WELLINGTON PATENT SLIP COMPANY (LIMITED).

New Zealand Times, Volume XXX, Issue 4411, 10 May 1875, Page 7

WELLINGTON PATENT SLIP COMPANY (LIMITED).

Ameeting of this company was held on Thursday April 29, in Messrs. Bethune and Hunter’s rooms, to receive the report of the engineer and manager, Mr. J. R. George, C.E. Mr. Pearce was chairman. The members present were Messrs. Anderson, Baunatyue, Burns, Nathan, Cemino, G. Hunter, L.;Levy, Dransfield, Whitehouse, W. Johnston, J. Johnston, and E. W. Mills. . The report having been laid on the table in a printed form, was considered by the meeting as read.

Mr. Pearce, in moving the adoption of the report, regretted that he had no great con-gratulations-to offer members, although at the same time he wished clearly to state that, considering the work performed during the last twelve months, the company was in a sound condition. As the shareholders were aware, the report showed no financial success, yet the undertaking had conferred a great amount of good on the port of Wellington. The company had during the past year taken on the slip 21 steamers, 6 barques, 5 schooners, and other vessels, the tonnage amounting in the aggregate to 6991 tons. The subsidy now had, unfortunately, become instead of only an aid a chief source of revenue. Mr. Nathan seconded the resolution. Hr. W. Johnston, as one of the auditors, reported that as far as the books, &c., were concerned, they were perfectly correct; but as to the stock, of course they were not in a position to speak on their own authority concerning its value, hut relied on the opinion of the manager. Mr. Dransfield said with regard to clause 4 of the report, the shareholders were led to believe that shipbuilding was to be an important branch of the business of the company ; but it appeared that as yet nothing had been done.

The Chairman stated that it was not many months since shipbuilding was projected. Since then the slip had been well employed. Another reason for the delay in commencing shipbuilding was the want of capital. The profit on the work done at the shp was £4OO, so that the shareholders would see that a considerable amount of work had been done. .. Mr. D. Anderson wished it explained how, if there was a profit on the work, and the Government subsidy was 7 per cent., the shareholders only received 5 per cent. The Chairman said this was attributable to the cost of management and the heavy interest that had to be paid on the bank overdraft. The dividend of 5 per cent, would amount to £ISOO, leaving £2OO to be carried forward. Mr. Bannatyne asked for an explanation as to a sum of £BB7 3s. Id., the third item on the debtor side of the profit and loss account. The Chairman said that the interest on the debentures amounted to £l3l, and the remainder was interest paid for hank overdraft. The question was then put by the chairman to the meeting, “ That the report he adopted,” The motion was carried unanimously. Two of the directors, Messrs. W. H. Levin and J. E. Nathan, retired by rotation, hut were re-elected. The Chairman said it was the invariable practice in other places to fee directors of companies, but the directors of the Patent Slip Company were an exception. They had,not even received a formal vote of acknowledgment of their services. They had devoted considerable time to the interests of the company, and in the early stages of its career their position was one of anxiety and responsibility. Mr, Levy concurred in this. The thanks of the shareholders were due to the directors for the zealous manner in which they had discharged their duties. He would propose an honorarium of ten guineas to each of the directors.

Mr. Dransfield supported this motion. lifr. Hunter said the directors did not wish to take any honorarium until the company paid 7 per cent. He would take this opportunity of mentioning that a considerable portion of the work brought to the slip was traceable to Mr. Pearce.

Mr. Levy withdrew his motion for an honorarium, and moved a cordial vote of thanks to the directors for their services since the commencement of the company. Carried unanimously. Messrs. W. W. Johnston and E. W. Mills were re-appointed auditors, the fee to be five guineas each. The Chairman, after thanking members for their attendance, vacated the chair.