AUCKLAND. [From the Southern Cross, June 4.] AUCKLAND WHALING COMPANY.

New Zealand Spectator and Cook's Strait Guardian, Volume VIII, Issue 725, 14 July 1852, Page 2

AUCKLAND. [From the Southern Cross, June 4.] AUCKLAND WHALING COMPANY.

On Wednesday evening, a large and highly influential Meeting of the inhabitants of Auckland assembled in the Hall of, the 'Mechanics' Institute, to receive the report of the Provisional Committee, appointed to inquire into the various matters preliminary to the formation of a Whal- , ing Company from this 'port.- How the Provisional Committee performed the task assigned to them, will be best understood and appreciated by the subjoined clear and comprehensive Report. The keel of the Auckland Whaling Company may now be said to be laid. The Company has been founded upon the cheap share principle of the United States — and as that principle is to spread not only the preponderance of capital, but to intrust -the preponderance of the government power to the hands of the people, we anxiously hope that pur Auckland imitation may prove as prosperous and progressive as its American model. The Mayor having taken the Chair, and having briefly introduced the object of the Meeting, the Chairman of the Preliminary Committee (F. Whitaker, Esq.) brought up its report, which was read by the Honorary Secretary (Mr. Hansard) as follows :—: — Report. " The Committee appointed at the meeting held on the 13_ih May, to obtain information and report tbeir opinion as to the formation of a Company, having for its object the fitting out of whaling ships, to sail from -this port, have- completed the task entrusted to them, and have, in conformity with the authority conferred on them, called together the meeting of this evening, to lay before it the result of their enquiries. "•The Committee have much pleasure in stating their unanimous opinion that there is every reason to believe that such a Company would realize considerable profit for its shareholders — that it would undoubtedly confer greal benefit on this district of the province of New Ulster — and that no serious obstacle or difficulty stands in the way of its formation and operations. "It is obviously, from the nature of the undertaking, impossible to. form any precise estimate of the amount of profit to be expected ; but the Committee on enquiry, have found that the whale ships lately visiting New Zealand have been generally .successful— that one ship, during an eight week's cruise from this port, obtained 180 barrels of sperm oil ; valued, at £1,080 ; and that the whaling stations on the coast have been remarkably successful during the last season in taking the sperm whale ; , a fact evinced by the sailing within these last few hours of the brig Nina for London with a considerable cargo of sperm oil, the greater portion being the produce of stations owned by residents of this plice. " The Committee moreover, think it an element of much weight with consideration of this question, that the importance of many places .of consider-

able standing is to be traced almost entirely io their extensive undertakings in the whale fishery, while other places have been at least largely benefited by embarking in the same anterprize. Several ports in the United States may be taken as instances of the farmer. Sydney, and, especially Hobart Town, as instances of tue latter. New Zealand, and the port of Auckland in particular, yield to none, and surpasses most of these places in its position and prospects as the depot* of a whaling fleet. A situation in the midst of a rich whaling ground— a plentiful and cheap supply of provisions — abundant stores, (some manufactured" on the spot, and all others imported duly free ; a harbour easy of access, safe in all weathers, and entered anil used without charges of any kind, confer indeed, advantages on Auckland enjoyed by few, if by any other -ports; advantages which cannot fail to be of the most important service in securing success to a well conducted company. Most of these advantages are no doubt equally available for the whale ships from other countries visiting the neighbouring seas. That they have not been more extensively used is, in the opinion of the Committee, only to be attributed to their having remained unknown. The Committee consider, too, that it should not be overlooked that ships sailing from this port may be made the means of communication, and thus assist in bringing to our shores a portion of that extensive and highly beneficial trade, which the gold fields of Australia have almost, if not entirely driven from her ports. " The Committee are of opinion that no difficulty will exist in procuring one or more suitable vessel either in Sydney or Hobart Town, tind that a fining master and crew may be obtained without looking beyond this Province. The Committee consider a vessel of about 200 tons burthen as the most desirable size ; and a very good one may be procured for £1,500, and that it would cost about £2,800 more to fit her out well and sufficiently for a twelve month's voyage. Four months after the complete formation of the Company, appears ample time to allow for sending her to sea. It is very probable that a whaling ship of the description required, deserted by a gold-seeking crew, may be procured already fitted out at one of the markets named ; and if so, this may save both time and money. Enquiries, however, on the spot, can alone determine the course to be pursued in this respect. " For the particulars of the cost of fitting out, the Committe refer to two documents annexed to this report : the first is an estimate made by some of the members of the Committee ; and the second shows in the first column the expense incurred in fitting out the Maukin, the details of Tvhich have been kindly furnished by Mr. Grahame ; and in the second column taking that expense as the basis of calculation, what would be required for a vessel of the description recommended. " One difficulty however, has presented itself, which the Committee looked upon as of a sufficiently serious nature^ could It not have been obviated to render the formation of a Company difficult, if not impossible. By the law of England, in force in this Colony, every member of a Company is liable, individually, for all its engagements — a responsibility which few feel disposed to incur, and which would in this instance, have deterred many of the most zealous prorootprs of the "undertaking from becoming shareholders. This difficulty can only be got rid of by an Act of the Legislative Council. With the object of ascertaining how far it was probable such an Act could be obtained, the Committee requested permission to wait on the Lieul.-Gover-nor for the purpose of obtaining hi 3 views on the subject. At an interview which took piace, his Excellency expressed himself very favourably towards the objects of the proposed Company, and informed the Committee in answer to their enquiries, that the Local Government would lend its best assistance to procore an Act of Council, at the first convenient opportunity, for the regulation of the affairs of the Company, and especially for limiting the individual liability of its members ; and that that opportunity would most probably soon arrive, as arrangements for the sitting of the Provincial Council of New Ulster were expected here very shortly, from the Go-vernor-in- Chief, an expectation which has sit cc been realized. His Excellency moreover added, that the operations of such a Company would in his opinion be so conducive to the prosperity of Auckland, that he should himself be happy to subscribe for shares, with a view to assist in its formation. " Upon the whole, therefore, the Committee to feel themselves jusffied in recommending — " That a Provisional Committee be appointed for the purpose of forming a Company, to be called " The Auckland Whaling Company," upon the distinct understanding however, that no liabilities are to be incurred till the required Act of Council be procured. This probably will create little or no delay, as some time will be required for the complete organization of the Company, and before its operations can be commenced. The Committee recommend, that the shares of the Company be small in amount, so as to enable all' those who desire it, to become shareholders, and with this object they think £1 shares the most suitable. " The capital, to be raised at once, the Committee consider should be £4,000, with power from time to time to increase the business of the Company, by the issue of new shares, whenever circumstances shall appear to justify such an extension. "These, and other proposals for the constitution of the Company, and the management of its affairs, are .embodied in a paper annexed to this Report. As it is desirable that the opinion of the public should be taken on. these matters, the Committee, with a view to save time, and obviate the necessity of another meeting, recommend that these proposals should be at once discussed,, and the conclusions come to handed over to the Provisional Committee for their guidance. " ,

Proposed by Captain Salmon, seconded by Wm. Connell, Esq., " That a Company be formed to bewailed "The Auckland Whaling Company,' for the purpose of sending to sea one or more Whaling Ships from the Port of Auckland." Carried unanimously! The following resolutions were then proposed jtseriatim by the Chairman of the Committee: — " That the- capital' be £4,000, in one pound (£1) shares ; the whole 'to be paid up." . . Seconded by Mr. Lewis. — Carried.

" Tbat the business of the Company be managed by five directors, to be elected annually ; three to form a board ; any proprietor to be qualified to act as director." Seconded by Mr. Davy. — Carried, "That the property of the Company be vested | in trustees, who may also be directors, to be elected at the First General Meeting, and to continue until' removed by vote of the shareholders. Trustees to hold property at disposal of directors." Seconded by Mr. C. A. Harris.— Carried. " That eveiy proprietor be entitled to one vote, and oue other additional vote for each additional five shares beyond the first five." Seconded by Mr. Lewis. A short discussion arose on the terms of this resolution, which was however carried nem. con. " That the shareholders may vote by proxy." Seconded by Mr. Macky. — Carried.. " That a General . Meeting of the shareholders be held once a year, to receive directors' reports, and elect directors, and that going out directors be eligible for re-election." Seconded by Mr. Ridings. — Carried. " That if any vacancy occur in the direction, a General Meeting called by the directors, be held within 21 days for election of another director." Seconded by Captain Salmon. — Carried. " That the directors have all the power and authority over the property of the Company, and in the management of its affairs, that could be exercised by an individual in reference to his own cancerns of a similar nature, except that the directors are not authorized to incur any liability whatever, not fully covered by the funds, and the value of the property of the Company." Seconded by Captain Salmon. — Carried. " Thw the directors be empowered at any time to call a General Meeting, by giving 10 day's notice (by two advertisements) in all the newspapers published at the time in Auckland." Seconded by Mr. Harris. — Carried. " That the profits be divided from time to time, at the direction of the directors, subject, as in all other matters, to the control of the shareholders at a General meeting," Seconded by Mr. Lewis. — Carried. " That accounts be kept open at all times to the inspection of shareholders, on payment of one shilling." Seconded by Mr. Connell. — Carried. " That a Share Register Book be kept for the transfer of Shares, and a charge of one shilling made for every transfer, and one shilling extra for every ten shares, or fraction of ten shares after the first. Entries in Register to be conclusive evidence of sale." Seconded by Mr. Lewis. The charge of two shillings was originally suggested in the resolution, but after considerable discussion, originated by Mr. Boylan, who pointed out that it' might be advisable to have the transfer of shares as little expensive as possible, that they might circulate almost as freely as bank notes, it was altered as above. Mr. Ligar proposed as an amendment, seconded by Mr. Bourne, " That it be part of the duty of the paid officer of the Company. to transfer shares." It having been pointed out by the Committee that the rule was suggested by them as they had not seen that any arrangement could be founded on the presumption that a paid secretary would be appointed by the Company, the amendment, on being put, was lost, and the original motion carried, " That if losses occur to the extent of one half the subscribed capital, the directors shall call a general meeting of the proprietors, and take their advice as to the course to be pursued." Seconded by Major Greenwood. — Carried. " That the directors may, at the expense of the Company, procure an Act of Council or Charter of Incorporation, for belter enabling the Company to carry on its affairs, and to limit the liability of the shareholders." Seconded by Major Greenwood. — Carried. " That the directors may frame rules, not inconsistent with these rules, for the management of the business entrusted to them, and may eraploy such persons as may be required for the due conduct of the business." Seconded by Mr. Connell. — Carried. " That ten or more proprietors holding not less than one thousand shares, may at any time call a General Meeting on giving ten clear days' notice to any two of the directors, and by advertising the same twice in all the newspapers published at the time in Auckland." Seconded by Major Greenwood. Amended, on the proposition of D. Burn, Esq., by the substitution of the word " Five Hundred," for the words " One Thousand, — and then — Carried unanimously. 11 That a General Meeting may at any time dissolve the Company, a majority of the shareholders, both in number and value, concurring." Seconded by Mr. Macky. — Carried. " That a General Meeting may at any time increase the capital by the issue of new shares, or diminish the capital already subscribed, upon such terms as may be then declared." Seconded by Major Greenwood — Carried. "That a General Meeting called for a purpose, to be distinctly specified in the notice calling the same, may in that respect exercise unlimited control over the directors and the affairs of the Company." Seconded by Major Greenwood. — Carried. " That new Laws may at any time be made, and L»w. already made, altered at a General Meeting, a majority of proprietors present holding at least one-balf in value of shares concurring." Seconded by Capt. Salmon. — Carried. " That all questions at a General Meeting be decided by a majority of votes." Seconded by Mr. Harris. — Carried. - " That if any doubt or dispute shall arise as to the construction of the Rules, or as to the power' of the Directors, or in reference to any other matter in which the Company is interested, the same shall be referred to a Special General Meeting called for the purpose, and the decision come to thereat, shall be final and conclusive." Seconded by Mr. Connell. — Carried.

Moved by Mr. Macky, seconded by Mr. Lewis — "That this meeting do now appoint seven gentlemen as a provisional Commitiee to carry the foregoing resolutions "into effect, with power to add any other regulations (uot being inconsistent with the foregoing) that they may think desirable." Carried' unanimously. Moved by Mr. Bain, seconded by Mr. Burn — " That the seven gentlemen who have been acting as the Preliminary Committee be appointed the Provisional Committee as now agreed upon." Carried unanimously. It having been subsequently suggested tbat it would be desirable that the meeting should add to the number now appointed, the following gentlemen were also placed upon the Provisional Committee: — J. W. Bain, Esq., Capt. Daldy, E. Davy, Esq., Dr. Campbell, D. Nathan, Esq., W. Brown, Esq. Moved by Major Greenwood, seconded by Capt. Salmon — " That Mr. Hansard be appointed Secretary." Carried. Moved by Dr. Bennett, seconded by Mr.Swinbourne — ' " That the thanks of lhi9 meeting be given to the "Preliminary Committee for the very able manner in which they ha#e prepared ihe scheme, and the business-like manner in which they have brought it forward to the meeting this evening." Carried unanimously. The Mayor having' vacated, and Mr. Whitaker taken the chair, the thanks of the meeting were then unanimously voted to his "Worship for his able conduct in the chair. The Meeting then separated.