ANNUAL MEETING OF THE WELLINGTON PATENT SLIP COMPANY.

New Zealand Times, Volume XXXIII, Issue 5353, 24 May 1878, Page 7

ANNUAL MEETING OF THE WELLINGTON PATENT SLIP COMPANY.

The eighth annual meeting of shareholders iu the above company was, held on Monday, April 29th, at the Chamber of Commerce. George Humm, Esq., M.H.R., was in the chair, and iu moving the adoption of the report said that he had but very few remarks to make. Tho shareholders would see by the balance-sheet of last year .that the bills payable last year amounted to £552 13s. This year there were uo bills payable current. Last year the debts owing by the company were £322 Bs. lod., while this year they appear at £317 9S( 4d. Last year their overdraft at the Bank of Australasia was £3268 135,; this year it was £2IOB 12s. 4d. Stack in hand last year, including the schooner, amounted to £1708;65. lid. ; this year it had been reduced, owing to the sale of the vessel, to £725 14s. 9d. Interest last year, £533 sa. 4d.; 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 Ida.';- this year they amounted to’ £1207 14s. It would be seen by tho report that tlie 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 £725 145. ; under the head of stock, would be converted into money, and they had also iu view the practicability of soiling ft - small steamer, for which the company have had no use for some years past. The subsidy aud profits for the last year or two have been absorbed in making up the capital. The Chairman, however, hoped that after this tlie company would: be able to pay a dividend in terms of the Act of Incorporation.,.' The' CJiairniaiu concluded his remarks by mentioning that Mr. . Bannatyne and himself /were the two retiring directors, and offered themselves for re-elec-tion. Mr. David Andebson thought that the directors should not be paid. Hq saw no reason why they should receive so large a salary, ’ Mr. Peakcb 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 tho 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 fbi>, tunate than he was when belonging to the directory of another company. He never re - ceived any pay. Mr. Lew thought the honorarium was very small, aud he would support the payment, of the directors. Mr. J. DrANSKIELD thought that the directors had had a great amount of trouble. He had-been on a .directorship, and like. Mr.’ Anderson had received uo money. At tho same time he had not had tlie trouble and anxiety ■ the directors of the Patent Slip Company had. He thought that their directors bad done more for the company than tho directors of the Gas Company. If the directors were paid according to tUe: 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, ho would again, say that • the directors -.had given their time and money for tho promotion and welfare of tho company, and he considered they ,-had been : miserably paid. He 1 -would . support the payment of directors. ■ Mr. Andebson said that after the remarks made by Messrs. Pearce and Dranstield he would not .oppose the payment of directors. The report aud balance, sheet, as published by us on 25th instant, were then adopted. ELECTION OK DIRECTORS. The Chairman remarked that Mr. Bannatyne and himself retired from the directory byrotation. On the motion of Mr. Levy, .both these gentlemen were re-elected without opposition. ELECTION OF AUDITORS. On the motion of Mr. Pearce, seconded by' Mr. Poet, the previous auditors, -Messrs. F. C. Kroeft and E. W. Mills, were re-elected. Tho meeting then adjourned.