ALBION COAL COMPANY.

Westport Times, Volume VII, Issue 1127, 25 November 1873, Page 2

ALBION COAL COMPANY.

A meeting of Westport shareholders was held on Friday afternoon at the Post Office Hotel, to consider the present position of the company's affairs. The two resident directors, Messrs Thorpe and Falla, and about twenty other shareholders were present — Mr W. D. Kerr in the chair. In discussion strong opinions were expressed against the mismanagement of the company's business. It was shown that the purchase of the Coome rang had been made agaiust the protest of the Westport directors ; that the description ot the boat, as given by the managing director, Mr A. Beetham, did not agree with actual facts ; that he had taken upon himself authority to act in direct opposition to the wishes of the directory, ruling with a high hand, setting himself up as the company ; and treating directors and shareholders alike with coutempt. In answer to enquiries by shareholders, the directors said that it was never intended in the organization of the company to enter into the cattle trade, but that the Coomerang had been so employed because she was fit for nothing else ; that she was now in the Ngakawhau creek, and likely to remain until next spring tides ; that her workiug expenses was £4OO per month ; that the one cargo of coal she had brought out of the Ngakawhau was less than 60 tons, and that she had touched in coming out ; that Mr Beetham had caused it to be telegraphed through the colony that she had brought out about a hundred tons. The directors also stated that Mr Beetham's action in Wellington in attempting to brine: pressure upou the Q-eneral Government had been entirely on his own responsibility, and without the concurrence of the Board. Extract from letters sent by the Westport directors to the Board were also read giving expression to opinion that until the Westport railway was completed the company need not expect to obtain either dividend or working expenses from the mine, and also asking that the Nelson directors should at an early date pay a visit to the mine and judge for themselves as to the reliability of Mr Beetham's statements. The Board, in considering these communications had decided to wait the result of the experimental trip of the Coomerang, and that then a strict enquiry should take place. After these points, and others of minor importance, had been fully discussed the following resolutions were passed and it was decided that copies of the same should be sent to the company's office at Nelson, and to the directors throughout the colony:— Ist, Moved by Mr Field, seconded by Mr Bailie—" That this meeting, in reviewing the action of the Managing Director in the purchase of the Coomerang and general management of the company, must express conviction that unless immediate steps be taken to relieve the company from Mr Beetham's mismanagement, the successful

issue of the operations of the company will be seriously endangered."— Carried ncm con.

2nd, Moved by Mr Shkahan and seconded by Dr Thorpe—" That the Board of Directors be requested to suspend the mining mannager and all works until the visit of the Board of Directors to the mine."—Carried nem con.

' 3rd, Moved by Mr Fisher, seconded by Mr Shapter—" That the Directors be requested not to allow the Coomerang to make any more trips to the Ngakawhau, as she is utterly unsuited for the tr de, that she be sold as soon as possible, and one or more suitable steamers be procured in her place."— Carried.

4th, Moved by Mr Hughes and seconded by Mr Corr—" That the Directors be requested to join the Superintendent cf Nelson in giving any necessary security over the company's lease, and obtain from him a suspension of terms of lease until the railway is construct, d."—Carried. sth, Moved by Mr Fiei,©, seconded

by Mr Hughes—" That a copy of the foregoing resolutions be sent to the Secretary of the Board at Nelson, and to each of the Directors in the other provinces."—Carried.