THAMES VALLEY RAILWAY. Auckland, May 23.

Te Aroha News, Volume VI, Issue 371, 25 May 1889, Page 5

THAMES VALLEY RAILWAY. Auckland, May 23.

An extraordinary general meeting of shareholdeis in the Thames Valley and Rotorua Railway Company (Limited) was held ab 11 o'clock to-day in the office of the Company, Shortlsnd-street. There was a good attendance of shareholders, Dr. Campbell presiding. He explained that the busine&s wa« the consideration of the following resolution, which he moved : "That the Company be wound up voluntarily, under the provisions of the Companies Act, 1882, and that Gerald O'Hallortin be and is hereby appointed liquidator for the purposes of such winding up." This was seconded by Captain Dalcly and adopted without discussion. The Chairman said that after paying the last dividend there still remained a credit balance of about £300. This would of course be used for the the purpose of defraying tho liquidator's expenses. It was estimated that there would then still be a balance left of £200. It remained for the shareholders) to decide what should be done with the balance. The amount would pay a dividend of about one far thin g. Mr Batger moved, "That the directors be authorised to dispose of the balance as they may deem tit." He said that the amount was too small to make an appreciable dividend to the shareholders. During the whole time that the Company was in difficulties, jio fees were paid the directors, and he thought it would be an act of grace on the part of the shareholder© if the balance was left at the option of the directors to do what they wished. As it was a few years since he had himself been an official oi the company he felt justified in speaking and he could testify to tho ability and energy displayed by the Chairman and Directors in extricating the Com pany from the difficulties in which it was for some time. He intended his motion as a vote of thanks to the Directors for past services. Mr J. Russell agreed with the spirit of the motion, bub thought it would be better if the resolution plainly authorised the Directors to divide amongst them any balance remaining after the Company was wound up. Mr Batger altered his motion as suggested, that the directors be authorised to divide amongst themselves the balance remaining as a honorarium for past services. This was seconded by Mr James Russell and adopted unanimously. The Chairman thanked the shareholders on behalf of the directors, and also mentioned that in making their claim against the Government the directors recovered JBBOO as fees for their services, which sum was duly divided as dividends amongst the shareholders. He notified those present that it would be necessary for them to muster again in 14 days in order to confirm the resolutions and die decently.