AUCKLAND LOCAL STEAM NAVIGATION COMPANY.

New Zealander, Volume 10, Issue 882, 27 September 1854, Page 2

AUCKLAND LOCAL STEAM NAVIGATION COMPANY.

Yesterday, in conformity with public advertisement, a meeting of the shareholders and others interested in the establishment of Local Steam Navigation, took place at the Exchange Hotel. Mr. Salmon having been calledupon to preside, the hon. Sec. of the Provisional Committee ’•ead a series of laws which had been prepared tor iYe constitution and organization of the Company. These were subsequently moved, considered, and carried seriatim. The fir-t law affirmed the designation of the Company which is to he “The Auckland Local Steam Navigation Company;” the object of the Company being to establish Steam Communication between Auckland and the adjacent coasts and rivers. The capital was fixed at £OOOO, in shares of £o each ; and it was proposed that the directory should be formed when half the shares shall have been subscribed lor. The affairs of the Company to he managed by five directors, two of them (c’igihle for re-election) to retire annually; three to form a Board.

The property of the Company to be vested in three Trustees, who may also be Directors. The Trustees to hold the property at the disposal of the Directors. Every shareholder to be entitled to vote according to the following scale:—for one share to four, one vote; five shares, two votes; ten shares, three votes; and twenty shares and upwards, five votes. Shareholders to be authorized to vote by proxy. The Directors to be empowered to deal with the affairs of the Company as if they were their own ; but not to incur any liability not fully covered by the funds and value of tiie property of the Company. And, if losses to the extent of one-third of the subscribed capital shall occur, that the Directors shall, as soon as possible, call a general meeting of the shareholders to take their direction us to the course to be pursued. And that a general meeting may at any time dissolve the Company, a majority of shareholders both in number and value concurring, A general meeting may at any time increase or diminish the capital of the Comp my. Such is an outline of the more prominent rules for tlie guidance of the Company. They will suffice to convey to the public an idea of the general scope and tendency of the Company. It was stated by Mr. Daldy that calculation* had been made from authentic data by himself, Mr. Simpson, the Harbour Engineer, and others, from which, estimating the value of a steam-boat at £SOO0 —allowing 10 per cent, per annum for insurance, and o per cent, for depreciation,—sho would, even at this, the very dullest season of the year, return a profit of from 5 to 6 per cent, to her proprietors. It was further asserted, that every boat and small craft was in full employ-, ment, and that there was every prospect of a deficiency of tonnage at the moment when it ! would be most required. It was, therefore, of the utmost importance tHat the Company should be in active operation, and with the least possible delay; and as there wore many suitable boats open for purchase at .Melbourne, it was desirable that Directors should he appointed, and the Company placed in a position to carry on its business at the earliest possible moment. To facilitate this object, it was moved by Mr. Hansard, seconded by Mr. Heaphy, and carried, “That the Provisional Committee act as a Preliminary Committee for conducting the business I of the Auckland Local Steam Navigation Com- ( pany, and go to any necessary expense until Di- | rectors shall be appointed, with power to add to i their number. 51

It was further moved by Mr. T. Henderson, seconded by Mr. Macky, and carried, “That the Preliminary Committee be instructed, on shares to the amount of j£3ooo being applied for, to convene a general meeting of shareholders for the election "of Directors, and for transacting the general business of the Company.” On referring to the share list, there were found to be subscriptions for 5(J6 shares. A further subscription for 57 shares immediately took place. By this means, upwards of half the required capital was provided for, and the Preliminary Committee were enabled to convene a meeting ot the shareholders, which will take place on Saturday next, at the Exchange Hotel, at neon, when Directors will be appointed, and measures devised, for setting tho Company in immediate working order.