WELLINGTON CITY TRAMWAY.

New Zealand Times, Volume XXXIV, Issue 5734, 15 August 1879, Page 3

WELLINGTON CITY TRAMWAY.

A special general meeting ,'of this company was held at the office of Mr. T. Kennedy Macdonald on Monday, July 28, the Hon. Dr. Grace in the chair. There were eighteen shareholders present. The Chairman, having read the notice balling the meeting, said that at a previous meeting he had in some degree been misreported. He had not said that the working expenses would be 50 per cent, lower, but that by the recent diversion of the line the increase in receipts was 50 per cent., and that this increase would materially lessen the working expenses. The expenses had been already dimished 20 per cent. He moved the following resolution, notice of which had been sent to shareholders ; —“ That the 21th section of the regulations for the management of the company be amended, by omitting therefrom the following words, viz. : ‘ Not exceeding in the whole onethird of the paid-up capital of the company.' ” Mr. E. W. Mills briefly seconded the resolution.

In reply to a question the section proposed to be altered was read. The Chairman explained that the alteration would enable the company to borrow money. That was the intention of the amendment, and the necessity for this beirg done was one they were not in a position to escape from. The motion was then carried unanimously.

The Chairman then thanked the shareholders for their attendance, and said he hoped at all times they would have sufficient confidence in the management to respond to calls for support that it may be necessary to make. He spoke of the difficulties that the company had bad to contend with, which were many, but most of them were attributable to the altered state of the money market. Nothing whatever was ever sought to be hidden from the shareholders, and if there was anything they wished to know concerning the company’s affairs if they would go to him he would explain minutely every detail. In his opinion the eoncern was a first-rate one, and he had put down £2OOO in hard cash as a proof of his good faith in it. In fact, if it were not that he might get to the end of his small breeches pocket—(laughter) —he would ho quite willing to put down another £2OOO within a week. Notwithstanding the exceptional difficulties that had been encountered, they were now passing away. He referred to the recent action, in which the verdict had been against them, and he explained the circumstances which had led to the action. He was bound not to pay any demand unless fully satisfied of the company’s indebtedness, and in this case he had taken careful opinions, the result being that he was advised the company was only liable for the actual value of the work done. The directors had been strongly advised that they had a good case to defend, and that they could get the work done to-morrow for the amount (£1000) paid into Court. The action had consequently been defended in the interests of the shareholders. Mr. Davis had certainly gone to him and very kindly told him that the company was liable, but he never told him that he had a memo, to the effect that the work was to be done at schedule rates. Mr. Jackson, the late manager, had also told him in the kindest spirit, after the trial, that he had known this ; bat had Mr. Jackson, instead of taking offence at some newspaper correspondence concerning him, told him (DrGrace) of this before the trial, the money would have been paid. After some farther remarks, the Chairman concluded by saying that the line was admittedly one of the best constructed, and the plant the best that money could secure. The management was good, and all they asked was the confidence of the shareholders. He asked those present to confide m the management, and also induce others to do the same “and the result would be satisfactory to everybody.