WEDNESDAY, SEPTEMBER 16, 1874.

Poverty Bay Standard, Volume II, Issue 205, 16 September 1874, Page 2

WEDNESDAY, SEPTEMBER 16, 1874.

A notice appears elsewhere from the Secretary to the Poverty Bay Petroleum and Kerosine Company intimating to those shareholders who have not paid their calls pursuant to notice that they run the risk of having their shares forfeited ; and we have been requested to draw attention to the Regulations of the “Joint Stock Companies Act,” in consequence of an opinion which prevails to the effect that a second notice is required to be served upon shareholders before the Board of Directors can act upon the Regulation empowering it to forfeit shares. We accordi ugly append those Regulations which immediately bear upon the point, without committing ourselves to any further expression of opinion than to point out what seems to us to be a reasonable interpretation of them. They are as follow :— 2. The Company may from time to time make such calls upon the shareholders in respect of all moneys unpaid on their shares as they think fit provided that twenty-one •lays’ notice at least is given of each call and each shareholder shall be liable to pay the amount of calls so made to the persons aivi at the times and places appointed by the Company. 3. A call shall be deemed tu have been made at the time when the resolution authorizing such call was passed. 4 If b fore or on the day appointed for payment any shareholder does not pay the an*-unt of any call to which he is liable thrai . such shareholder shall be liable to pay interest for the same at the rate of eight pounds p; r cent per annum from the day appointed for the payment thereof to the time of the actual payment. 15. If any shareholder fails to pay any cal! due on the appointed day the Company maj at any time thereafter during such time as the cull remains unpaid serve a not ice on him requiring him to pay such call together with any interest that may have accrued by reason of such non-payment. 16. The notice shall name a further day and a place or places bring a place or puces a: which calls of the Company are usually made payable on and at whi. h su-li call is to be paid. Il shall also stale that in the event of nonpayment at the time and place appointed the shares in repeat of which such call was made wilt be liable to be forfeited. 17. If t he requisitions of any such notice as aforesaid are not complied with any share in

respect of which sueh notice has ‘been given may be forfeited by a resolution of the directors to that effect.

18. Any shares so forfeited shall be deemed to be the property of the Company and may be disposed of in a manner as the Company thinks fit. 19. Any shareholder whose shares have been forfeited shall notwithstanding be liable to pay to the Company all calls owing upon such shares at the time of the forfeiture

Shortly, the foregoing may be summarised thus: — Regulation No. 2 stipulates that the Com; any must give, at least, 21 days’ notice of any call having been made. No. 3 Regulation declares that a call is made when the resolution is passed authorizing the same. No. 4 Regulation provides that in the event of a call not being paid on the day appointed, the shareholder shall be liable to pay interest. Which, as we take it, gives the Directors power to charge interest. Then No. 15 Regulation says that the Company may (it does not say it shall for any ulterior purpose) serve a notice requiring payment of both call and interest. And No. 16 Regulation adds that a " further day and place ” must be named, at which the calls and interest are to be paid ; it is this second notice which provides for the shares being Hub 'e. to be forfeited in case the monies due in respect of them are not paid. No. 17 Regulation seems to be sufficiently explicit to bear out the view entertained bv the objectors ,to pay their calls before the issue of a second notice, by stating that “ if the requi- “ sitions of any such notice” (clearing alluding to' the second one mentioned “ in No. 16) “ are not complied with ” the shares may be forfeited by a resolution of the Directors. And it would seem to be upon the second notice alone being uncomplied with, that action could be taken in the forfeiture of shares by the Board. Of course we cannot undertake to stand or fall by this view of the points involved. The question is, evidently, one on which a solicitor’s opinion might be taken with advantage, but as the facts present themselves, it occurs to us that there cannot be two opinions as to which notice is necessary to be given before the Board can go the extreme length of forfeiting the property of the shareholders. But the reasonable interpretation of these Regulations, however, clearly points to the fact that the calls are due on any day up to the expiry of the first notice of 21 days, and, being due, ought to be paid. No company, or business, can be carried on successfully, unless a fair dependence can be placed on the prompt payment of money liabilities’; and as in the case now before us it seems to be putting the Company to unnecessary trouble and delay, in insisting that ultra measures shall be adopted, before the shareholders will redeem their engagements. One of the best means to put this matter on a proper footing at once is to charge the shareholders interest on al! calls remaining unpaid ; but we trust their good sense will render such a proceeding unnecessary. They are co-partners in the concern, which must suffer more in a collective sense, than is likely to be gained individually by opposition and delay.

From what we have learnt since laying before our readers the result of Mr. Hardy’s mission to Wellington, there seems to be some doubt as to what the real intention of the Government is in reference to making the trunk lines of road in this district —always supposing that they have any intention at all connected with the matter. On the one hand it is said that there is little or no money left out of the borrowed millions, to spare for the purpose ; a report which gains some additional coloring from the known fact that many of the public works which have been sanctioned by Parliament, have been ordered to remain in abeyance. Again it is said that the cost of the bridges which are to be built over the Waipaoa and Turanganui rivers, and the Arai stream, is to be def rayed on! of the proceeds of the sale of the Patutahi Block ; indeed it is not certain whether, whatever may be done by the General Government in the shape of Public Works in Poverty Bay, the payment of them will not have to come out of the Patutahi Block.

The mythology of the Genera] Government, with respect to the Patutahi Block, assimilates closely to that of the heathen gods. Pandora, a woman made of elay by Vulcan, is chronicled in fable history as having been bountifully supplied with gifts by both godsand goddesses. Amongst others, Jupiter gave her a box. said to contain evils innumerable, but hope was ar the bottom. The gift, if such it be, of the Patutahi Block for the benefit of the settlers is in much about the same position. The benefits likely to arise from it, are no more nnmixed blessings than those that came from Pandora’s box, while a realization of the promises that Hope holds out to us, by the gods of our own time, is as uncertain as that held out by Jupiter himself. Every!hing, good, bad, and. indifferent is ascribed to the Patutahi Block. Road making, bridge building, and what not, all have to come out of the Patutahi Block. Even the Provincial Government is bolstered up by a paper credit of some £20,000, to come out of the Patutahi Block. Tn fact the very name of the Patutahi Block begins to “ stink ’i the nostrils.” We are disgusted, inasmuch as everything that is promised in the shape of public money, is to be a first charge against its sale. Certainly if the district is to get its nett share of the proceeds, and the charge of these works is to be debited to the two Governments, which are to have large benefit from the sale, why, so much the better. But let us understand this definitely. Let there be no more haggling, and misrepresentation. and dishonest, evasive, diplomacy about the matter. This district will have to pay, in common with other portions of the Colony, additional burdens of taxation to meet the long-dated bills that are now being given to sustain the Public Works Policy, as it is called.. So far we have had barely one sbillingof benefit from th ■ loans incurred by virtue of that policy —not even from immigration, and now we are coolly told in other words (such, at auy rate, is the report) that if we buy

sufficient land to provide funds, we shall have some portion of them laid out in the district.

We are ti'ife.d of this “ beating the bush ” policy; aud’tve strongly urge the settlers to invite the Hon. the Native Minister to a public meeting, on his approaching visit to Poverty Bay, and then and there urge upon him to give as definite an outline of the intention of the Government relative to these questions, as their importance and our interests demand.

Divtnb Services.—The Rev. Mr. Morphy will preach at Ormond on Sunday morning next, and at Gisborne in the evening at. the usual hours. The Rev. Mr. Boot will also hold service at Gisborne in the uiormug, and at Matawhero in the afternoon.

A Calf with Two Tails.—Amongst other attractions at Messrs. Robertson and Co.’s auction sale, on the23th September next, we are informed that “ a most extraordinary animal—a calf with two tails,'’ will be offered for sale ; to lovers of the wonderful in nature the possession of such an animal will be a great, treat. Agricultural and Pastoral Society.— We are glad to learn that arrangements are about being made for the establishment of an Agricultural and Pastoral Society in Poverty Bay. Several of our leading flock owners have discussed the matter, and it is proposed, if possible, to have a preliminary show about the end of next month. Although rather late in tiie season for the collection of any excellent stock, such an exhibition as can be got together, will serve as the nucleus of a permanent, society, and will illustrate the desirability of farming upon scientific principles, with a view to improvement both in usefulness and blood Oil Springs.—Mr. Parsons, the Manager of the Poverty Bay Petroleum Company, accompanied by the Chairman of the Directors, paid a visit to the Company’s ground on Friday last, and we are glad to learn that he gives a very favorable report upon the prospects before him of ultimately finding an abundance of raw material. Instructions have been given for the erection of the machinery necessary to commencing operations, and Mr. Parsons thinks he will begin drilling in the course of a week or so. So far, all things tend in the direction of ultimate success to the Company. The indications are stated to bo amongst the most favorable to be seen in America. It is now simply a question of brains and money. We have imported the one at some considerable expense, and we must now see that the other is provided in such a way as will be best calculated to guard against a total loss of both.

QUARTERLY INSPECTION PARADE. During the past few days the usual inspection of arms has taken place in the district, under the command of Captain Gudgeon; No. 1 Company of Militia, and Mounted and Foot Volunteers ending the parade in Gisborne on Monday last. In the former ranks there was a good attendance, whiU the latter showed up rather meagrely ; although, taking into consideration the slate of the roads,, and the weather, there is no wonder that, some of the men living in the country, would risk the probability of being fined, rather than face the difficulties before them on a march into town.

We learn that a very good report is made of the country companies by the Commanding Officer, as regards attendance and the state of their arms ; indeed, Captain Gudgeon drew comparisons, decidedly favorable to the former, immediately after the inspection of the town Militia Company on Monday. He expressed himself as very dissatisfied with the negligent, and inefficient appearance of the rifles ; and said that, although he did not wish to impose too much upon the men, he expected the arms to be kept clean, and in a reputable state ; on the present occasion, he should inflict only a nominal fine in some of the worst eases, but if no improvement took place, he should bring the delinquents up under the “Public Stores Act” for destroying Government property. lu the afternoon, preparations were made for Company and Battalion drill; several detachments being marched on to the Reserve adjoining Mr. Hall’s residence for that purpose, but the rain, which, at the time fell rather plentifully, caused a march back again to the Court House, where a “ break-off ” was ordered, and the Militia paid. Considering that the aggregate strength of No. 1 Company is something considerably over 100, it might be found desirable to divide it into two, that, is if the drill duty which the Militia is called upon to perform is worth the change.