PATENT SLIP MEETING.

New Zealand Mail, Issue 17, 20 May 1871, Page 6

PATENT SLIP MEETING.

An adjourned meeting of the shareholders in the Wellington Patent Slip Company was held at their offices on Monday afternoon at 3 o’clock. E. Pearce, Esq., in the chair. The following shareholders were present: —His Worship the Mayor, the Hon. John Johnston, Messrs J. C. Crawford, W. Johnston, Cemino, Tustin, Dixon, W. Levin, Whitehouse, Tliirkell, Martin, Smith, George, Nathan, L. Levy, Okell, Story, and Burrett. The Chairman, in opening the business before the meeting, said they had adjourned from the 17th of last month, having left the business then before them unfinished; At that meeting the directors informed the shareholders that they had entered into a contract with the Messss Kennard for the purchase of the plant of the patent slip, and also informed them that they had opened negotiations with the Agent-General of the Colonial Government and with the Provincial Government regarding the contract in the terms of the Patent Slip Act. The directors had now the satisfaction to inform them that the contract had been entered into, and was signed by the AgentGeneral, by the Superintendent of the province, and also by the directors on behalf of the company. The terms of the contract he thought were, on the whole, favorable to the company. In the first place, the amount on which the Government guarantees interest at the seven per cent, had been fixed at £35,000, as it was required by the act that a definite sum should be fixed; at the same time the directors might inform them that from data furnished them they did not think the cost of erection would exceed £IO,OOO, which would make a total of £30,000. Still as there were a good many things in connection with the erection of the slip which might not be foreseen, the Government had therefore met the company in a liberal spirit ahd said : We will allow you a margin in case the cost of erection should be more than is at present estimated; but £35,000 was the sum fixed on which the Government guaranteed 7 per cent. He had intended to lay fully before them all the details of the contract, but as the legal adviser of the company (Mr Hart) was not present, he would give them briefly the outlines of the contract. It consisted in this—that so long as the slip was in worHng order the Government would be responsible for the guarantee ; but if the slip was not in working order for a space of 3 months the Government had aright to call upon the directors to take immediate steps to put it in order. If they then took such steps as might be neoessary, they had six months allowed them to complete any repairs required. If on the expiration of twelve months the necessary repairs were not made, the Government had the option of bringing the contract to a close. He should have said, however, that the Government might, in the event of the slip not being in a position to take on vessels for a certain period after the company had commenced operations, inflict a penality in proportion to the amount of subsidy paid. In the event of the company wishing to get rid of their covenant to the Government, they had the option of paying to the Government the cost of the site, and thus bringing the matter to an end as far as they were concerned. Part of the contract was that when ever the slip was erected the Goverument should convey the site of the slip over to the company free of cost; but not until it was erected. Only one thing was left to complete, and it was impossible to do that until the Council met. They were aware that it was necessary that the grant of the foreshore, (or the land below high water mark) should be obtained by a resolution of the Provincial Council, supported by a recommendation of his Honor the Superintendent, advising the Government to grant the foreshore. The directors had every reason to believe that would bo done, the Provincial Government having engaged to do their best to obtain it. If from any reason that was not done, the company had the option of cancelling the contract. He had further to that the property of the old N.Z.S.N. Co. on the site of the old slip on which the slip used by them still exists, and all their interest in any property lying there had been purchased by the company. Although the few remarks he had made recounted all the transactions of the directors sinoe the last meeting, he could assure them that they had all involved careful thought and considerable labor on the part of the directors. All that remained for him now to do was to say that the directors, by retiring, returned to the shareholders the powers which had been intrusted to them ; and it therefore rested with the meeting to say who should form the next director. Mr Lipman Levy had signified his wish not to be proposed for re-election j the other gentlemen, however, were willing to continue to act if it was the wish of the shareholders they should do so. As several of the shareholders present were aware that the Hon. Mr Johnston would be going to England shortly, he should tell them that it was the opinion of the directors that it would be very useful to have Mr Johnston still on the board ; for as a portion of the capital was still to be raised in London, it would be manifestly of great advantage and convenience to have some one who could speak with authority in representing the company there. In reply to Mr D. Anderson, Mr Pearce : Until such time as the slip is in working order, no allowance will be made by the Government. Mr Martin : How much was the N.Z.S.N. Co.’s slip purchased for ? Mr Pearce : £7O.

Mr Martin : That is very cheap. Had it been sold by public auction, it would have brought more. Mr D. Anderson asked when the erection of the slip was likely to be commenced ? Mr Pearce: There is no reason why any great delay should occur. There is a great deal to be done before the actual erection

can be commenced. They had only a matter of gome three or four weeks to wait before the Council met, so that they might be put in possession of the foreshore. Once that was obtained, the directors would be in a position to commence the work of erection. The election of directors was then proceeded with, Messrs Haywood and Mosely being appointed scrutineers. _ The Chairman then explained to the meeting the basis on which the voting power of shareholders had been placed. For every share up to 10, one rote; for each additional 10 shares a vote, up to 50 shares, which entitled the holder to 14 votes. On the return ef the scrutineers, the following gentlemen were declared the new t, oan j._The Hon. John Johnston, Messrs Edward Pearce, Geo. Hunter, J. E, Nathan, and W. H. Levin. , , , Messrs F. A. Krull and W. Johnston were elected auditors for the ensuing year, at an honorarium of five guineas each. The meetiug then broke up.