SHIPPING COMPANY CHANGES HANDS.

Auckland Star, Volume XXXVII, Issue 163, 10 July 1906, Page 5

SHIPPING COMPANY CHANGES HANDS.

An extraordinary general meeting of shareholders of the Manukau Steam Shipping Company was held last night in the. Onehunga Public Hall. Mr E. H. Potter, managing director, was in the chair. Other directors present were: Messrs Caven, Gray, Albrecht, A. M. Barriball, Michaels, and Harrison. There was also a large attendance of shareholders.

_ The Chairman, in opening the meeting, said they were aware that many circumstances surrounding the future of their company lad been under close review for some time, as a consequence of which they -would now be asked to pass cert; 1 resolutions. Although the earning power of the company had quite come up to expectations, it was regrettable, on account of financial and other reasons, that a dividend had not yet been paid. They must not, however, overlook the fact that the primary object of the floating of the company was for providing better facilities for the districts concerned. Tlie successful issue of negotiations with the Northern Steamship Company, Limited, should merit their approval and congratulations. Twenty shillings in the pound would be secured to the shareholders, and would be paid in cash, or its equivalent allotted in shares in the Northern Steamship Company. He would strongly advocate the latter alternative, because they would then have a direct interest in a service catering for their wants, besides a voice in one of the most successful and progressive shipping companies in New Zealand. By rendering it their practical support and sympathy they would be doing themselves and districts the best service, thereby proving to the new owners of their fleet that much support warranted their every attention and consideration.

Mr Gittos, the company's solicitor, read the agreement of sale between the Manakau S.S. Company and the Northern S.S. Company. He then moved, "That the company be wound up voluntarily, under the provisions of the Companies Act of 1903." This was seconded by Mr J. Entrican and carried. Mr Stephens moved that Mr E. H. Potter and Mr A. J. Entrican bfe appointed liquidators for winding up the company. Seconded by Mr Barriball and carried. On the motion of Mr McElwain, se, conded by Mr Stephens, the sub-commit-tee were complimented on the manner in which they had carried through the sale of the company's assets. A subsequent meeting will be held in a fortnight's time to confirm the resolutions passed last night.