West Coast Railway.

Manawatu Standard, Volume IV, Issue 111, 5 April 1884, Page 2

West Coast Railway.

The adjourned meeting of the Wel-KngtAh-Manaw.atu ujOßailSwi v Company (Limited) took place sit 4 o'clock yesZierdtfy afternoon. The Chairman stated -that he had omitted, when speaking at the general meeting, to allude to tlje< :ci»tJaT«iT-Ji\tdl3ri«eriiiia',sli^ehpl(isr»;re|3--.pecting future (Jails. He would nojv-j explain the intention of the Board isHuiug that circular. By the memorandum ofcasbo'ciatiotf the directors hayepower to make calls not exceeding fiye shilliug^.rtier<.Bharej--afc in^evyaWof not.- --;' less -th;m ji tln<ee months , the formation of the company a secorid prospectus was .issued, m which it was.. siiitjedydatls jnbt exceed Is pir shnre, and at intervals of three months. This second .prospectus fi xed the amount of calls' &pon -aMi'sbatea ifiaken, nj) under it. The directors, now find-, ing that they have sufficient funds jto . enable them to .carry out, the works of the railway for at least 1 a year, or perhaps longer, think it unudvisable ftp.: continue mal? ng calls, as, it would be only accumulating money" to remain at interest with the company's bankers. Ti?.ey would, therefore, aek the shareholders /to jester.; into a new agreement to the effect that if no calis are made for, say, fifteen months, shareholders should, if called upon, pay a call liot Jfejfceeding 5s per share. In no case' would, the Board at any future tiino call upon "shareholders lo pay apy' larger,.. sum within the time they were • now liable to be. called 1 up'oriHio pay. would" "therefore please unijerstand "tli'at the signing of the ' agreement' enabled the directors jto postpone making calls, but gave them no power to make shareholders $*y : j calls*a-fc an earlier date than they were 1 now liable. un4eiv;t}ie prospectus. j