Patea S. S. Company.

Patea Mail, 25 November 1880, Page 2

Patea S. S. Company.

A special general meeting of the shareholders was held on Tuesday, to confirm or otherwise a resolution of directors for increasing the capital of the company to £12,000, with the object of running a second larger steamer suitable for the cattle trade. There were present, Messrs H. Williamson (in the chair), Tapliu, R. A. Adams, Christie, Tennent, Mcßae. Foreman, W. Williams, Wray, W. Williams, jun., and E. G. Horner, manager.

The Manager explained that circulars had been issued ami tlie district canvassed by certain of the directors and by himself: that brokers had also been appointed in Hawera and Wavcrley to canvass those districts. The result was that 142 shares were applied for, which the directors did not think would warrant them in proceeding farther in the matter.

Mr Tennent said that when the directors found such a small number had been applied for, they thought it would be desirable to make an offer to two different companies for chartering a boat for three months. They had offered to charter the Kennedy, of the Nelson Anchor line, for three months, and had written also to the owners of tbe Oreti, asking in each case what would be tho lowest terms of sale at the end of three months. The Kennedy had since been sold, but an answer as to the Oreti had not come to baud.

The Manager read a letter just received from Messrs J. H. Cock & Co., Nelson, saying" the proposal could not be entertained, but facilities for working traffic could be offered.

Mr Tatlin proposed that the resolution of directors on the subject be not confirmed. Mr Foreman seconded.

The motion was adopted, with alteration to the effect that the directors’ resolution be rescinded.

Mr Texnent : Though this matter has fallen through, the directors are still of opinion that there is an opening for another boat to be run by this company. The Patea steamer is doing better than ever she did, earning a large dividend for the shareholders. Those who applied for the new shares were nearly all old shareholders. A great number of settlers to whom we spoke about a new boat wished it success, but said that though it was very desirable, I

they had other speculations in view. Steamship shares were not quite the thing for them, as they preferred something they understood better. Wo pointed out to them that this second steamer was more especially intended for their benefit, being a cattle boat. In chartering a steamer we proposed to see how far it was suitable for this bar ; and if the terms were found acceptable, we might arrange to borrow the money after three months’ trial. Mr Williams: lam sorry we did not succeed in getting enough shares taken, as another boat would benefit ourselves and the district too. A vote of thanks to the chairman terminated the business.