THE WEST COAST RAILWAY CO,

Manawatu Herald, 22 July 1881, Page 2

THE WEST COAST RAILWAY CO,

The report of the meeting of shareholders in the West Coast Railway Co., which took place on Monday last, fully supported the views we expressed m Tuesday's issue as to Wellington rapacity. The meeting was called for the purpose of electing directors aud accepting articles and memorandum of association. Strange to say, however, the gentlemen who were at the head of the business desired fche shareho ders to accept the articles w ; thout hearing them. This caused Mr Izard to say that" He, for one, was nofc prepared to swallow any pill manufactured by the directors without knowing something of its component parts, and he maintained that the articles should be read." Thereupon Mr Travers read certain portions of the articles, stating that " a large portion of ifc was purey formal mutter." This did not satisfy fche shareholders, and eventually a resolution was carried, adjourning the meeting for fourteen days, in order to give the shareholders an opportunity of becoming acquainted with the ar tides of association.' It is notioeable that though Mr Travers professed to give the shareholders an exposition of the articles, he ignored the important matter of remuneration of di rectors until pointedly asked *o read the clause referring to ifc, which proved to be as follows : — The remuneration of the Board of Directors in London and New Zealand shall bo such as the direotors from time to time appoint, not exceeding £1000 per annum for eaoh board, and shall be divided among the direotors in each place respectively, according to such rule as the board in such plaoe shall prescribe ; and whenever a dividend or a dividend and bonus together amounting to 8 per cent, on the paid up capital shall be declared, the directors in each place shall receive an additional remuneration, of £500 over and above the ordinary remuneration, and for every 2 per cent, additional dividend or dividend and bonus as aforesaid au additional sum of £500. These proposals, as might be expected, evoked considerable discussion. Mr Marks, who evMently does not yet know the Wellington people, said he had understood " the colonial directors were prepared to enter into the matter under patriotic motives, and was still of opinion that gentlemen should act gratuitously, as they would be greatly benefitted by the opening up of the country through which th© proposed railway would run, and the enhanced commercial benefits which would ensue. From what bfi could see at present of the affair, there was reason to fear that _; &he-< project would end like a great many other Wellington speculations. The money would all be absorbed in primary expenses un'ess tho shareholders ftt q&w objected,"

Mr Pli__mer,who has worked well for the compauy, said that every director would' ho henefitted by the formation of the railway, and he thought those gentlemen who had the good of tile country at heart should act without being paid a large salary, and lie suggested that they be paid £2 2s a sitting. The feeling of tho mooting wns evidently that the proposals of the directors under this head wore scarcely satisfactory, and when the articles are discussed \VC shall expect to see a warm discussion as to remuneration of directors. The otfect of the meeting of Monday cannot fail to bo detrimental to the "West Coast railway scheme. Mr Travers* action through out has done more to injure it than the most bitter enemy could havo effected. His unauthorised declaration in favor of Palmerston as the j miction, his hurried resignation of his offices as solicitor to the company and a director, and his anxiety to get restored to thoso positions were sufficient to stomp Mr 1 _ avers as one who would lend no strength to tho undertaking. His dilly-dallying on Monday, and the apparent desire of the committee to rn.sh through fche articles of association, will have a very bad eifect on both tho House and the public. It was absolutely neoessai'y that there should be perfect union just when the matter was about to come before Parliament, but that very juncture is seized upon to bring up a question which causes instant discord ! It is to bo hoped wiser counsels will prevail, and that at the adjourned meeting the directors will leavo the matter of remuneration, at least of the colonial board, m abeyance.