DEVONPORT STEAM FERRY COMPANY, LIMITED.

New Zealand Herald, Volume XIX, Issue 6424, 20 June 1882, Page 3

DEVONPORT STEAM FERRY COMPANY, LIMITED.

'A MEETING, of the shareholders,, convened on 'requisition, was held at 'the D'e'voripbrt Hall last night. There was a large attendance of ; shareholders from both sides of the water. Mr. ; Alison, chairman of directors, presided. The requisition was as follows.:—" We... the !underi signed shareholders in the Devonport Ste.im iFerry Company, Limited, hereby request that you will be good enough'to convene forthwith an ' extraordinary general- meeting of 'the company for tho purpose of affording the I shareholders some information on the following matters, namely': 1. As "to whether :there was any proposal to sell the company's 'business to any mother company, or companies, ■and the particulars of any such proposal, or ■ what was tho proposal relative, to,the matter ? ■(2) as to whether the vacancy in the directorate is filled up or not, and if not, what is the reason? (3) as to whether the meetings of the 'directors are held according to the articles of i association of the company." The requisition iwas signed, by 16 shareholders'.—The Chair,man replied seriatim to the questions in 'the requisition: —Ist, as to the proposed • offer to sell the company's property. They had received an offer from the St. Helier.'s Bjiy r Company for £11,300, and when the minute as to the acceptance of 10 per cent, per share was received it would be" entertained. —The Chairman explained that what was meant was if the ! offer was ' approved "of by' thfe shareholders it 'would be considered. - The Chairman said, as to ithe second question; Mr. EdwardMeatyard had Ibeen elected to fill the vacancy on tho directorate. As to the third clause, the Chairman read the clause, pointing out that the directors 'may T meet and adjourn as they uee fit.—Mr. Hammond objected to the duties delegated !tb seven directors ' being entrusted , .to' two. ;—Th«, Chairman replied thai; the business was carried on by meetings, but ;in ease of accident matters were left to. the management.—The discussion then became general. It appeared that three directors, ,Ales9rs. Alison, Stark, and Quick, were appointed a managing committee. Mr. Quick denied that he had ever been asked to officiate. : Mr. Hammond referred io the uneasy feeling among the shareholders when they found the directors not in accord. The real question at issue was the appointment of aii Auckland ishareholder on the directorate. This was .opposed by ; the 'Chairman, who insisted that it was a Devonport concern, and that it would be best carried on by the management behig in their hands;— This contention wis argued against by -Messrs. \Vinter, Linabury, and others, and Mr. J. W. Knight made ■& unique speech, recommending unity, as they were all Auokland men. A suggestion thnt the shares had beeu rigged—that is, the unallotted 'shares open to the public—had been taken up •by the directors and their frieu'da before the offer iwas known'to the public, after the offer of 7s 6d iperehaie preniium hud been made was discussed, and replies were given by the Chairman. As to the meetings of directors, the Chairman said the meetings averaged once in three weeks. The articles of association did not require thnt they should bo held fortnightly, nor was there any minute to that effect.—The del».y in answering the proposition- for a service to Ponsonby was also brought up, Mr. Linabury asking why the letter had not been answered? It appeared that the letter whs sent too late for,a meeting in March, and whs only presented on the Ist of May. —Thuu the question arose ae to TVvhy Mr. Meatyard wae elected to fill the vacancy in the, directorate. A good deal of discussion ensued, in which the position of •Mr. Stark, as managing direotor, was discussed, also the advisability of having Auckland directors on the direotory.—The Chnirman, in reply 'to questions, stated that he' declined to answer that question; it would be seated at the ;general meeting, to be holdun,Jnnuary, 18S3. — Mr. Knight moved,* " That, "at the earliest opportunity, the directors submit to the shareholders the .financial state of the company—say, in a month," He thought sixteen months too long for a directory.'of a -company, which was 'doing a large business, and thought some acoount' should be given to the shareholdeis witnout delay.—The Chairman ruled the resolution out of order.—After'some further conversation the meeting>*terminated with a vote of thanks to" tho chairman.