NEW ZEALAND SHIPPING COMPANY :(LIMITED.

Press, Volume XXIX, Issue 3895, 16 January 1878, Page 3

NEW ZEALAND SHIPPING COMPANY :(LIMITED.

An extraordinary meeting of shareholders was held at the Company's head offices, Hereford street, at noon yesterday. The Hon. J. T. Peacock, in A * **f< s^ „ Mr J. L. Coster, the chairman of the Company, presided, and explained that theobject of the meeting was to obtain the "«*»" *J the shareholders to the expunging of «°"™f article 5 of the association, ~^™™t£ e tive aod inconvenient in its "I*** 0 "" "£ j/ introduction in lieu of it o!• w£. a ™j He then moved-" Ihat amended article 5 ot of the following article in heu of articles to toe b«row upoTdebentarei, to 'be issued under the seal of thVConipany »»d signed by at feast two of the directors of the Company and also by the general manager for the time being of the Company, any snm or Bums of money not exceedwTin the whole current at any one fame a Bumof money equal in amount to the sum ot SfJSealba Portion of the capital of the Company for the time being, at such or rates SS may from tune to tame be determined by the directors, and the Of the principal moneys and interest «»<*°*«* to be Mcnred by such debentures shall be a. first charge on the portion of the capital of the Company uncaUed at the time of the issue of such debentures respectively, and such uncalled portion of the capital of the Company shaU, when called up, be applied in the first place to the discharge of the principal moneys intended to be secured by such debentures. In submitting this matter to the meeting Mr Peacock pointed out that the directors, having the authority of the shareholders to issue debentures, felt it was right to specially aledee the uncalled capital to their liquidation, explaining that already £5000 of the Company's debentures were sold, and more would probably be; and the shareholders, he said, would understand that the capital at present uncalled would only be called up on the maturing of the debentures, and for their repayment. The Hon. E. W. Stafford, in seconding the adoption of this clause, said it appeared to him to be one entirely in the interest of the shareholders. MrTancred asked whether depositors might -exchange their deposit receipts for debentures, and also sought some further information in respect to the clause expunged and that to be introduced. Mr H. Selwyn Smith, the general manager, gave the necessary explanations, after which the chairman put the resolution, which was carried unanimously. The Chairman said that under the Joint Stock Companies Act it was necessary that the resolution now paesed should be confirmed by a meeting to be held not earlier than a month after the present one, and he announced that the meeting for the confirmation of these proceedings would be held on Tuesday, the 19th day of February at noon, in the company's offices. Before concluding his remarks the chairman stated that the directors had much gratification in announcing that they would be able to pay a dividend of 4 per cent for the half • year ending 31st December last, which would be payable after th* confirmation of the present proceedings. This terminated the meeting.