THE PARA PARA IRON AND COAL COMPANY.

New Zealand Times, Volume XXXII, Issue 4931, 11 January 1877, Page 7

THE PARA PARA IRON AND COAL COMPANY.

A meeting of the Wellington shareholders in the above company was held on December 20th in Captain William’s ofiices on the reclaimed land. There was an influential attendance, and Mr. W. V, Jackson explained that the object of the meeting was to consider certain resolutions which had been passed by the Nelson shareholders at a meeting held on the 27th November. These resolutions were—(l). That with the view of effectually reorganising the company. all shares upon which calls were in arrear should he forfeited forthwith, and all shares so forfeited allotted in proper proportion to the remaining bona fide shareholders, to whom paid-up certificates should be issued for their respective interests, and all further liability ou the original number of shares should be cancelled. (2). That the promoters should be called upon to relinquish absolutely one-half of their interest in the paid-up shares issued to them under the original prospectus, excepting such of those shares as might have been dealt with previous to the date of meeting! and that, should the promoters consent to this arrangement, then the company would agree to relieve them of all liability in respect of calls due on subscribing shares. (3.) That clause 65 in the Articles ef Association should be cancelled, and the following substituted:—“The Board of Directors shall consist of ten members, three to form a quorum, all to be resident in New Zealand.” (4.) That a new prospectus should be issued, with a capital of £IOO,OOO, in addition to the present subscribed capital, and that the Board of Directors about to be appointed should be empowered to re-construct the company on the new basis, and when their plans are matured, submit the same to the shareholders for approval. He had proposed these resolutions himself, and they had been seconded by Mr. K. Baxter, of Nelson, and earned unanimously. Communications had been received from a number of shareholders in Melbourne, who thought that the company shou d not be wound up without, a further effort’ being made to make it a success;-and ■.the . Nelson s hareholders were evidently of the same opinion. He then; went on to .explain that £2400 was not paid up, default having been made to that extent. As to the resolution re the promoters giving up one-half of the number of shares allotted to them under the original prospectus, he might mention that a number of them were quite willing to coincide in this arrangement. With regard to the third resolution, it had been thought inadvisable to have a Board of Directors In Melbourne, as, owing to tbeir distance from the scene of the company’s operations, their services would be of little practical use. There was a feeling In Nelson that some of the Melbourne people would take up additional capital, and that in all probability a large number of shares would be taken, it the proposed new arrangement was carried out. The property was most valuable, and by the judicious expenditure of a few thousands, great results might bo looked for; and being a colonial industrj - , the shareholders would be serving an additional end in working the mine. If the proposed scheme was carried out, the shareholders who had paid up in the old concern would not be responsible for further calls,,excepting they made them-, selves liable in respect of shares taken up under the i new arrangement. Mr. Jackson, in reply to questions by shareholders, said that in his opinion pig-iron could be produced on the spot at a cost of between £OOOO and £10,000; and . the balance-sheet showed £llO6 cash on the credit side, besides other assets, of which there was a large amount. ,

The scheme was then discussed at length, the proceedings being of a conversational character, and Mr. Jackson was authorised to attend the meeting to be held at Nelson, and vot-s for the confirmation of the resolutions previously referred to, on behalf of the Wellington shareholders. It was decided that it would be advisable to send Home from 100 to 150 tons of ore to be smelted, so that the public might learn its value, the cost being but trifling and the return looked for expected to result in a large augmentation of the number of shareholders. Mr. Jackson was instructed to bring this matter before the Nelson shareholders at the next meeting. Mr. Jackson then explained that while at Nelson he had nominated the Hon.. W. B. Rhodes, the Hon. J. Johnston,'Mr. Brandon, M.H.Ri, and Captain W. R. Williams, as Wellington directors, which nominations were concurred in by the meeting. The proceedings were brought to a close by a vote of thanks to Mr. Jackson for the trouble he had taken in the matter.