ALBION COAL COMPANY.

Westport Times, Volume VII, Issue 1081, 17 June 1873, Page 2

ALBION COAL COMPANY.

A meeting of shareholders in the above company was held at Gilmer's Post Office Hotel, on Friday evening last, in ptlrsUance 'Of ah advertisement convening such meeting, for the purpose of electing a. delegate to attend a conference at Nelson OH the 25th instant.

Mr George lallA. was called to the chair, and read the following letter received from Mr Beetham, as explanatory of the objects and intent of the meeting:— " Westport, June 7, 1873. " The Manager and Shareholders of the Ngakawhau Coal Company : "Gentlemen, —I have carefully considered the best way of working so diffused a company as the Albion, and t think the first step will bo to let the Albion Company confirm what I have already done, and if I act as managing director any longer to give me the necessary authority. " I have therefore called a conference to be composed of one delegate from each of the following agencies Auckland, Nelson, Wellington, Christchurch, Dunedin, and Westport, to meet in Nelson as the most central place, on the 25th day of June instant, with a voting power in the possession of each proportionate to the number of shares held by his constituents.

" Their duties will be :—l. To receive and adopt the report of the managing director. 2. To consider

and pass articles of association to be submitted to them. 3. To appoint Bankers, Solicitors, Managers, and a Managing Director. 4. To decide on the proceedings of the company for the next six month, and to make necessary calls to extend over that period. 5. To fix salaries for officers, and rates of remuneration for the services of the delegates. " I have written to the largest shareholders in each place, among whom I have the pleasure of numbering some of the best men in New Zealand, and urged them to attend i i possible the first conference, which 1 consider of the utmost consequence to the welfare of the company. " May I also request you to call a meeting of the Westport shareholders, and take steps to forward the election of a delegate to the conference from Westport, whose advice and assistance of a local nature may be of lasting benefit to the company. " I am, Gentlemen, " Yours respectfully, " Albkut Beetu-oi."

Mr E. C. Chambers proposed that the letter should be received by the meeting as an ad interim report. Mr J. Huohes seconded the motion.

Mr Siieahan said the letter contained no reference as to the method to be adopted of working the mine and placing the coal in the market, and asked if any more explicit communication had been received. The Chairman understood that the arrangements of all details connected with the business of the company would be left to the Conference. Dr Thorpe referred to the fourth clause of the letter as explanatory of such intention.

Mr Kerb thought, before putting the motion, the clauses of the letter should be discussed seriatim, as necessary to arrive at the opinion of the meeting as to the advisability of sen.ling a delegate at all.

Mr Bayfeild asked if the letter addressed to tho Ngakawhau Coal Company might presumedly be received as intended for tho Albion Company. Mr Fisher said, as he understood it, tho letter merely indicated what would be necessary to be done by the delegates, and was simply addressed to the original shareholders in the lease as a basis whereon they could call a meeting of the Albion shareholders, to decide as to whether they would send a delegate or not.

Dr Thorpe, as ono of the provisional directors, explained that the actual transfer to the Albion Company of the interest originally held by the Ngakawhau Company had been made, and the delegates to be sent to the conference would in point of fact act as directors for the time being. Mr Kerr thought the original shareholders present would expedite business by giving such explicit information as might be at their command as to the actual intentions of the present managing director, especially as to the articles of association to be adopted.

Mr K. C. Chambeus said the business of the present meeting would be to make suggestions as to the action of the permanent directors. Mr Siiapter explained that in registering the Company it would be first necessary that certain individuals should sign a memorandum of association ; then under the act such persons would hold office as directors until others were appointed in accordance with the rules to be adopted by the Company. It -would be almost impossible to send round the deed of association for signature from town to town wherever shareholders might reside, and the conference was intended, as he understood it, to obviate that difficulty. "What the shareholders would have to do would be to send delegates who would sign the articles of association, and thus become, ipso

facto, directdrfc uhtil the appointment t>f a permanent directory. The first step would be to find put who, among themselves, would he willing to go, and secondly, what line of action they would advocate, if appointed. The CnAtEMiw. thought the first duty of each delegate Would bd to receive instructions from his constituents, and thereafter faithfully act thereon.

Mr Kerr said it was quite A nefr feature that the delegates should be directors.

Dr Thobpe, in answer td an enquiry, said he had understood that such was intended ; Mr Beethani having Merely undertaken the provisional management of the business df the company until the meeting of delegates, whdse actions at the conference would be binding on the shareholders for six mouths. The delegate from each town would, he apprehended; represent the views df those by whom lie was elected, exercising his vote conscientiously, and endeavouring, as far as practicable, having regard for the general interests of the company, to do exactly what his constituents wished of him. He, Dr Thorpe, would remark that the object of the present meeting was to further, by every constitutional means, the success of a bona fide undertaking —the first really earnest attempt to open up the coalfields of the district, and he submitted that any divergence into extraneous discussion, bejond the subject matter of the meeting, namely, the appointment of a delegate, was rather to be deprecated. The mere verbal interpretation of the address of the letter, upon which the present discussion had arisen, was really of no moment whatever. Mr T. Field explained that the letter had been introduced simply to give better information as to Mr Beetham's views, than might possibly have been furnished to the meeting had the recipients of the letter merely trusted to their recollection of the contents. Dr Thorpe said, to create confidence he might state that Mr Beethain, if appointed Managing Director, would reside in the district for at least six months, and the local shareholders would thus have constant opportunities of consulting with him. The Chairman suggested that the meeting should proceed to the election of a delegate. Mr Shapter suggested that to expedite business those who were willing to stand for election should say so. In answer to enquiries Messrs Humphrey, Falla, and Field expressed their willingness to attend the conference. These gentlemen were respectively proposed pro forma, and it was decided that the election should be by ballot. Mr MheahajS" said, that before proceeding to the ballotting, he thought the meeting should give a more decided expression of opinion as to the wisdom of recommending the delegate to adopt the suggestions as to the method of bringing the coals to market set forth in the published prospectus. Three out of the four schemes proposed he thought quixotic, if not insane, ideas, and the only feasible plan was the construction of either a railway or tramway to the Buller harbor. He enlarged at some length upon the question of the comparative merits of the four projected methods and the probable outlay on each, and expressed an opinion that the capital of the company would be best expended in constructing a tram from the Ngakawhau to Westport at a cost of about £SOO per mile. Such work being merely preliminary to the construction of the Government line of railway. He did not think the Albion Company need be jealous, in the slightest degree, of any action by the General Government that would tend to bring coal mines nearer|Westport into competition with them. They would find that anything tending to benefit one company would benefit the whole, and a compact, like that existing among the New South Waies mining companies, would be mutually advantageous.

Dr Thorpe said the four diverse schemes set forth in the prospectus were merely meant to show the outside public that the speculation was perfectly safe, and that the mine could be worked, and coal brought into the market, not by one system alone, but by four. Still it must be remembered that the interests of the company as a trading socie y must be held paramount to mere local interests.

The Chaieman said he considered the primary object of Westport shareholders in taking up shares had been to benefit this particular community by connecting the mine with "Westport, and not to invest hard earned money in carrying out such ridiculous proposals as running a traction engine along a shifting Bandy beach with treacherous rivers and creeks to cross, or building expensive sea - going lighters. He considered it a serious blunder that such proposals should have been permitted to appear in print. Mr Cuambebs said discussion on the subject might be well left to dependupon the opinion of the practical engineers whose report would be obtained and laid before the conference.

Mr Fisher said it might very possibly be found that the interests of the Albion Company and Westport community might not agree. The meeting would have to decide whether the delegate to be appointed would represent the shareholders in the company, or the Westport people as a community. In faet, supposing it

should be found that comparatively cheap and efficient means could bo devised for carrying on a profitable coal trade direct from the Ngakawhau should our delegate be told td object thereto, and hold out for a railway to Westport ? In his opinion it would be unwise to propose to bind down their man with Westport cords to act blindly against the Albion Company's interest.

After some further discussion dn this : point it was resolved that the candidates' fdf election should express their views. Mr Field, as holder of 200 shards, said he should naturally enough do his best for the Albion Company. As to the best methdd of bringing cdal to market, he did not think the shareholders or the general pbblic were in a position to say what waSj dr what was not, the best plan to be adopted. A railway would of course suit him, as an individual, remarkably well, he held a large stake in "Westport, and any public works and increase of local population would tend to his individual advantage, but if elected as delegate he should act for the interests of the Company apart from all other considerations, not pledging himself blindly to any scheme, but taking each suggestion of skilled and practical men on its merits. All other things being equal, he would, of course, vote readily for a railway to Westport. Mr Humphrey could not say that he was prepared to favor any or either of the particular schemes suggested. The work of the Albion Company for the first six months would be confined to getting a light draft steamer, and running her between Ngakawhau and We3tport to carry coals and thus comply with the terms of the lease, one of the conditions of which, as the meeting would doubtless remember, stipulated that a certain minimum amount of coal should be got out every year. If the General Government laid out money either for harbor works or railway, the future action of the Albion Company would depend much thereon. He would pledge himself merely to getting a steamer as a temporary provision, and await the action of the Government. If the question arose at the conference as to the advisability of making a tramway he would support it, but his impression was that the conference would not go in for any present heavy outlay. He had good reason for supposing that Mr Beethain would not recommend or wish it, and of course Mr Beetham's views would influence the shareholders who had no personal knowledge of the mine or neighbourhood. Mr Fall a. was of opinion that the primary and principal work of the conference would be to expedite the construction of a railway to Westport as the only practicable means of starting a permanent coal trade. The work would of course, under the most favor, able circumstances, occupy time, and meanwhile a light draught steamer should be purchased and at once placed in work to bring coal to the company's main depot at Westport. He would not advocate the construction of a wharf until the river bank had been well protected. The company should get a coal hulk of 300 or 400 tons burthen, and moor her in the river, and vessels would go alongside and load without trouble. The steamer also should be sufficiently powerful to act as a tug, and then, besides doing ordinary towing work, could tow out the hulk into the roadstead and supply Messrs M'Meckah's steamers with coals at about 30s per ton. He thought the Ngakawhau harbor could be easily improved by the construction of a rubble wall on the south bank of the river, to make it a good little port for small craft, and any work for such purpose would not interfere in any degree with the Government railway scheme. He would not, however, support any suggestions for the construction of a deep sea wharf or any similar work, believing that it would only result in the squandering of the company's capital. A discussion arose as to the method of voting, one section of the meeting suggesting that the voting power should bo pro rata with the number of shares held by each individual, and others suggesting that each iudividual present should have one vote and no more. "Ultimately the latter course was adopted, and the ballot resulted in the election of Mr Falla, he polling more .than double the number of votes given for either of the other candidates.

Mr Falla, in returning thanks for the honor conferred, said he wished the meeting of delegates had been arranged to come off at Westport rather than Nelson, so that the representatives of distant shareholders might see and judge for themselves the value of the property. He hoped that even yet some of them might be induced to visit the mine and realise the fact that the floating of the Albion Company was the beginning of very great things for the colony at large. The usual vote of thanks terminated the proceedings.