NEW ZEALAND TITANIC STEEL AND IRON COMPANY (LIMITED.)

New Zealand Times, Volume XXIX, Issue 4242, 24 October 1874, Page 3

NEW ZEALAND TITANIC STEEL AND IRON COMPANY (LIMITED.)

The general meeting of the shareholders of this company was held at the Odd Fellows' Hall, Lambton Quay, on Thursday night, the 22nd inat. There was a large attendance of shareholders.

The chairman of the company (Mr. Gibson), being unavoidably absent through ilnes3, Mr. Walter Tumbull was unanimously voted to the chair. "•

The report and balance-sheet were read by the secretary (Mr. T. Kennedy Macdonald.) The Chairman, in moving their adoption, stated that he exceedingly regretted the illness of Mr. Gibson, a 3 that gentleman would have been enabled to have gone into details far more closely than he coidd be expected to do on such sudden notice ; however, he had no doubt that the plain statement of facts put before them would fully'satisfy every shareholder. From the very start of the company he had had «very confidence in the ultimate success of the undertaking, and there was little doubt that it would prove an exceedingly profitable investment. The 5000 acres of land already seteetedf or purchase would, when theWaitaraand Wanganui Railway was completed, be of very great value, and he looked upon the securing of that land as a great boon to the company. After referring to a number of details, the chairman concluded by. expressing a hope that the shareholders, in view of the great _ future before the company, would pay up their calls promptly, and thus aid their directors in doing the best for all concerned—a course utterly impossible if they were hampered for want of funds. Mr. J. M. Clelajtd seconded the adoption of the report, which, after some remarks by Messrs. Archer and Mowbray, was put to the meeting and earned unanimously. A cordial vote of thanks to the retiring directors for their energetic action and conduct since the 'starting of the company, was then carried unanimously, and acknowledged on their behalf by Mr. D. Anderson. The following gentlemen were chosen directors for the ensuing year :—Messrs. D. Anderson, "VV. Gibson, W. "Waring Taylor (re-elected), J. Burne, J. Chew, R. Burrett, J. M. Cleland, and 3>, Anderson, junr. . Messrs. D. T. Stuart and S. Carroll were also appointed as auditors, at a remuneration of £5 ss. each. Some remarks as to future calls having been made, the following proposition was carried unanimously : That this meeting is of opinion that the work.i of the company should be carried on if possible with increased vigor, and that the directors should c»U up as early as possible such further suras of money as will enable the industry to be thoroughly developed. Mr. Stevenson then proposed, and Mr. Hitchen seconded,— That this meeting accords a hearty vote of thanks to Mr. T. Kennedy Alacdonald, for his Zealand ability In carrying out the duties of secretary of the company. The proposition was carried unanimously. A vote of .thanks to Mr. Tumbull for his services in the chair, and an expression of regret that his approaching departure for Europe would prevent his taking a .seat at the Board of Directors for the forthcoming year, concluded the business of the meeting, which broke up after the minutes ha'-'-bnen. signed. The following is the report and balance-sheet submitted to the meeting : BEPOBT: The directors have pleasure in presenting to the shareholder!) the first yearly report and balance-sheet. They hart proposed doing this in the month of March last, but in consequence of finding It Impossible to get a quorum of shareholders together to appoint auditors,

it was resolved to postpone the meeting until some very definite progress could be reported. In the meantime, in accordance with the Joint Stock Companies Act, Ilia Excellency the Governor was requested to appoint an auditor, and Mr. IX T. Stuart was accordingly so appointed. That gentleman lias, therefore, audited the first year's balance-sheet to Ist March. For further information a supplementary balancesheet lias been prepared, bringing the accounts down to the Ist September. Out of the 5000 shares in tlio company, offered to 4he public, 2741 shares were applied for and duly allotted during the first six months. In accordance with clause 23 of the company's articles of association, the balanco of 2259 shares are held over in order to be allotted at par to existing shareholders. Before calling for tenders for the erection of blast furnace, it was deemed advisable to communicate with Melbourne and London as to the cost of the necessary machinery and fire brick lining, and when it could be delivered. The reply from London being satisfactory, an order was immediately sent forward, and it should have been completed and goods landed two months back. In consequence, however, of unexpected difficulties in the labor market and other drawbacks the manufacturers have been delayed some months. Advices, however, recently to hand state that the whole of the order has now been completed, and is on the way per the ships Star of India and HourMi, due in about a month from date. The erection of the furnace, casting house, bridge, and bridge house, was entrusted to Mr. John Beaton, and he has carried out his work in an exceedingly substantial manner, and to the oiitire satisfaction of the directors. The whole of these works will be completed in a few days, save the blast furnace, which cannot bo finally out of contractor's hands until arrival of interior lining and machinery. Contracts have also been entered into for the necessary supply and delivery of iron sand, charcoal, So., and matters have been so arranged that immediately the furnace is dry and ready for "blowing in," no difficulty will bo experienced in keeping it daily supplied with the necessary amount of material to produce the estimated output of fifty tons of metal per weok. The directors have pleasure in stating that the agreement with the Provincial Government of Taranaki. by which the company were to have the right to purchase 5000 acres of land for the sum of 5s per acre, the purchase money to be spent by the Government in making a road or tramway, will be carried into practical effect, His Honor the Superintendent of Taranaki (Mr. Carrington) having introduced and carried a Bill through the General Assembly by which the provincial authorities were empowered to carry out the agreement. The selection of the land has alreadv been made, and the directors have no doubt that i"n time it will prove an exceedingly valuable estate to the company.From a perusal of the annexed balance sheet, it ' will be seen that there is standing in unpaid calls the largo sum of £2243 10s. In consequence of being hampered in their operations through the non-pay-ment of this amount, the directors have felt it their duty to place the amount for immediate collection in the hands of the company's solicitor. In the floating of the company, it was generally understood that for the sum of £15,000, £3 per share, the directors would be enabled to thoroughly prove the great value of their property. In consequence, however, of the whole of the shares not being subscribed for, a proportionately higher amount will be required on each share, as it will bo necessary to provide funds to meet the following liabilities, viz.: — £, s. d. £ s. d.

Balance due on furnace and works 1724 IS 11 Extra for casting house if smelting successful .. .. 40S 0 0 Machinery "\ Fire brick lining 3000 0 0 Freight and charges on same f Erecting same / Charcoal. 72,000 bushels, at Oid 1930 0 0 Iron sand compound |_ 13 gg q q Limestone, coal, &c. ) Wages and expenses, 3 months, estimated 500 0- 0 Sundry creditors, as per balance-sheet .. 189 3 5 Purchase-nioney for land, 5000 acres at ss. 1250 0 0

£10,402 2 4 Less cash in bank at present 20S 15 1 Balances due by agents, &c. 4S 14 1 Calls unpaid 2248 10 0 Calls due September 11th 1370 10 0

Total liability 0525 13 2 Adding the amount of £10,102 2s: 4d. to the expenditure already incurred, viz., £4001145. 3d., we have a total actual expenditure of £15,003 lGs. 3d., as against that originally estimated in £15.000. The above statement will show the shareholders the imperative necessity that exists of strengthening the hands of the directors by prompt payment of the various calls that may be made, so that the directors may be enabled to develope and bring into thorough working order an industry which will not only enrich its proprietors, but confer vast benefit on the colony of New Zealand. In conclusion, the directors have to express their confident hope that, with the assistance of the shareholders in the manner before named, they will be enabled to have the furnace in full blast by the close of the year. For the Board of Directors, "William Gibson, Chairman. balance Sheet the Ist bay- of siasch, 1874' Dr. - £ s. d. To capital— " T 2741 shares, at £10=£27,410 called up £2 per share= .. .. 5452 0 0 2259 shares unallotted 5000 shares Sundry calls paid in "advance, &c. .. 68 10 0 Sundry creditors 282 19- S £'5833 9 8 Cit. £ s. d. £ s. d. By calls unpaid at date .. 1775 0 0 Freehold properties .. .. 109 3 0 Office furniture, Wellington and New Plymouth, and tools 50 15 2 Sundry balances due by agents; &c 183 1 0 Sundry accounts, as under. Furnace CSO 0 6 Preliminary expenses .. 440 18 2 Salaries 233 13 4, Stationery, printing, and advertising .. .. 58 14 7 Rent and incidental expenses .. .. .. 31 0 1 Legal expenses .. .. 11 22 —: 1430 17 4 Cash in Bank of New Zealand 2346 10 11 Less unpresented cheques.. 128 3 9 £5833 0 8 CONTINGENT LIABILITIES. £ S. d. Balance due for erection of furnace and extras - .. ..' 3,974 911 Estimated cost of machinery and plant, / ordered from Great Britain .. .. 3,000 0 0 £0,974 9 11 W>i.' Gibson, Chairman.' T. Kennedy Macdonald, . Secretary. I have examined the above balance-sheet and the accounts, compared them witli the vouchers, and found them correct. lam of opinion that it is a full and fair balance-sheet, containing the particulars required by the company's articles of association, that it is properly drawn up, and exhibits a true and correct view of the state of the company's affairs. D. T. Stuakt, Auditor. Wellington, July 22, 1874. Balance Sheet to the Ist Day of Sei-tcmiiek, 1874. Dn. £ s. d. To capital—--2741 shares, at £10=£27,410 called up £2 10s. per share= .. 0,852 10 0 2259 shares unallotted 5000 shares Sundry calls paid in advance .. .. 00 0 0 ; Sundry creditors .. .. .. .. 180 3 5 £7,107 13 6 Dr. £ s. d. £ s. d. By calls unpaid at date .. 2,243 10 0 Freehold properties .. , 182 13 9 Office furniture and tools .. 47 10 3 Sundry balances due by agents, &c. .... 48 14 1 Sundryaccountsasundcr:— Furnace 3127 7 3" Preliminary expenses .. 473 5 7 Salaries 659 0 8 Stationery, printing, and advertising .... 00 11 2 Kent and incidental expenses 103 17 5 . Legal expenses .. .. 11 22 CashinßankofNewZoaland 208 15 1 £7,107 13 5 Wellington, 30th Sept., 1874.