WELLINGTON PATENT SLIP COMPANY.

New Zealand Mail, Issue 13, 22 April 1871, Page 5

WELLINGTON PATENT SLIP COMPANY.

The first general meeting of shareholders in the ' above company was held on Monday afternoon at the former offices of the N.Z.SLN. Co. Mrß. Pearce occupied the chair. The following persons were present t-Messjs Bransfield, Hunter, Bannatyne, Martin, Anderson, senr L. Levy, Nathan, Levin, Crawford, Mill's, Burrett, Dixon, Tustin, Hart, George, mVVeabce explained, the nature of the meeting,which was called according to clause 6 of the articles of association. The directors anoointed to aid in the formation of the company had been pleased to appoint him as chairman, and acting in tins capacity he would report on what the directors had done since their appointment, and state what course thsy proposed to take under the present circumstances. They had had several meetings and interviews with Sir Charles Clifford and Mr George; Their attention was directed to i making out the agreement with Messrs Kennard for the purchase of the plant. The agreement had been duly executed, and was now, before them; and so far the whole terras were subject to the company making a satisfactory arrangement with the Government under terms of the Act as provided. If any of the shareholders wished he would read over the articles of agreement; but as that might be inconvenient, he would say briefly that the company purchased from Messrs Kennard the whole of the necessary materials to put up the patent slip, which was to be capable of raising vessels of 2000 tons burthen, for the sum of £20,000, payable in shares. Anything that was deficient in the material of the slip, could be procured in the Australian colonies, without the delay of having to send home, and'at Messrs Kennards r expense. The ; directors had, after that was affected, considerable discussion on a draft of the agreement as to' the arrangement of the contract with the Provincial Government. This was not yet completed, but Bince it had been first put in their hands, they had made considerable alterations in it, both verbally and materially, and they understood the agreement would be approved of by the Provincial Government. But in Ihe absence of Dr. Featherston, it had been impossible to complete the agreement. That waß the stage in which matters were at present. He, therefore, thought the meeting would agree with the directors that it would be manifestly inconvenient to make any change in the board at the present moment, and while these negotiations were pending, as the members of the board had become aufait in the whole of the details of the business. He would, therefore, propose that the meeting be adjourned for four weeks—until Monday, the 15th May—when the provisional directors would resign their trust into the hands of the shareholders, as everything would by that time have been completed. In reply to a question put by Mr Martin, Mr Pearce said the board proposed to go' on with their labors in completing their contract with the Government, which was at present in a state of progression. The • contract was now in the hands of the solicitor acting on behalf of the Government, and until the arrival of Dr. Featherston, which was expected in a few days, they would not be in a position to say -whether any further amendments would be made, or whether the agreement would meet his approval in every particular. Till that was ascertained the work could not be considered completed. It had not been possible to delay calling this meeting for a short time, as it was compulsory to do so. They were, however, entirely in the hands of the meeting, and if they did not possess their confidence they would prefer retiring in favor of others. He had felt it his duty to point out to the meeting the inconvenience likely to arise from the present board resigning while the negotiations were pending. Mr Mabtin thought if this was to be the way the thing was conducted—adjourning from day to day without doing anything, it looked as if the matter would not be gone on with at all. Mr Pearce said they had not been negleotful of the trust reposed in them, as they had all devoted a great deal more time to the business and the duties they had undertaken than any of them expected they would have been able to do. Day after day they held meetings and long conferences. He would only further say that it was necessary, in addition to what he had already pointed out to be done, they had to obtain by resolution of the Provincial Council, supported by the Superintendent and his Excellency's advisers, the possession of the necessary land below high water mark —that was absolutely necessary. In the meantime nothing was being delayed, as everything was being got in order. Mr D. Anderson moved the adjourment of the meeting till the 15th of May. Mr Bannatyne seconded. Mr J. CCbawfobd thought as the new Superintendent would be declared elected on the 27th, and as therecpuldbe no difficulty to apprehend about obtaining the land between high and low water mark, less time than a month might serve. He \ would/.'test the feeling of the meeting by'moving,an amendment that the adjournment be> > pointed out, before, the amendment was J?u s t, that the home ward steamer; by San; Francisco''would ,probably leave/ next month on the ,9th,andthat therefore the ad-; journmiehtproposedby Mr Crawford and the departure of ; ihe .mail would fall, inconveniently of them. / /' The amendment was put, and seconded !by Mr Martin. , „ ,' .',-' \'..-.'./ ':•■,"',".. ?,'X\ Mr .BTabt i and Mr DransweiiD, then objected to jiiich, a course being taken, 'as', they mU| ?t ? that the directory had the interestalof the company at heart. < &*PBGUB,: : wanted/ to„. know ' when the duties of thepreaehtdirectory ceased? ~,

Mr Peabce : Until the permanent directors are appointed. I think I stated that on the 15th of next month we will resign. Mr Cbawpobd then withdrew his motion. Mr Bannatyne wished to ascertain whether the slip was complete, as an impression existed that it would require considerable additions. Was it possible to ascertain this without moving the material ? Mr George : I can assure you it is complete. The only parts that may be wanting will be a few pieces of timber, which can readily be obtained from Australia. Mr Peabce said the directors had been assured that the slip was complete, with the exception of a few minor matters ; but according to clause 5 of the contract these could be procured from Australia without delay and at the expense of Messrs Kennard. In reply to W. Johnston, Mr Peabce said the site had been decided upon, though there was another matter in connection with it which would occupy some time—that was having the site valued. The meeting then adjourned till the 15th May.