SETTLERS' STEAMSHIP CO.

Auckland Star, Volume XXXVI, Issue 258, 28 October 1905, Page 6

SETTLERS' STEAMSHIP CO.

STATUTORY MEETING OF SHAREHOLDERS. The first statutory general meeting of shareholders in the Settlers' Steamship Co., Ltd., was held yesterday afternoon in the Chamber of Commerce, the chairman of directors (Mr E. Morrison) presiding. In accordance with tbe Companies Act. the shareholders were informed by report that the total num- | bey of shares to be allotted before' the meeting was 23,620 of £ 1 each, of which full paid-up shares allotted to vendors totalled 19,943, aud shares also allotted to vendors on which sums varying from 1/ to 19/ had been paid up totalled 3677. The whole of the shares had been issued in consideration of the sale of the assets of the Coastal Steamship Company and of the McGregor Steamship Co. to the Settlers' Co. There were no receipts or payments of the company on capital account to date. The estimate of preliminary expenses was £ 150. The directors were Messrs E. Morrison (Warkwortfa), N. Wilson (Warkworth). W. J. Wilson (Warkworth), A. Finlayson (Maungatuvoto), D. M. McLean (Waipu), M. G. McGregor (Auckland), J. Dunning (Auckland), D. Bowmar (Mangawai), and W. A. McGregor (Auckland). The manager and secretary was Mr James Harrison. The manager, in reply to a shareholder, said that the total number of shares allotted to the McGregor Co. was 7873, and to the Coastal Co. 15,747.

The chairman explained that the valuation of the assets of the two companies had been left to arbitrators, Ml J. Dunning and Mr W. A. McGregor. These gentlemen had furnished a valuation, but had not given detailed figures. The trade was good, and with good management the prospects were bright. He considered they had done well by appointing competent arbitrators. He had certainly looked for more details himself, but the arbitrators had the confidence of the two companies, and would be in the best position to decide as to their course. Mr Dunning and Mr McGregor each gave reasons why it would not be advisable to divulge all the details before a public meeting at the present time. I They had had a difficult task, and it would be indiscreet and harmful to dis- , close everything. The directors even i were not acquainted with all the details. The report of the arbitrators stated that some points had been agreed upon and others referred to umpires, 'the assets of the Coastal Co. bad been valued at £20,586 7/4, and those of the McGregor Co. at £20,077 4/6. The bilities of the Coastal Co.. amounting to £6975 1/4, would be taken over by the Settlers' Co., according to agreement, and these deducted from the assets would leave a net valuation of £13.611 0/, which, in pursuance of the agreement, must be allocated among the shareholders of the Coastal Co. The McGregor Co.'s liabilities -were not to be taken over. The report concluded by stating that the arbitrators were satisfied by the volume of trade done by the two companies that the Settlers' Co. had secured a valuable asset in obtaining the whole of that trade. The adoption of tue report was followed by a vote of thanks to the chair, which closed the meeting.