MEETING LAST NIGHT.

Manawatu Herald, Volume I, Issue 82, 13 June 1879, Page 2

MEETING LAST NIGHT.

SANDON RAILWAY COMPANY. A meeting of shareholders was called for 6.30 p.m. yesterday, but did not begin till nearly l£ hours after. There was a large attendance of Sandon and Carnarvon share* holders, but only three from Foxton. Mr Henry S&nson was voted 1o the chair, and read the following report : — The Provisional Directors, in submitting their report, have to congratulate the shareholders on the measure of success hich has attended their efforts to float a company lor the purpose of constructing a railway from Carnarvon junction to Sanson, and thenco to Ranjritikei River to meet the proposed line from Greatford and Bulls. The JSharebolders will be glad to learn that notwithstanding the very depressed state of the money market, and consequent low price of produce, which many feared would prove fatal to oar project, the ])irectors have disposed of 4(541 shares out of the GOOO the nominal capital of the Company. They have also had the Company registered under the Joint Stock Companies Act, and have prepared the necessary plans and books of reference, in accordance with the provisions of the District Railways Act, and have also (under instructions from the Government), prepared the voters' roll and yoting papers. His Excellency the Governor has appointed a Revising Officer who will hear any objections to said roll, and his decision in all matters will be final. Ihe Governor has also appointed the 12th July, 1879, as the day for taking the votes of ratepayers in the JSailwa/ District, and has also appointed officers to preside at the various pollling places. The Directors respectifully urge all who are in favor of the railwry to record the r votes on (he 12th July, and thereby demonstrate to the Government and outside pu U . lie that they have every couGdenco in the railway, and regard it as indispensable to the prosperity of a largely-popu'ated district. The Provisional Directors are of opinion that it will be safe to commence operations as soon as 5000 shared are taken up. But as any further canvass outside would be useless and a waste of time, tboy respect* fullyurgeupon those present who have only taken a small number of shares to take a few more, so that the matter may be settled at once. It is confidently expected that the remaining 1000 shares will bo taken up within 14 months. It is proposed to proceed with the formation of the line from Carnarvon Junction to Sanson immediately after the work is pegged off. The services of a gentleman of high professional skill and a large practical experience have been secured for that purpose. Mr Hayns, will be ready to begin the survey iv a week from this date. The plans and specifications will be prepared with as little delay as possible. It is proposed to call for tenders for the work of formation as soon as the Directors have determined whether to let the work in one or more contracts. The Provisional Directors would in conclusion remind those present that a large and important undertaking like this de* mands the united action of all the settlers interested, and they do respectfully and confidently submit that the very limited liability which shareholders are called upon to take will sink, if rightly viewed, into insignificance when compared with the great advantage of having a railway. The Chairman briefly moved the adoption of the report. JWr James Bo water seconded the motion. Mr It. B. AlcEenzie asked how much had been paid in as the first call. Mr Sanson replied £262 sa. The number of Rhares applied for was 4 ,641. Mr McKenzie said it would be dangerous to start the affair in a loose way. If persons were not shown the necessity of paying at once, the share list would be fictitious. Mr Saason said it was difficult to make aay rule. He regarded every name on the list as honafide. Several shareholders, including Mr McKenzie, then paid the first call. Mr 11. Bo water asked what would become of the money paid in, if the work were not started. Mr Sanson replied that as only 300 shares were required, there was no fear of the project falling through. It was now or never. If the Government took over the lino, only 10s would be called up, und this would be returned with interest. If tho Company did not proceed the amounts paid in would be returned, less a small amount for pro* liminary expensesMr tfower said all who had signed the articles were responsible for the amount of the shares applied for. lie urged all present to .pay the first call. He was sure tho lino would be made ,* if not now, at some future time. The preliminary expenses needed to bo done only onco. The work done would therefore be a material benefit, even if the line were nut made j ust now. The native troubles might be an obstacle to tho Government taking over the lino. He wished to know whether Directors must pay their calls before being allowed to act. Mr Prior said it was necessaiy. Mr London said business men and farmers were feeling the depression, bnt the railway would increase the value of land, and so of securities. It would benefit tho whole district. All appreciated the good that would be done. The motion that the report be adopted was put and carried. Mr Gower proposed, that no shareholder who has taken less than 20 shares be eligible to act as a Director. Seconded by fllr Bailey. Mr Sanson Baid the whole of the Provisional Directors that night ceased to* act, but were re-eiigible. The motion was carried* The Chairman suggested that a large Directory be elected, so as to represent all parts of the District and to get a quorum. A larsre directory created public confidence. The Chairman said he thought persons not present were eligible for election. A larger per centajje of Foxton men had

taken up 50 shares each than in Saudon, and he should bo aorry to see Foxton omitted from the directory. Mi- Cknver proposed — I hat the following gentlemen be Directors for the ensuing year, viz. :— Messrs Sanson, Grower, Hammond, CKfford, Bailey. To'npkins, Farmer, Ed" wards, Phillips, Bowater, Rowe, Gray, Whyte, Perreau, Thynne, Loudon, and Dr ttockstrow. Dr Rockstrow declined to act. Mr McKenzie thought an influential dr rectory should bo got up. They should try and get the Hon. Mr Campbell, and Mr W. Johnston, M K.R., for instance, whose names might be of assistance. Local men, however good, were not known outside the district. Tho Chairman eaid the appointment of gentlemen as directors who could not a' tend would entail trouble without any comnen 1 surate benefit, as the Officials would require to keep them posted up in the doings of the Company. Mr Hammond desired to be relieved of act'ng as a Director, but the spirit of the meeting was manifestly that he should remain, nnd he consented. The Chairman hoped Mr McKenzio would consent to go on the Directory, as he was a useful man and a good critic. They wanted sach a man to prevent mistakes being made for want of discussion. Mr McKenzie declined. Mr Gower proposed that tho Hon Mr Campbell, Mr W Johnston, M.H.11, and Mr McLennan be added to the list of directors. Mr H Bowater seconded the proposal, and asked whether all whose names were read out had paid the first call, as* the Solicitor tiaid it was necessary. Mr Prior said he had since looked into the Act, and found that it was not abso • lutely necessary that a Director should have paid his call. The names read over were agreed to. The Chairman referred to the obstacles he had met with in canvassing for shares, and earnestly hoped those present would take up those still on hand. Mr Gower proceeded to arguo at length in favor of the railway, adducing the short' ness of the route via Marton to Auckland, as a reaaon why the Sandon line should be supported, as the traffic must pass along [Our reporter was compelled at this point to leave the meeting.]