 5 0 To second call or instalment paid on 50 shares in advance, 6s .. .. ... 12 10 0 £1194 15 0 Memo.— First call paid on 2884 shares ; second ditto on 50 ahare». Assets. £ s. d. By instalment on application (or first c:«ll) due and owing on 1845 shares at 5s .. 461 5 0 By railway pegs in stock . . 2 0 0 By balance in hand at bank £176 «s 3d, from which deduct outstanding cheques, £21 17s 9d .. .. 154 10 6 By balance, b>>ing profit aud losb . . . . .. 576 19 6 £1194 15 0 Phojit am> Loss Statkmhnt. Charges. £ s. a.Advertising, printing, and stationery „ .. 242 14 11 Postage, trarelling, and sundry preliminary expenses . . 188 10 7 Law and profesttional charges, invading jheretiry'a salary* *0... .... ':-■>' 200 14 0 Xs7^ 19 6