TELEGRAPHIC NEWS.

New Zealand Times, Volume XXXI, Issue 4794, 3 August 1876, Page 2

TELEGRAPHIC NEWS.

(PER HtESS AGENCY.) Auckland, Wednesday. Little Nell, the Californian Diamond, is an immense success. She will make a tour of the South after a short'season here. At a meeting of the gas company this week, a dividend was declared of 15 per cent., with a reduction in the price of gas to 12s. 6d. per thousand, subject to a discount of 2s. 6d, for prompt payment. The reduction is stated to be warranted by the lower price of freight and coals and the improved system of manufacture. The total expenditure in coal carbonised was £3892, the number of tons not stated ; the receipts for gas were £11,837; for residual products, £1455. It is placed beyond a doubt that Bass, about whose supposed loss overboard from the steamer Taranaki an enquiry was held by the Collector. of Customs, has turned up safe. Wanganui, Wednesday. _ At a large meeting at Waverley last night'a resolution was unanimously passed heartily approving of the boundaries of the Patea county as defined in the- schedule of the Government Bill. Great interest is felt. Lyttelton, Wednesdaj. A strong southerly gale has been blowing here all day, accompanied with heavy rain. CHnrsTCHURCH, Wednesday. At a meeting of the chairmen of Road Boards, held to discuss the Govarnment policy, a resolution was moved—" That the proposal respecting the creation of County Boards is unsatisfactory, as providing cumbrous machinery for discharging duties which the Road Boards are quite ablt to undertake." Opinions for aid against tho resolution were about equally divided. Ultimately it was resolved to adjourn the matter until after the second reading of the Counties Bill. The thoroughbred sntire Barbarian has been sold to Mr. Hay ward, of the Wairarapa, and leaves by the next trip of the steamer Wellington. The annual meeting of the New Zealand Shipping Company was held at noon to-day. The report was unanimously adopted. The Chairman said the dividend of 8 per cent, provided for in the report, would be payable at all the offices of the company in the colony on Wednesday next. The Chairman, in replying to a question, said the profits of the past year had been equal to 22J per cent, on paid-up capital, and that there was £68,523 due on five ships, but eight were unencumbered, and that the directors were almost positive it will not bo necessary to call up more capital. If more capital be required, the directors will use the power given them to issue debentures, and shareholders will be consulted before more calls are made. The three ships now building are expected to enable them to carry on till next annual meeting without chartering any vessels. The following gentlemen were elected directors: —J. L; Campbell, Auckland ; J. Johnston, Wellington; W. Reeves, S. S. Revans, J. Studholme, and C. W. Turner, Canterbury. The meeting was very unanimous, being evidently well pleased with the state of the company and its affairs. The Chairman of the Board of Directors, in opening proceedings, said in reference to the - capital that the directors had deemed it more desirable to call up capital than to issue debentures. £2 10s. per share had therefore been called up, and £45,000 had been received on deposit from the public for various fixed periods without any special security. On the five new ships there were about £68,000 due to the builders, payments extending at low rates of interest up to February, 1869. With the exception of tho lien of the builders over these five ships, the whole fleet and other assets of the company were entirely unincumbered, and no debt existed to tho company's bankers, either in the colony or in London. Although the directors were desirous of maintaining friendjy relations with other shipping firms engaged in the New Zealand trade, they had decided it was best for the interests of the company to occupy an independent position as regards rates of freight and business generally. _ (Loud applause.) And in consequence of this, they had declined overtures to jointly undertake the Government immigration and freight carrying for tho ensuing season. (Applause). The result was that on tendering the company obtained the whole of the Government business, and at rates which, from being lower than those previously paid by the Government, must be eminently satisfactory to the Government and the country, while they wore sufficiently satisfactory to the directors in view of all the circumstances of the case and the existing state of shipping business. He referred to the establishment during the past year of an independent agency at Wellington, and the acquisition of premises at that important centre, and paid a high compliment to their late agents there, Messrs. Johnston & Co. He said among other matters of interest the diroctors had matured a plan for the reception < of apprentices and cadets on board the company's ships, which he was sure must be re- : gard.ed as a boon to the.colony, as opening : a fresh field to its youth, while the company ; hoped from this nucleus to officer their ships i and command them in the future, and so have i an important New Zealand marine, as well as i New Zealand owned ships. (Applause.) He ] referred to the appointment of Mr. H. Sel- I wyn Smith as general manager, and congratu- ' lated the shareholders on obtaining a gentle- 1 man so well adapted to fill the duties of tho I office, and eulogised tho efforts of the London i board of advice and the London manager. I Referring to the profit and loss account, ho ' statod that although only required by articles 1 I of association to place £6250 to tho resorvo i

fund, it was deemed more prudent to place the handsome sum of £20,000 to the credit of that . fund, pay a moderate dividend of 8 per cent., and carry a balance forward. In 'concluding his remarks, he invited the continued co-operation of shareholders, the number of whom he stated to be 450. - He then moved . the adoption of the report as already telegraphed, which was unanimously carried. ■ Hokitika, "Wednesday. Luke Moore, schoolmaster, has- been convicted at the District Court of two charges of criminal assault on two children under twelve. He pleaded guilty to a third charge, and was sentenced to two periods of imprisonment of six years each, and two floggings the first six months.