AUCKLAND STEAM PACKET COMPANY.

Poverty Bay Standard, Volume III, Issue 257, 20 March 1875, Page 2

AUCKLAND STEAM PACKET COMPANY.

(Abridged from the Southern Cross J An extraordinary meeting of the shareholders of the above Company was held in Auckland on the 11th inst., to consider the propriety of extending the capital of the Company. There were eleven share holders present, and W. C. Daldy, Esq., occupied the chair. He said the principal object was to keep pace with the present steam arrangements of New Zealand. This Company, as they were well aware, had during the last three or four years retrieved all the trade W’hich Auckland had lost with Gisborne, Napier, New Plymouth, and Wanganui (which they were operating upon now); and the directors were of opinion that if the capital of the Company were enlarged, and they were able to get more boats as the increase in trade demanded, they wouid be more successful than any other company belonging to the province itself or to the North Island, and would at the same time benefit Auckland materially by increasing its communication with other ports. They had purchased the Go-a-head steamer for the purpose of keeping her in the Taranaki and Wanganui trade, but in consequence of the accident to the Pretty Jane the directors had been obliged to take her off for a short time. She would however, be replaced as soon as possible. He would just remark that the number of shareholders now in the Company was, if not disgraceful to Auckland, at any rate not what it should be. There were only 56 shareholders, and about a third of that number resided at Poverty Bay and Napier, leaving 40 in Auckland. Mr. James Watt moved: “That the capital of the Company be increased to £150,000 by creating 10,000 new shares of £lO each, £4 to be paid up, and a premium of 10s as follows :—£l on application ; £1 on allotment; the balance at intervals of three months after allotment,

in two separate calls of £1 and £1 10s respectively, or applicants can pay in full at once, and receive scrip entitling them to dividends." Although the directors applied for the number mentioned, he believed it was not their intention to issue more than half of them at present. The object in the proposed increase in the capital was to enable them to put a larger boat on the Fiji trade, and to employ the steamer at present engaged in that service on the coast, where she would do better. If they were to continue in the Fiji trade they must have a larger and a faster boat. For the last four trips at least the Star of the South had shut out cargo from the islands, and large consignments had gone to Sydney, which would otherwise have come to this market. The Chairman said the value of the shares for the last half-year, after all liabilities had been paid, would have been £8 Is, but owing to the loss sustained through the accident to the Pretty Jane, and other causes, the value was slightly reduced. At any rate, there was about £l,OOO or £5.000 of accumulated gains in the Company during the past three years, and the public were only asked to contribute 10s per share to have the benefit of that increased capital. Mr. J. Y. Stevenson said: Every one in business must have observed the very great improvement in the communication with Gisborne since the purchase of the Pretty Jane, some twelve months ago. The working of the Company had shown that 10 per cent, could be paid, and a good reserve fund kept as well. In regard to the accident to the Pretty Jane, he believed that the amount to the credit of the Insurance Fund was more than sufficient to cover the loss the Company would sustain ; and, therefore, the Eescrve Fund would not be affected. The motion was then agreed to unanimously. It was decided that the share list should remain open until the Ist of May.