IMPORTANT MEETING.

Westport Times, Volume VI, Issue 994, 9 August 1872, Page 2

IMPORTANT MEETING.

On Tuesday evening last, a numerously attended meeting was held at the Post Office Hotel, "Westport, to take into consideration the important subject of extending the Ngakawhao coal trade, and also the general trade of the port, by making provision for an efficient steam service. On Mr Munson's motion, Mr Humphrey was called to the Chair. The Chairman explained that? a meeting had been held during the day to discuss the subject under consideration and that a sub-committee had been then appointed to •consult with the proprietors of the Ngakawhao Coal Mine, upon the terms at which they would be willing to transfer their present rights to a public company. The result of the consultation was that certain proposals had been put in writing by the coal mine proprietors, which he would now read, to the meeting. The sub-committee had entered into a long discussion with the mine proprietors upon details, and had thoroughly considered the subject in all its points and bearings, and had ultimately came to a decision to recommend the proposals as being fair and equitable.. • The proposals were to the effect that the proprietors of the mine would transfer their interest to any public company, purchasing a steamer available for the coal trade, towage, and tendering vessels in the Buller Roadstead, or for short trips coastwise, upon condition that the company should be formed under the Limited Liability Act, with a minimi am capital of at leust £SOOO, in shares of £lO. That the promoters receive for their interest in the mine, £I2OO in paid up scrip, upon the proviso that such scrip should be withheld from sale until after subscriptions

had been paid on shares iesied to tho public, sufficient to purchase the steamer, and pay preliminary expenses. The chairman then gave further particulars as to the present value of shares in the Ngakawhao coal mine t showing that the price named by the shareholders for their present interest, was less than the present marketable value of the property, as evideuced by standing offers of £1.30 for half-shares in the mine. He, the chairman, was so well convinced of the safety and ' permanent value of the proposed investment, that he would at once state his readiness to take an interest therein so far as he could possibly afford, In reply to a question from Mr Muuday, the Chairman stated that, as a matter of course, the steamer pro. posed to be purchased, would be a first charge upon the subscriptions paid on shares.

Mr Fisher said the offer made by j the holders of the Ngakawhao coal mine was startlingly reasonable, and should prove a strong incentive to the public to bestir ihemseives to open up the coal trade, and also advance the interests of the general trade of Westport. He had heard it had been pr 6. posed to purchase the steamer Gki2el!e the property of Messrs Miles and Co. of Lyttelton ; which had been offered at a reasonable price, but some doubt existed as to whether her draught of i water would not be too great to allow 1 of her working the Ngakawhao bar at I all tides, aud he thought, therefore I iu the interests of tho public, the pro' I moters of the movement should giva ! some explicit information as to the power of the steamer, her draught and any other particulars likely 0 to affect the interests of the proposed company, A conversational discussion there. upon 6nsued; wherein it was stated that the draught of the GaSelle was 6ft 6iu \ loaded ; aud that, being a screw boat, she would most likely draw nearly us 1 much when light as when loaded. The ] boat had been built by Harolds, of ] Belfast, was a good traveller, making 8 knots with full cargo, was in good repair, well equipped, and had a sea- ] going certificate, and was offered for 1 sale by her present owners on account of the coasting trade wherein she had I been engaged between Lyttelton and I adjacent ports, haviDg been diverted, by 1 the opening; of the Kaiapoi and Heath. I cote railway. (Telegrams received 1 from Messrs Miles and Co., and the 1 replies thereto, were here read.) It j was considered that at spring tides | the G-azelle would have no difficulty in 1 crossing the Ngakawhao bar, although during neap tides she might have to j depend on coasting or towage for j employment. In answer to a question I Mr Seatou explained that a portion of the rocks near the Ngakawhao wharf j had been removed, and that an outlay j of £SO only would be sufficient to j thoroughly clear away tho obstruction, In further conversation it was stated that, from the tenor of the telegrams received, the Gazelle might be ex. pected to carry at least 70 tons under hatches. A difficulty seemed to pre. sent itself in the raising of £2OOO to commence operations, uuless G-rey-mouth aud Nelson people were asked to join in the venture ; aud Mr Fisher suggested that the Committee might j communicate with Messrs Miles and I Co., asking the precise terms upon which they would dispose of the boat. This Mr Powell concurred in, and seconded Mr Fisher's motion to that effect. Mr Sheahin also spoke in favor of au effort being made to obtain v the steamer on easier terms than cash down, and thought that the public would more readily take the num. ber of requisite shares, if the calls thereon were made light. Every one, he felt assured, was thoroughly impressed with the advantages that would accrue to Westport, iu the extension of the coal and coasting trade, and direct communi. cation with the Melbourne steamers, but still, under the present depressed state of business, there might be a difficulty iu raising all the cash required at a short notice. It was here- j upon explained that a letter had been j already forwarded to Messrs Mills and Co., on this subject, but that delays in transit might prevent it reaching Lyttelton before the time stipulated for a definite acceptance or refusal of Messrs Mills and Co.'s offer. Dr ] Thorpe thought it very desirable not to risk losing a good bargain by hag- ! gling over the terms, and that the money might be raised here and at ] Nelson, within 24 hours, and it might very probably happen that if the j chance now offered wa3 allowed to j pass by, they might find that they j would have to pay double the money I for another steamer. He understood j in fact, that some Nelson people were I already prepared to buy the steamer | for their own use. 1

The question of ways and means having been fully debated, the following resolutions were adopted. Proposed by Mr Fisher, and seconded by Mr Powell :■=— " That the propositions made by the proprietors of the Ngakawhao Coal Mine, are satisfactory, and that it ia desirable to form a company for the purpose of working the said mine, and for the purchase of a suitable steamer, and that a sub-committee consisting of Messrs Corr, Powell, Humphrey, Fisher, Field, and Falla, be appointed, to ascertain the number of shares likely to be taken up in Westport, and report thereon to-morrow night, and that in the meantime the Chairman of this meeting communicate by wire, with Messrs Miles and Co., and see on what terms they would sell the steamer Gazelle."

S proposed by Mr Sheahau, and •oiided by Dr Thorpe:— 'That the number of shares, at first tie, be one thousand at £5 each." amendment by Mr Munday, [conded by Mr Lloyd, pro forma. HI the number of shares be 1000 at ;i0 each, was negatived. fhe meeting was then adjourned a til Wednesday evening, the 7th istant.

The adjourned meeting was held on Wednesday evening at Gilmer's Post )ffice Hotel, at.d the large room wan U] filled. Mr Humphrey was again jlled to the chair, and reported profess on behalf of the sub-committee operated to canvass for shares. The umber of shares taken by the out. jje public during the day, added to oDI O subscribed for in the room, mounted to 257, representing in a ]ue £1285, and, taking into account be scant notice give to the public as 5 the precis© object of the movement, he result was considered very satistctory. The ciiief difficulty, still profiting itself, was the providing of lecessary funds for the purchase of he steamer offered to the promoters if the movement on -a time bargain ; he date being too near to allow of aU ch further canvassing for additional inscriptions. A long discussion took |»ce upon this point, as also upon the eneral ways and means to be devised , float the company. Mr John [unro and others strongly advocated prospectus and the formation of a company upon the usual basis, without pledging themselves in the meantime to purchase any particular steamer ; while others spoke in •■or of buying the steamer at once, jj" perfecting the working details of the proposed association afterwards. Ultimately a motion, made by Mr Soistedand seconded by Mr Ealla, was put to the meeting and declared by the chairman as carried, on the show of hands. The resolution was •: — "That the Chairman bo requested to telegraph Messrs Miles and Co., asking that the first offer made be extended to Monday the 12th instant; and that every -exertion be made in the meantime to raise the sum of £2OOO, but if that sum could not be raised by the time mentioned, that the purchase of the Gazelle steamer be abandoned." The meeting dispersed after the h&al vote of thanks to the "chairman.