THE STEAM SHIP WILLIAM DENNY.

Daily Southern Cross, Volume XIV, Issue 1019, 3 April 1857, Page 2

THE STEAM SHIP WILLIAM DENNY.

A General Meeting of the shareholders of the Auckland Steam Navigation Company was held on Tuesday, at the ■William Denny Hotel, to consider the course to' be pursued in the present position of the affairs of the Company, in accoi dance with clause 19 in the deed of settlement :— The meeting was numerously attended. Mr. David Graham having taken the chair, Mr. Lynch and Mr. Coolahan wanted to know by what right Mr. Graham took ihe chair at a general meeting, and proposed that Mr. Stone should take the chair. Mr. Nathan moved that Mr. Graham [do Uke the chair, which was carried by a large majority. The Secretary proceeded to read the following report of the Directors : — Since the last general meeting the Directors have received the following report, signed hy Captains Bowdeo, Robbins, and Mr. Geo. Graham, of the Royal Engineers Department. The Directors were induced to send Capt. Robbins to the vessel to aid in holding the second Survey, believing that it would be more formal and correct, and therefore, hereafter, more useful should occasion arise, in bfing signed by two shipmasters, instead of only one, as in th c first report The Directors believe they would be consulting the interest of all concerned in tendering to the passengers the return of the half of the amount of their passage money, ' and they are h*ppy to state that, except in one instance, where proceedings were taken by a steerage passenger , this compromise has beeu thus far accepted.

A compromise is being, attempted >rith the firemen who hire left the ship, aqd it will be the earnest endeavour of the Directors in every possible way to reduce the expenses of the steamer where she lies. The Directors are disappointed to find th at the hopes held ont to them by Mrv D. Morton have net been realized. He has returned from the Wiltiam Denny and is unable as she now lies to render any assistance. Tenders have been received in answer to the advertisement, but none of them have been of that explicit nature which would induce the- Directors to recommend their acceptance. It must also be borne in mind that the expences already incurred and those now current have all but exhausted the funds at their disposal and that consequently before any plan can be adopted for attempting to rescue the vessel a considerable sum would have to be contributed by the shareholders. The present position of affair* is such that a sum of £1500, must be raised before any attempt can be made to float the vessel. Assuming that attempt to be successful, she; would then have to be taken to the nearest suitable harbour and temporarily repaired, so as to enable her to proceed to Syduey. Arrived there, another amount of expenditure "would be necessary to repair the da.nagc the •learner has sustained, and render her again fit for any service. It is now for the shareholders to decide as to whether they are prepared to find the amount required or whether they will join in selling as a whole, their property in the William Denny. The atteution of the Directors has been called to various anonymous letters in the newspapers demanding that an investigation should be held into the circumstances in which the vessel was stranded, and they would suggest the appointment by this meeting of three competent persons (they being master mariners) to examine Captain Mailler on the sußJect— they deem it their duty to add that not a single shareholdex-or any passenger or thipper on h«r last unfortunate trip has ever addressed them on the subject, and that the only person who has invited their attention to the matter was Captain Mailler himself. By order of the Chairman and Directors, George Duke, Secretary. Auckland, March 31, 1857. Several Tenders had been received for floating off the ship ; these were sent in by .*Xr. Thomas Florance, Messrs. Tizard Brothers, and Mr. John C. Jearrad. Neither, however, proposed to undertake the work, except at the risk of the Company, so far, at least, as materials and labour were concerted. The plan of Mr. Jearrad was explained at considerable length by himself, and consisted of constructing a false deck in the defective compartments at low water mark. A long and very profitless discussion ensued, for which we cannot make space, resulting in an adjournment till yesterday at 3 o'clock.

The adjourned meeting took place yestesday afternoon. . On the motion of Mr. David Graham, the chair was taken by Mr. W. Connell. The minutes of last meeting were read by the Secretary and confirmed. The Secretary read the following :— A letter to the Directors from Capt Mailler, detailing steps' taken by him at the Bay of Islands. A letter from Mr. Heaphy, offering further suggestions with regard to floating the ship off by means of camels. A tender from Charles Chapman, offering to raise the steamer for the sum of two thousand five hundred guineas the money to be payable by instalment as the work proceeded. Together with an explanatory letter from the tendering party. # A tender irom E. L. Harrison offering to float the steamer for £500, the company to provide the materials, deducting the cost (About £60), and to pay the travelling expenses of the tendering party. The Chairman said that these were all the communications received. The Directors were still unprepared to recommend any tender to the meeting, believing that they could do nothing without at least £1000 in hand, and the probability of another £1000 being called for, with an equal contribution from the Sydney shareholders. Under all these circumstances, it would be seen that the Directors could not come before the nueting with a cut-and-dry proposition. Mr. Brodie ipoke highly of Capt. Chapman's proposition,—that gentleman having the very best certificates. He strongly advised that an effort should be made to get the steamer off, instead of selling or abandoning, which he heard was the wish of some. He bore testimony to the ability of the five directors, although he had been anxious to pick a hole in- their" coats. Five nautical men could not have done more. Mr. Graham made some remarks with regard to the financial state of the company, shewing that the expenses were going on, and that in the course of a short time, the company would be some £500 in debt. The directors had never contemplated to abaudon the ship ; to sell her was not to abandon her. But it should not be forgotten that, according to clause two of the Act, the shareholders would br liablt for all expenses incurred, to the extent of their shares j and, the only plan that suggested itself was this— to dissolve the present company, and from among those willing to contribute, another company to be formed, by whom the best price would no doubt be given for the vessel as she lies. Mr. Cadman characterised the conduct of the directors as. beating about the bush. He thought the directors should have been prepared with a definite proposition to lay before the meeting. -Mr. Connell explained that although the directors could not sue the shareholders, liability could be incurred by others.authorised by maritime law, for which the latter would be liable. v Mr. Coolahan made some very strong reflections upon C*pt Mailler, for which he was repeatedly called to order by the chairman, amidst cries of " turn him out." The chairman referred to the last report of the directors, and shewed that Capt Mailler himself was anxious for an investigation. Mr. Whitaker explained that the shareholders had two kinds of liability. If the directors incurred expenses, the shareholders would not be bound to reimburse one shilling ; but the Act also protected the public, and for debts incurred to any one dealing bonafide with the company, the shareholders were clearly liable. Mr. Montefiore reminded the meeting of the suggestion he had offered at the first meeting, viz., whether the first loss would not be the best That was his view then, and he had seen no reason to alter it Even presuming that Capt. Chapman would get the vessel to Auckland for the sum he named, other heavy expenses would have to be subsequently incurred — making a total cost of not less than £5000. That being his opinion, he was not prepared to pay a further sum per share for the sake of getting her oS. He would therefore move the following resolution :— "That it is expedient, under the existing circumstances, that the half share of the William Denny, belonging to the Auckland Ste.am Navigation Co. should be sold as early as possible at public auction in Auckland, with a view of winding up the Company,- and that the Directors be instructed accordingly." Mr. S. A. Wood seconded the motion. Mr. Brodie strongly opposed it, and took occasion to say that many shareholders were insured who pretended not to be. (Name). Dr. Campbell, before going away, had intimated to him that it was his intention to insure the shares of the firm in England. Mr. Montefiore said that no such intention hail ever come to his knowledge, nor did he believe that Dr. Campbell had ever used such words, in conversation with Mr. Brodie. . Mr. Somerville proposed waiting till advices were received from Sydney. Mr. Fielding moved, as an amendment to Mr. Monlefiore's motion, that a-call of £1 per share be made by the Directors. Mr. Nathan explained. that the sale would have nothing to do with the underwriters. The present shareholders could not agree, and therefore the only course was for those of the Company who did agree to torm , another company to purchase the steamer, and attempt to bring her off. Mr. Lynch said that two or three big fellows in the room •were waiitingto get her into their own hands. There had been an under current all along. He believed the money could be got readily, if a definite plan was submitted. Mr. Nathan said that, if a plan was approved of, not one half the shareholders would pay the required sum., Mr. Connell showed the difficulty there war in raising the money, and gave it as his opinion that the only way of getting out of the dilemma was to sell the Auckland half of the steamer. Then those who were willing to pay, could be part of the new Company, and those who were not would receive their share of the proceeds. Mr. Lynch expressed tiis belief that Captain Mailler was very glad to have the vessel where she was. He was called to order by the Chairman, amidst many expressions of disapprobation. In answer to Mr. Fielding, the Chairman said that no shareholder would be bound by this resolution, even were^ it passed. Mr. Fialdiug then withdrew the amendment. ,Mr. Shalders suggested that, at least, some attempt should be made to get the vessel off. He was certain that the shareholders would not grudge an expenditure of £500, rather than hare it said that they had made no effort to save the ship. Mr. Whitaker, in a very lucid address while expressing his willingness either to sell or pay, according to the desire of the majority of the shareholders, showed that every plan was surrounded by serious difficulties, short of absolutely dissolving the Company, by selling the Auckland portion of the vessel. The discussion continued »t some length. The proceedings ultimately terminated in the motion of Mr. Montefiore being carried on a division. For the mp-

tiom — 50 shareholders, representing 517 votes; against — 14, representing 167 votes.