NEW ZEALAND SHIPPING COMPANY.

Evening Star, Issue 7407, 30 December 1887, Page 1

NEW ZEALAND SHIPPING COMPANY.

We take the following from the * Press report of Wednesday’s meeting. Prbxiee representing 25,530 shares were .handed in. The Chairman said that the shareholders had had before them the particolarß ofthe new regulations. It had become necessary, it was found by Mr Harper during bis visit to London, that the financial management of the Company should be vested inttfe London Board to enable the debentures of theCdmpany to be floated. It therefore became necessary to recast the regulations and articles of the Company.. The .-alterations were not very, great, and were framed with a view to enable the London Board to deal with the financial matters of the .Company* It would be, for the shareholders, to say whether the whole of the clauses should he taken seriatim or the whole in globo. He would suggest that the classes should be taken seriatim. Mr E. Green said that before the chairman went on with the businesshe.desired toaak a question which be thought was most Important, and should receive all publicity. He wanted to ask what was the amount out of 'the earnings of the vessels which had been devoted to the purchase of the vessels, etc. It appeared to him thalt nearly, a quarter of a million of money, which ought to have come to the as . dividends, had been devoted to the purchase of vessels. He asked this question, as it was important the real facts should go forth to the world, so as to show that they were solvent instead of, as had been said, very nearly bankrupt. The reserve fund, amounting to L 155,060, and their last year’s profits, had been devoted to the purchase of steamers. The Chairman said the ships wer? put down at their value on leaving London. He had sent for the balance-sheet to see what the amounts were. The directors considered they were bringing them down to their market value at toe money they put them down. Mr Green said he did not want to know what the vessels cost them. He wanted to know what amount had been diverted out of dividends to pay for these vessels. He held that the directors should have called up more capital instead of diverting the money from the dividends. What he wanted to bring out was how much had been diverted. This, he thought, was most important, and should be known. The Chairman said that Mr Gibbs, the secretary of the Company, would explain the matter to Mr Green. Mr Gibbs said that at the date of the last balance-sheet the value of the property of the Company, exclusive of the amount written off for depreciation, amounted to LI, 140,000. The paid-up capital of the Company amounted to L 429.000. They owed the builders, debenture-holders, and others about L 500,000. ' The difference' between the two amounts -or, in round figures, L22o,ooo—meant the amount which had been paid out.of revenue. Mr Green said the information given by the secretary was what he wanted to arrive at. - - l - On 'clause 23, which was as follows : The number of directors acting in New Zealand shall not be less than five nor more than ten. The number of directors acting in London shall not be less than five nor more than ten. The numbers in each case to include the director appointed under regulation 21, Mr Green said he desired to move jm amendment to the effect that the number of directors should be reduced] so as to read “not Jess than three nor more than five." He could not Help saying that fae thought the removal of the Company to London reflected great discredit on New Zealand generally, and Christchurch in particular. He thought it was a pity that one of the best and firmly established local institutions should have to be removed to London owing to the supineness of the New Zealand public. He had no wish to. aay anything reflecting on the directors, but be thought there was more at the bottom of this than the apathy of the public. He now moved his amendment. The Chairman pointed out that they now had Auckland and Wellington represented on the Board, and if Mr Green’s amendment were carried and the New Zealand Bo|rd had to carry out the whole of the colpdlal business, great inconvenience might ensue. If one of the directors happened to be absent out of the three they would not hard a quorum, and no business could be done. ; The amendment was not seconded. " “ Mr Green then moved a second amendment, to the effect that the number of directors should be not less than five nor more than seven. i Mr Maude seconded the amendment •pro forma, to elicit an expression 4>f opinion. The amendment was lost on the voices. All the clauses up to 38 passed without amendment. - On No. 38 being read, as follows(£The directors acting in New Zealand shaH'be entitled to an aimoal remnnerationnf L 1,250, to be divided amongst them as the New Zealand Board may determine, a&dlfhe directors acting in the United Kingdom shall be entitled to an annual remuneration of L 2,000, to be divided amongst them.as the London Board may determine. /The chairman of each such Board for tbe year, may, in addition toor subafcitunon'for his share of the remuneration above'provided, be remunerated by the Board electing him, either by a fixed salary or by a participation in profits, or both, or otherwise, as may be determined by such Boards respectively, Mr Green moved—“ That the figures L 1,250 be struck out, and Ll,ooo inserted in lien thereof.” ■ j \ The amendment was not seconded. j‘ The remainder of the clauses passed without discussion.