COROMANDEL STEAMBOAT COMPANY.

New Zealand Herald, Volume XIX, Issue 6571, 8 December 1882, Page 6

COROMANDEL STEAMBOAT COMPANY.

The fifth annual meeting of the shareholders of the Coromandel Steamboat Company took place at the office of the company, on Monday evening Mr. A. J. Cat! man, chairman of directors, occupied the chair, and a large number of shareholders were present. The minutes of the last annual meeting having been read and confirmed, the Chairman read the directors' report and balance-sheet, from which it appears the company have paid off £600 of the mortgage, and paid a dividend of three shillings per share. The working expenses this year hare been very heavy, owing to breaking of the propeller, alteration of cabin, &c. The total receipts are £3 - 248 ISs 10d, and the expenditure is £'2477 2s sd, exclusive of dividend and repayment of loan. The Chairman, in moving the adoption of the report and halauce-sheet, informed the shareholders that in future the directors would not insure the ship, aM(I if shareholders wished to make themselves secure, they must insure their own shares. The reason was, that they could only insure against totpl loss, which was very unlikely to occur, and if the ksoat went ashore and was damaged to the extent of £1000, they would get nothing. The report and balance-sheet were unanimously adopted. The next business was the election of a director in place of Mr. Gibbs, who had offered himselt for re-election. Mr. A. Glover proposed that Mr. Gibbs should be re-elected, and spoke very highly of his past services. This was seconded by Mr. R. CJlover. Mr. Bucklaiid was also proposed and seconded, but on the Chairman demanding a show of hands the majority were in favour of Mr. Gibbs, and he was declared elected. Mr. J. H. Harrison was re-elected auditor. The Chairman asked for an expression of opinion as to what was adrisable to be done with the unallotted shares (14631. This question caused a long discussion, in which nearly every shareholder present took part. Mr. Harper thought they should be placed in the hands of the directors to be disposed of to the best advantage, and the proceeds placed to a reserve fund. Mr. Colebrook would reserve 500 shares for the company, paying dividends upon them, sell the balance, giving the shareholders the preference, and place the proceeds to the reserve fund. ilr. Gars would divide the shares pro rata to shareholders, at a reduced price. Mr. A. Glover would offer them at market rates. Every proposition was well discussed, but it was ultimately agreed, on the motion of Mr. Buckland, that none of the shares should be sold at present, but that the directors should be asked to pay dividends on the whole capital of the company, and place the funds so accruing from unallotted shares, to the reserve fund. A good many questions were asked about various items of expenditure, which having been explained satisfactorily, a hearty voto of thanks was passed to the directors and officers of the company. A vote of thanks -to the chair brought the meeting to a close* —[Own Correspondent.]