ANNUAL MEETING OF THE WELLINGTON PATENT SLIP COMPANY.

New Zealand Times, Volume XXXIII, Issue 533, 30 April 1878, Page 2

ANNUAL MEETING OF THE WELLINGTON PATENT SLIP COMPANY.

Tho eighth annual meeting of shareholders in the above company was held yesterday afternoon at the Chamber of Commerce.

George Hpkthb, Esq., M.H.E., was in the chair, and in moving the adoption of the report said that he had but very few remarks to maker The shareholders would see by the balance-sheet of last year that the bills payable last year amounted to £562 13s. This year there were no bills payable current. Last year the debts owing by tho 1 company were £322 Bs, tOd., while this year they appear at £317 9s. Id.; Last year their overdraft at the Bank of Australasia was £3268 ISs,; this year it was £2IOB 12s. Id,, Stock in hand last year,; including the schooner, amounted to £I7OB ss.' lid.; this year it had been reduced, owing to the sale of the vessel, to £725 Ids. 9d. Interest last year, £538 ss. Id.; this year it had been reduced to £473 15s. Id. Charges last year, £2207 14s. 2d.; this year, £1584 15s. 9d. Slip dues last year, £ll2B 145.; this year they amounted to £1207 14s. It would be seen by the report' that the directors had sold * the vessel - built at their works,: but she did not bring such a high price as they anticipated ; but bearing in mind the importance of paying a dividend, the directors thought :it -. was advisable to -sell her. The ; directors: did not intend to lay another vessel on the stocks. : A portion of the assets, appearing .as £725. 14s. under the head of stock, would be converted into money, and they had also in view the practicability of selling a small steamer, for which the company have had no use for some years past, j The subsidy and profits for the last year or two have been absorbed in making up the capital. The Chairman, however, hoped that after this the . company would be able to pay a dividend in terms of the Act of Incorporation. The Chairman concluded his remarks by mentioning that Mr. Bannatyne and himself were the two retiring directors, and. offered themselves for re-elec-tion.

Mr. David Anderson thought that tho directors should not be paid. He saw no reason why they should receive so large a. salary.

Mr. Pbakoe said that the directors had been paid according to a resolution passed some time ago. He would point out to Mr. Anderson that in the early stages of the company the directors had more anxiety and trouble with the business connected with the company than they had with their own private affairs.

Mr. Anderson remarked that the directors of the Patent Slip Company were more fortuuato' than ho was when belonging to tho directory of another company. He never ro--1 oeived any pay. Mr. Dew thought the honorarium was Very small, and die would support the payment of the directors. ;• r ; ■. i„

: Mr: J. Dransfield thought that the directors had had a great amount of trouble. Ho had boon ,on a directorship, and like Mr. Anderson ’ had received no money. At the, same time ho had not had the,trouble and anxiety ; tho directors of., the Patent Slip, Company bad. Ho thought that .their

directors had done more for the company than the directors of the Gas Company, If the directors were paid according to the work they had done they would receive a great deal more than that allotted to them. He was glad to notice that a new company was being started in Wellington, with the intention of having a paid directory. He considered that they (the new company) were quite justified in fixing it beforehand. As regarded their own company, he would again say that the directors had given their time and money for the promotion and welfare of the company, and he considered they ' had been miserably paid. He would ‘support the payment of directors. Mr. Anderson said that after the remarks made by Messrs. Pearce and Dransfield he would not oppose the payment of directors. The report and balance sheet, as published;by us on 25tlx instant, were then adopted. ■ ELECTION OF DIRECTORS. The Chairman remarked that Mr. Baunatyne .and himself retired from the directory by rotation. On the motion of Mr. Levy, both these gentlemen were re-elected without opposition. ELECTION OP AUDITORS. Ou tlie motion of Mr. Pearce, seconded by Mr. Port, the previous auditors, Messrs. F, C. Kreeft and E. W. Mills, were re-elected. This was all the business, and the meeting adjourned.