NEW ZEALAND STEAM NAVIGATION COMPANY.

Nelson Examiner and New Zealand Chronicle, Volume XXVIII, Issue 38, 12 May 1869, Page 6

NEW ZEALAND STEAM NAVIGATION COMPANY.

The thirteenth half-yearly general meeting of the shareholders of this company was held at the Athenißum, Wellington, on Tuesday, the 27th April, when the Board of Directors and a largo number of influential shareholders were present j Mr. Bishop, Managing Director, in the chair. The Chairman read tho advertisement calling the meeting, after which ho read the Directors' Report, as follows: — "Directors' Thirteenth Half-yearly Report for presentation at the General Meeting of Shareholders, to be held at the Wellington Athenscum, on Tuesday, April 27, at two, p.m.:—l. In accordance with tho regulations of the company, a statement showiug the result of tho company's operations for the half-year commencing Ist September, 186S, and ending tho 28th February, 1869, has been printed and forwarded to the shareholders. 2. The working account for the half-year shows that the gross receipts amounted to £22,949 Is. 5d., and the expenses to £19,799 4s. 9d., leaving a profit for tho period of £3,149 lGs. Bd. This sum, carried to the credit of profit and loss account, reduces ths balance to the debit of that account to £4,936 13s. 9d. 3. The wreck of the steamer Taranaki has been sold by public auction for the sum of £245, but this amount has been almost entirely absorbed in expenses. Tho cost of the Taranaki, less the value of stores saved from the wreck, has been passed to the debit of depreciation account, which now shows a debit balance of £31,922 3s. Id., while the insurance account shows a credit balance of £4,813 3s. 2d. 4. Owing to the position of the accounts, the directors are unable to recommend the declaration of a dividend, which might have been dono had the capital of the company been reduced. 5. A special resolution will be submitted to the present meeting to introduce a clause into the regulations of the company, empowering the company to reduce its capital. If this resolution is adopted, it is proposed to follow it up by another, reducing the capital to £100,000. divided into shares of £4 each. 6. The directors who retire by rotation on the present; occasion are Messrs. Joseph Burne and William Bishop, who are eligible for re-election. It will also be necessary, in order to comply with the regulations of the company, to elect the auditor for the current year. — Wm. Bishop, Chairman. Wellington, New Zealand, April 24,1869." A long discussion ensued as to whether the directors could declare a dividend or not, and it was stated that the opinion of the Attorney-General had been laken on tho subject, whii'h, however, was given so obscurely as to be hardly intelligible to any but legal minds. A letter from Mr. John Martin was read to the meeting, offering on behalf of the Circular Saw Company the sum of £25,290, or £3 on each paid up shave, for the whole of the property and assets of the company. The offer was considered too low, and was not accepted. A resolution in favour of reducing the capital of the company was carried.

PRESENTATION 01? AN ADDRESS TO MR. DUTTON. — The Grey Elver Argus, of the 10th April, has the following :—": — " A deputation from the miners on the North Beach met Mr. Dutton, late Resident Magistrate at. Cobdon, and Warden of the Nelson Southwest G old-Fields, at Hamilton's Hotel, Cobden, yesterday, at noon, in order to present him with an address from the body of miners whom they represented. A large number of the principal residents in Greymouth and Cobden were also present. They wished to give him something by which ho could j remember them, and they had proposed the following address : — ' To J. Roger Dutton, Esq., late Resident Magistrate and Warden of the Nelson South-west Gold-Eields. 'We, the. undersigned miners on the North Beach, regret to learn that your official connection with us has now terminated, and we cannot allow you to leave us without some expression of our appreciation of the valuable services rendered by you to this portion of the district. • We have much pleasure in bearing testimony to the untiring zeal and high ability displayed by you in the exercise of your duties. Your decisions have been just and equitable, giving general satisfaction ; and the interest you have taken in our wants, as a mining community, coupled with your courteous and kindly disposition, have gained for you our highest respect and esteem.' In the evening Mr. Dufton was entertained at a banquet in Giuner's Hotel, by the members of the Greymouth Literary Association. Tho proceedings were of a private nature, and confhud to the members of the society. A most enjoyable evening was spent by tho company, and many good wishes exj pressed for the guest's happiness a,ud prosperity."