NEW ZEALAND STEAM NAVIGATION COMPANY.

Hawke's Bay Herald, Volume 8, Issue 696, 31 October 1865, Page 3

NEW ZEALAND STEAM NAVIGATION COMPANY.

The proceedings of the adjourned meeting on the 23rd inst., are thus condensed in the Even" ing Post of. the > 24th : — . The adjourned meeting of the New Zealand Steam Navigation Company was held yesterday afternoon at the Athenieum, to consider five resolutions, notice of which had been given on Friday. Mr. J. Rhodes moved the first — " That it is the opinion of this meeting that the affairs of the company be wound up as soon as possible." He was not at all sanguine ot carrying this, as the meeting consisted chiefly of Wellington shareholders, but that he believed if a vote of the shareholders generally was taken, an opposite result would be the issue. He said that a good dividend could be obtained by winding up now. fie spoke of the loss which had been sustained, and that was likely to-be sustained, year afteryear. Mr. J. Watt seconded the resolution. He said that the company's loss was consequent on the manner in which the affairs had been conducted. He referred to the statement of the value of the boats, which, he said, was calculated to mislead the public. He also referred tp a, transfer of shares by Mr. Russell, of Auckland, without the overdue calls having been- paid upi He spoke of the East and West Coast trades having been neglected, when' other companies rkaped^thVbehefi t, and referred to the insurance system and the want of confidence which the London public had in the concern — the shares being totally unsaleable there. He said the company might get 12s in the pound by winding up now, but nothing would be obtained in two or three years hence. Mr. J. M. Stuart; did not agree with the resolution, but would wish to see the affairs under better management, which, he hoped, would be the case. He referred also to the opportunities which had been neglected of trading on the West Coast, which he attributed to mismanagement. Mr. George Moore thought it would be very detrimental to the interests of the colony in general if the affairs were wound up. The losses which had been sustained were beyond the control of the best management that could be ob.tained. Considerable discussion took place relative to the transfer of shares by Mr. Russell,: referred to by Mr. Watt, he having charged the directors with being cognisant of the transaction . Messrs. Hunter and Pearce totally denied any knowledge of the non-payment of the over-due calls at the time of transfer ; on the contrary, the balance due and interest had been paid, before the matter had been brought before the directors. Mr. Gr. Allen spoke against the winding up ; and Major Whitmore as to the bad accommodation for stock on board the steamers. Mr. Hunter referred to the matter of insui-ance, stating that it had been effected as cheaply as it was possible to do. He reminded the shareholders that a dividend had been paid for two years, and that old shareholders had received a bonus of £l. He did not think the company was in so bad a position as was represented. Mr. Stuart said he merely expressed an opinion that an efficient manager was required. Mr. Duucan had had some experience of steamers, and did the best he could for, the company. The question having been put, five gentlemen were found to be in favour of the resolution. A poll was demanded. Mr. J. Rhodes moved that the steamers Queen and Lady Bird be sold, having cost the company more in repairs than their market value. This was followed by an amendment by Mr. Allen, that the directors should be recommended to take the proper step at the earliest opportunity ; and it appearing to be the feeling of the meeting that the matter should be left in the hands of the directors, the amendment was carried with the addition of the words "at the earliest opportunity consistent with the interests of the company." A motion that the number of directors be reduced to five, fell to the ground, and a poll was demanded. Mr. J. Rhodes moved for an examination of the affairs of the company, which underwent discussion, and was terminated on the proposer asking leave to withdraw his motion. Amalgamation with the Panama Company, if practicable, was moved by Mr. J. Rhodes, but lost. Another resolution, by Mr. Ormond, that the statement put forward' by the directors was " not reliable" — or as it stood amended, .was "incorrect" — was negatived. The 15th of December was named as polling day ; and, after a vote of thanks to the chairman, directors, and manager, the meeting separated.