MEETINGS.

New Zealand Herald, Volume XIX, Issue 6567, 4 December 1882, Page 1 (Supplement)

MEETINGS.

♦ SOUTH BRITISH INSURANCE COMPANY. A special extraordinary general meeting of the shareholders of the South British Fixe and Marine Insurance Company of New Zealand was held at the head office of the company on Nov. 13, at 2 o'clock, for the purpose of confirming the resolutions increasing the. capital of the company and altering the articles of association, which were passed at a special extraordinary meeting of shareholders on the 9th ult. The chairman of directors, Captain W. C. Daldy, occupied. the chair. The General Manager, Mr. G. Johnston, read the advertisement convening the meeting, also the minutes of the meeting held on the 9th ult. The Chairman- than moved the following; resolution:—"That the minutes of the extraordinary meeting of shareholders held a& the office of the company on October 9th, ISS2, now read, increasing the capital of the company, be now confirmed." Mr. J. Howard said the duty devolving on him to-day was of a formal character — formal, inasmuch that it was necessary for the purpose of giving effect legally and in conformity with law to that. wliich was done at the extraordinary general meetiug of shareholders held in that room on th'i '~'th of last month. It was a source of I congratulation that they were there So-da*r for the purposo <.z confirming resola;i«u; e£ such great importance as the increase *sS capital, and thus enabling them to operate over a much more extended sphera. He had , . much pleasure in seconding the ehairman'ii proposition. Mr. Reader G. "Wood was perfectly welt aware that it was a mere formal matter, and as a matter of course the minutes mnst necessarily be confirmed; but he wished to taku that opportunity of stating that since tbe report of the proceedings of the last meeting had been published, a considerable numlsr of shareholders— from Taranaki principally —had sent him proxies in the hope that he might be able to do something in tht. way of limiting the large increase of capital proposed by the directors ; bathhre r of course, could not now use those proxies, aa it was impossible to do more than merely just confirm the proceedings of the last meeting. He wished to state this fart n order that the directors might eee that there was a very considerable number o£ shareholders who did not agree with them iii increasing the capital to so largo an extent as they intended to do. He wiehed, also, to refer to this farther fact to show that the public at large agreed with the opinion of the minority of the shareholders, inr.sntncli. as the shsres of ths company could not be sold at the present time at £3 a share, and it was very difficult, he believed. U) get a. quotation at almost any amount. Some few days ago he asked a brjker to give him a quotation, and he said that he conld not. The Chairjux said that although that was probably so with regard to distant shareholders, it was not the feeling of the Auckland shareholders, so that he thought, perhaps, that the Taranaki shareholders had notbeen so fully informed as the Auckland: shareholders had been. Mr. JosJ-pit Newjiax wished to correct the opinion that might go abroad, that shares had not been sold in the market. If shares were placed in his hands at 58s, he did nofc think he would have much trouble in obtaining customers for them. Mr. R. C. Barstow might state that there ■were four or five transfers of shares at the last meeting of the Board, and these were all at 60s. The resolution was then put to the meeting and carried. The General Manager then read the resolution amending the articles of association, passed at the meeting on the 9th ult. The Chairmav moved, " That the minutesnow read of the extraordinary meeting of shareholders, held at the company's office, on October 9, 18S2, that the articles of association as amended be adopted be now cosfirmed." Mr. R. Hobbs seconded the resolution. Resolution put, and carried. This concluded the business, and the meeting then terminated.