NORTHERN OMNIBUS COMPANY.

Auckland Star, Volume XXVI, Issue 4417, 10 July 1884, Page 3

NORTHERN OMNIBUS COMPANY.

A Lively Meeting.

Ax extraordinary general meeting of shareholders in the Northern Omnibus Company was held in the large room of the K.Z. Insurance Buildings this afternoon, the business being " To pass a special resolution roincving tho present directors from office, and also to pass a special resolution requiring thecompany to bo wound up voluntarily, and the appointmout of liquidators." There were about thirty shareholders present. Mr VV. L Mitchell occupied the chair.

Mr Hesketh asked tho Chairman whether he had not just before the meeting sold his shares for 10s per share.

The Chairman said the question was capable of a doublo interpretation. Messrs Hesketh and Alexander had offered to purchase his shares for 10s per share, and he agreed to sell, but afterwards said that lie would do so after the meeting. Ho did not

think any man would say he bought the shares. In answer to another question, Mr Mitchell said that if it was asserted he had sold the shares, he would leave the meeting.

Mr Hesketh asserted that the shares were purchased ; he had the money ready for them, and he wanted to know why Mr Mitchell continued in the chair. (Voioo: That's what we want to know.)

Mr VVinstono thought it would not bo fair tor any director to leave the meeting.

Mr Breokes pressed the question as to whether the Chairman said, "I have sold the shares, " and Mr Mitchell eald he must have been misunderstood.

Mr McCaul said the bargain was legal until the money was paid.

Mr Bollard asked if Mr Buchanan had not gold his shares.

Mr Buchanan said he agreed to do so and signed the transfer, but he found that he would by handing it over be doing a dishonourable thing, and ho had it in his own hand (Cries of Oh !) The matter then dropped. Directors' Report.

The reportof the Directors was a very lengthy one. It stated that soon after they were elected on April 18 last an attempt was mado by a certain faction resident in Avondale to thwart and hinder tho Directors in endeavouring to effect a change in the economical management of the Compaay. Mr Bollard, tho then manager, who had, at the extraordinary meeting pledged himself to resign, upon being called upon to do so positively lefused. but questioned tho legality of the election of Directors, and withheld from them every information regarding tho affairs of the Company. To still further hamper the Directors a letter was sent to them, claiming for Mr R. Garrett a continuing scat on the Directory, and that tho lowest on tho poll should retiro in his favour. Gontlomon in the interest of the opposing faction took advantage of a quibble in law to oust a newly-olected Directors from his seat, and the Director had no option but to admit tho claim. Although Mr Bollard's resignation wus handed in, and a charnro of managomont took place, tho efficient working of tho Company was at once paralysed when Mr Bollard and his party caused an extraordinary meeting to be called for tho express purpose of removing the directors from office. Later the resignation of Mr Barrett was han 'od in. and accepted. Tho report then went on to give quotations from the minutes, commencing with a proposal that Mr Bollard bo elected to the vacant seat, and eventually recording the election of Mr Phipps. Mr Starkoy was next engaged as &.nnager conditionally. Uio diroctors bclicvo that in the present manager they havo a man who would eventually make tho concern a success. Yet the harass and inconveniences in the way havo well nigh determined its operations as one of profit From the very outset the Company has net earned its expenditure, and ithc diicctors are dissatisfied with the management because of tho want ot economy, &c. In putting a stop to this, they received such persistent opposition that it was impossible to undertake the work of securing Btabllng,on a site at Avondale under favouraolc terms. Tlie directors conoluded by suggesting that the best course to adopt in the interest of all intercftel was to cause an early and voluntary winding up of the Company. Balance-sheet, Dr.—Capital. 4.000 shares at £1, £4.000 ; issued 1 878 shares, £1 called up (less unpaid, £405 10a), £1 472 10s ; bills payable, <508 Cs lOd : sundry creditors, £222 16s Id ; total, £2,270 12s lid.

Cr.—Plant. £1 000 7s 7d; preliminary expenses, £62 19a 3i ;in vestments, £:>SO; horse feed in stock £71; balance profit and loss. £869 Bs4d : cish in bank and in hand, £1G 17a 9d; total, £2 270 12s lid. PrtOFir andLo?sAccount. —Dr.: To balance Nov. 30, 1883, £253 7s 7d ; forage, £499 14s9d; rent. £Gslls; wages and salaries, £528; horseshoeing. £41; repairs and general expenses. £179853 i; preliminary expenses. £311059 d; depreciation written off, £370 14s 81; total, £1,972 T.i. Cr.: By receipts. ±1 102 18s 8d ; balance, £W) fa 4d ; total, £1,972 7s. The accounts were audited by Mr Jno. Milne,

Mr Bollard said tho Company seemed in a very unsatisfactory state. He ashed why the mooting was kept back and the sharoholdors not called together earlier, the requisition having been sent in in May. Tho Chairman replied that tho directors made no unnecessary delay in responding to the requisition.

Mr Bollard, referring to the report, said it had been drawn up very unfavourable to himself. Attempts were made to throw dishonour on Mr Oarrett because ho had never been asked to leoign, and was not guilty of a quibble. The only threat he made in connection with the Company was when ho sent in his resignation, which was becauso he had asked that applications for manager should be called. Ho strongly objected to Mr Pliipps, and he said,"lf yon persist in appointing Mr Phipps I will do my best to have him removed." Mr I'hipps was afterwards withdrawn. Tho balance-sheet was brought forward in such a way that very few directors could understand it. The expenses of tho otlico and the expenses of tho road were jumbled up. He wanted to know who wrote off the depreciation. A section of the shareholders wanted to paint the affairs of the Company as black as possible. (Hear, hear.)

Tho Chairman said the valuation was made by a son of Mr Joseph Craig (dissent). Tho horsus being in a very bad state, the directors took out 'J"> per cent, on the cost of tho plant.

In reply to Mr Bollard the secretary gave the receipts for five months under the new management, and remarked 1 hat the receipts were i'2S per week. Mr Dakiu seconded, Mr Bollard moved, " That a special resolution bo passed removing the present directors from otlico." A long discussion ensued, in which there was a good deal of recrimination botweon Mr Bollard, the directors and shareholders as to who was responsible for tho loss that hud occurred.

Mr Winstono moved, and Mr Buchanan seconded, " That steps be taken to closo up the Company as speedily as possible." Mr Buchanan said that Mr Bollard had sent reflections on the balanco-sheet audited by Mr Milne, a respeetablo public accountant. Tho Company hat! lost £"500 in a less period than ten months. Tho directors of the Company gavo Mr Bollard a loyal support (" I\o, no !") up till about tho end of November,, when they lost so much money.

Mr Hoiketh moved a further amendment "That this meeting do now adjourn till Tuesday evening, at tho Mount Albert Hall, atS.3op.in., when tho shareholders be afforded every opportunity of ascertaining the true stato of tho Company from a detailed statement of accounts." Tho balancesheet, he said, was a tissue of falsehoods and misrepresentations. Mr Buchanan soconded tho amendment profofnia. Ho asked if Mr Hoskoth would specify ono of tho falsehoods.

Mrllesketh said ho would tell him at tho adjourned meeting; more than ono,

The amendment, on being put to the mooting, was carried, 25 vcting in favour of it and LI against.

The mooting thon adjourned.