NORTHERN RIVER STEAM NAVIGATION COMPANY (LIMITED).

Auckland Star, Volume XXIII, Issue 156, 2 July 1892, Page 5

NORTHERN RIVER STEAM NAVIGATION COMPANY (LIMITED).

PROPOSAL TO WIND IT UP.

An important meeting of the Northern River Steam Navigation Company (Limited) is to be held at the office of Mr A. Buckland, Qaeen^street, Auckland, on Monday next, at.2.30 p.m., when the following: will bo moved as an extraordinary resolution, viz. :—" That ib has been proved to the satisfaction of the Company that the Company cannot, by reason of its liabilities, continue its biieiness, and that iii ; 1$ adVisible, to wind up the same;" and also to appoint a liquidator. Considering that this meeting is virtually to authorise the disposal of the Company's plant and business, and possibly to leave the shareholders with a burden of unliquidated debt, to satisfy which a windingup call will have to be made, it-has been very inadequately advertised. The directors have not published any notice of the meeting through our columns, but in justico to those of our readers who may bo shareholders, we notify them of the meeting and its intentions, in order that they may be present to protect their interests. We understand that an arrangement has already been entered into which, :if: ratified by Monday/s meeting, will be carried. out, for t^e amalgamation of the rival services now plying on the Kaipara. It is reported that the whole of the Northern River Steam Navigation Company's steamers and plant are to be transferred \o a syndicate for £6,000, and that a similar sum is to be paid for the Osprey, and that the new service will be directed by Sir Alison, with Mr R. Douglas as traffic manager. This arrangement may or may not bo a satisfactory one for the shareholders, but it is at least important for them to attend and have the details fully explained. Auckland investors have so often found themselves nob merely in the position of being without anything to represent their capital, but with tho prospecbof being compelled to throw good money after what has already become bad, thatjit will be wise for th 9 Northern River Company shareholders to attend the meeting on Monday and ascertain the true position'of affairs. We are informed that both .Mr Wnymquth, who has recently audited the Company's accounts, and Mr Gow, the manager, consider the Company's property full value tor tho £8,500 at which it stands in their books. . f