NEW ZEALAND STEAM NAVIGATION COMAPNY.

Hawke's Bay Herald, Volume 12, Issue 938, 28 April 1868, Page 3

NEW ZEALAND STEAM NAVIGATION COMAPNY.

;_v ivi'-" (From the "Evening Post.") Th| '^pw Zealand Steam Navigation Company V eleventh half-yearly report is. in the hands of shareholders, and, on the •whoUi a iaore ; favourable aspect thail r tlibse issued for the last two or three years: It is as follows :-" 1. A statement showing the result of the company's operations for^half-year commencing Ist September,,^, and ending 29fch February, 1868, is now placed in the hands of shareholders, in accordance with the Articles of Association. 2. On comparing this statement with that for the previous half-year, it will be seen that the most important feature is contained in the Working Account, where, instead of a loss 0f£2'063 95., as shown in the previous half-year, there is now a profit of £3525 19s. 2d. This gratifying feature your directors consider to be a complete vindication of their course; and that of the great body of shareholders, who have supported them in their efforts to retrieve the affairs of the company by strict energy and strict economy, and the directors submit that in thiß, endeavour they have been successful. "While studying economy in the managementi care has been taken not to impair the; efficiency of the service, or to mar the Sood character which the boats have hilerto maintained; 3. The sum of £2744 7s. 3d. for repairs is the only item of expenditure which snows an increase— the larger portion of tlrfs sum being chargeable to: the Ahuriri. The total expenses upon her, occasioned by stranding at the Buller, amounted to £2867 4s, 6d., of this latter amount £1450 is carried to Insurance Account. 4. The cost of repairing the; La^Lybird and furnishing her for service, and also the recent repairs of the "Wellington, will be charged in the Working Account for the half-year now current. .5. Thei^directors .who retire by : rotation on the present occasion are Messrs Lipman; Levy and David Anderson, who are eligible for re-election* 6. The directors haV^ iippjied for the opinion, of the Attor* ney«General respecting the legality and mode of ; reducing the capital of the company;. 5 The answer has not yet been received. Wm. Bishop, Chairman." A preWinary meeting of the Shareholders in- tfre above Company was held at the Atheriwum on the afternoon of the 17th mst., at 2 o'clock, in order to consider! the Beport issued by the Directors, and also to arrive at some conclusive resolil^tioi. as\to the future operations of the^ Company. Tne meeting was convened by Messrs. E . 0 wen , and J. Martin, and there were present about 29 shareholders, who represent a considerable amount of the capital of the company. C. E. Carter, Esq., was voted to the chair. : ThbCHAiEMAN- having read the advertisement from the Evening Post, convening the meeting, said that they had met togetherto .consider the anomalous position which the company occupied, and what course should' be adopted to bring about ti more satisfactory state of affairs. Erom legal opinions which had been taken, it appeared that no dividend could be declared until the original amount of capital had •been made, and there was no reasonable . probability of that being done. He might gtateillat there was no feeling of oppositionf^«:ardß^he present Board of Directors.'^ll^tli^ttbrdment.ibuii the (gentlemen Vh6i had ' Convened the meeting simply . wished that some step should be taken to bring about a more satisfactory state of affairs thin at present existed. ||!|r^JiiJQTO^-«>nsidered it impossible; to!avoi3. winding up the affairs of the eoinpany. In looking at the Report, he was of. opinion that if the idea of the Directors was carried into effect it would involve time, trouble^ and expense, and would result in nothing beneficial to the shareholders. ; He believed in appealing to the : General Assembly for a special Act to enable them to reduce their capital, and by that means overcome the difficulty, but he was more firmly convinced that it would be better to sell out the entire plant.' The sum. of £32,000 should be made, according to present advices, before any dividend could be declared, and it was 1 not probable that amount would readily be realised. After some remarks from Mr. D. Anderson and Mr. Gr. Crawford, Mr. Lewis Moss said he was in favor of an act being obtained from the General Assembly enabling the Company to reduce their capital, and thus overcome the difficulty. They should not wind up in any case, as there were many benefits derived by Wellington in being the head quarters of a fleet of \ •Mr. CBA.WIOBD considered that this ' step would place; them in a worse position than if they, threw away half the capital of the company. He was in favor of winding up, and establishing a new company. The shareholders wanted a dividend, and they were dissatisfied because they could not get one. Mr.BdBLASE was in favor of endeavoring to obtain an Act from the Assembly such as that proposed, in order to enable the shareholders to reduce the capital, when a dividend could be declared. It was nonsense to think that a few gentlemen, because they had money and shares, could establish a new company. He was in favor of obtaining an Act of the Assembly, and was, against winding up, as it was only by this course, he believed, the shareholders would be enabled to realise anything in the shape of a dividend. Mr. WvW.Ta.yloe was opposed to the proposition to obtain an Act in the way mentioned. In a year or two the same thing might occur again. He believed themajority of the shareholders were in favor of winding up, and he (Mr. Taylor) agreed with them. Wellington shareholders might wish to keep on the company, but they should consult the interest of those residing elsewhere, who were not so directly interested in the undertaking. Mr. Dbansfield felt sure the conveners of the .meeting had no intention whatever to cast any reflections on the present Board, of Directors, and had no desire to obstruct them in the performance of their duties. He believed they had done their beßt,\b#;S,till it must be admitted that the property of the company was depreciating day; % day— the machinery and boats were getting older at^d. older. He was in favbr of; the proposition to wind up the affair^, it would enable those who we'r6 bo desirdus to.sell their shares to do so, while those who fished might form a , : new. company, .which could easily be got '}: pp; -; There was an opinion abroad that [:'■-■ some,; six x>r seven gentlemen were desirous 'of>btt^ng up'the vessels, and establishing but he did not be■•:'^e^^eTOVwas'."sny: foundation for the asv in fact, a fictitious notion "-^^'idtogeme^V'.tfe believed the proper course ;f^as;to:sell out to those who wished to

'syr.-^SJjfiyj^^^-fv •--. ' '"'- - ' ■■-■■■ ■' --'■i-W^w#^WtfojM-..^a;pi>j!S considered, that the S'/riO^^^|tecrle4vt,^as;,due to the : present O^/S^^r^^irectprs, and -'he believed the ! jjfhey had done more ||§^|i^^s^^^t^^^them~riot only in M^i-.^fUhfj^lj^^^^i^tidas^ijjili.; ia-- ; other ways all .praise. 'iMWßms%^MsseoK§Wß'S''%f -'opinion that the

on, but they had to consult the interests of those shareholders who were not so directly interested, and who had advanced their money for the purpose of receiving a direct financial return. Let those who, unlike the people of this city, were not deriving any benefits from the undertaking, have an opportunity of disposing of their shares, and the matter would become fair and equitable, while in the present state of affairs he believed foreign shareholders were not justly treated. Eor his own part, he would readily forfeit all his shares because of the .benefits which were indirectly to be derived, and, no doubt, so would many other shareholders, but still it was useless to let matters go until the company realised the position of the celebrated cats of Kilkenny. After a few remarks from Mr. Boiti,ase as to the depreciation of the value of stock, Mr. Dbansfield said he was opposed to the payment of the directors until they were in a position to declare a dividend, but he had no objection, if the Board deemed it advisable, which he hoped they would not, to allow the Managing Director a salary. Mr. D. Andeeson, one of the directors, said that with one exception no member of the Board expected any remuneration. Mr. J. Mabtin was in favour of an im- • mediate winding up as the only means by which the shareholders could realise their shares.

. Mr. E: Owen rose to propose the following resolution, when a number of gentlemen left the room :-—" That, in the opinion of this meeting, it is expedient that the ' N.Z.S.N. Company should be wound up, owing to the difficult position in which it is now placed, and the very remote probability of its being able to pay a dividend." The motion was seconded by Mr. J. Martin, and carried nem. con. A vole of thanks to the. Chairman terminated the proceedings.