Opunake Wharf Company.

Opunake Times, Volume II, Issue 97, 7 June 1895, Page 2

Opunake Wharf Company.

The annual general meeting of shareholders was held on Thursday evening m the Town Hall. Mr R. Lambie, Chairman of Directors, occupied the chair.

Minutes oEl.i ' annual meeting were read and 001).":. ::cd.

The SecreUi.-y then read the report and balance, which showed £lOl2 had been written off on account of damage done to the structure.

The Chairman said they would be pleased to hear any remarks or suggestions that shareholders might have to make on the present position of the company's affairs. The result of the canvass for shares had not been quite so satisfactory as was anticipated, there being only between four and five hundred promised so far. There were several schemes talked of. One was to wind up the present company, as some people seemed to think it was standing in the way of restoration. He would be sorry to think so, and felt pretty certain that they would gladly step aside to make room for any feasible scheme. Then there was talk of forming a rating area. This he considered was undoubtedly the best way, but the question was would the people make themselves liable for a further rate. The only other means would be for shareholders to take up shares or raise the money by guarantee. In order to discuss the matter he moved the adoption of the report aud balance-sheet. Mr D. McGregor seconded.

Mr R. Palmer asked if the overdraft of £l7O would be made a first charge on money subscribed for new shares.

The Chairman said it would not. All the money coming from new shares would be used for construction. Mr Palmer asked if there were enough calls outstanding to pay the overdraft.

The Chairman replied there were not, but there were the assets of the company as security.

Mr Newman said he was prepared to take up supplementary shares, and no doubt others in the room would do the same so as to prevent any'risk of it gettiug into private hands. Mr H. Wagstaff asked if the uew share applicants were, present shareholders. The Chairman said most of them were.

Mr Palmer was afraid it would be a mistake to put iron under the water, as it would soon get eaten away by the salt water. He was certain a timber pile with copper sheathing would be a much better pile. As regards a rating area, if they could getrid of the New Plymouth rate the people might go in for it, but to form another rating area would be rather rough. ■' The Chairman said that if a rating area were formed and the work done they had good proof that no rate would be required, as the income from the jetty would not only pay expenses but would also soon rub out the overdraft as well. The rating area suggested was from Puugareha to Oeo.

Mr McGloin said it would be unfortunate to wind the company up. He thought, however, that it would be a good idea to test the feeling of the people in the suggested area with regard to the rale, and he thought they would be fouud to favor it. He thought meetings should be called at Eahotu, Opunake, Pi ham a, and Awatuna, at which the whole matter could be laid before tha settlers by the directors. From what he knew of settlers it was hard to get them to attend meetings, and they would want a stockman out with a whip to round them up. He would move that meetings be held at Eahotu, Opunake, Pihama, and Awatuna, on dates to be fixed by the directors, for the purpose of ascertaining the feeling of settlers in the matter. Seconded by Mr McHardy, and carried.

Mr G. W. Eogers said owing to the number of absentees it would be very difficult to get a poll, and thought they should first go through the roll to see what-chance of success there would be if the proposal were agreed to. He moved that it be an instruction to the directors when these meetings were held, in the event of the settlers not agreeing to the rating area, to see what further shares they would be prepared to take to carry out the work. Seconded by Mr Newman, and carried.

Messrs Lambie and Pettigrew were elected to fill the vacant seats on the directory. Messrs G. W. Eogers and H. Newman were elected auditors.

A vote of thanks was passed to the auditors for their past services. A vote of thanks was also passed to the directors.

Fifty-two additional shares were then subscribed in the room, most of those present having already notified their intention of taking up further shares.