NORTHERN OMNIBUS COMPANY.

New Zealand Herald, Volume XXI, Issue 6996, 19 April 1884, Page 5

NORTHERN OMNIBUS COMPANY.

A STORidY MEETING. A' meeting of shareholders of the Northern Omnibus Company was held ,at Mr. G. H. Smifch'« workshop, Morningside, last evening, Mr. Mitchell (Chairman) presided. - There'were about fifty shareholders present. A special omnibus, conveyed shareholders from town, leaving the Union Bank at seven o'clook, and returning after the-meeting. Tho Chaibhan, having explained why it was the directors considered it inadvisable to apply for the use of : the' Mount Albert Hall for the several shareholders rose and desired to criticize the action of the directors in this matter, but being oat of ordar, the Chairman to heas them, but said they could bring on this matter at a later stage if they so desired. Mr. Bollard, however, was allowed to read certain correspondence between himself and Mr. A. K. Taylor, proprietor of the hill. ' Mr. Lets condemned Mr. Bollard's action In communicating with Mr. Taylor. That was a matter for the directors to attend to. The Ohaibhan then read the financial statement as follows :— Asbets and Liabilities, Uabch 31, 18S4. "Liabilities.—Sundry creditors (old accouet), £57 163 2d; bills payablo, £336 lis 61; sundry creditora (new account), £*331 2s 4d: £1125 10s. Assets.—Cash, £168 8s 7d; unpaid calls, £4-22 10s ; uncalled capital, 1878 at 2s 6d. £234 15a; deficit, £313 Ss Od: £1125105. Against this dedctt must be pat— Plant, cost, £1375 93 9d ; land, cost, £250. Profit and .Loss Account to-March 31.1884. EE.—To stock, December, 1883. £80 6s; wages and rUari es, £359 5s ; rent, £42 16s; forage, £276 6s lid; repairs, £69 10s 6d; charges, £49.13s Sd; horseshoeing, £30 17s : £908 14s Id. Cit—By receipts (average £13 10s 4d). £747 ss; stock, March 31, £45 10a 64; net loss, £115 18s 7d: £903 14s Id. Rough Balance-sheet. Da.—To capital, 1878 shares at £1 eacli, 17s-6d called up. less £422 10s' unpaid, £1220 15s ; bills payable, £836 lis 6d; sundry creditors, £23818s 6d: £2296 6s. Cr.—By plant, £1370 9s 9d ; land, £250; profit and loss old balance, £253 7s 7d; new balance, £115 18s 7d; preliminary expenses, £94 10s; stock, &c-, £45 10s 6d; cash in bank and hand, £166 8s 7d: total, £2296 6s. In reply to Mr. H. J. Bobtt, the Chaibman said that the meeting was an-extraordinary one, and it was not necessary that the accounts should be audited. They would be audited, of-course, at tho period direoted by law. The directors presented the balanoe-Bheet with the full assurance that they were correct. Mr. John Buchanan believed that the company had lost 20 per cent, of the capital, and perhaps2s percent. Suoh a loss was altogether unprecedented. So advised shareholders not to become .personal or wander away, from the business, but direot their attention to the business of the meeting. The Chairman said if the oompany had not been successful in the past, it was now the duty of shareholders to try and make.it successful, or if it was thought thiß oould not be done, to dissolve the company, - He asked shareholders not to " bandy" words. In reply to a question, the Chairman said the directors had resigned. . Mr. John Buchanan proposed that the balance-sheet'be received as correct.

Mr. Bobtt proposed as an amendment that, as the directors had resigned, the balance-sheet be not received.

Mr. Bollabd (working manager) challenged the correctness, of the accountß.. He was prepared to show that the directors, as a body, had not examined the accounts. .The directors knew nothing about the accounts, with the exoeption of the Chairman, and the Secretary of the Company of coarse. Mr. Sosketh had not been long enough on the directorate to become acquainted with the details. 'In reply to a question by Mr. BOLLARD- the Secretary (Mr. J. K. Randekson) said that be had debited the company £1 a week for his services.

Mr. Quick, who had proposed that tho Seore-. tary receive £1 a week at a certain .meeting of the directorate, said that he did hot mean the resolution to be retrospective. It appeared that the Secretary had made it retrospective to the starting of the company. This statement was received with murmurs of discontent.

The Chaibuan, in reply to a question, said the directors believed the balance-sheet to be correct, and it waß for the shareholders to appoint a new directorate and have the balancesheet audited.

Mr. Bollakd then gave a . lengthy verbal report of the conduct of affairs of the company tince its aommenoement. Iu the course of his ■tatsment, he said that when it was agreed by the directors to build stablea at Avondalo, Mr. Lennox' said, "we were a lot of rogues and robber*."

Mr. LmrafOX : So yon were. Mr. Bollard then made a number of statements about the directors, alleging mismanagement. The statements about certain directors were received with loud cheers and manifestations of disapproval. Mr Bolljlbd condemned' the management of the finance! of the oompany. He said he had been insulted, as manager, by a seotion of the direotors. He instanced a case where the directors ordered the discharge of a driver, in oonsequenooof certain complaints about delivery of parcels. .He (Mr. Bollard) point blank refused to dismias the driver until enquiry was made into the case. The direotors then said they would discharge him (Mr. Bollard), and be replied that they conld do so if they liked, but he would not discharge a man with a slur on his oharaoter that man not having had an opportunity of defending himself. He admitted that Mr. Lennox had been somewhat roughly treated.

Mr. John BnaHANAN then explained why he resigned his position on the directorate, and in doing bo referred in a very contemptuous way to the directors in office at the time he' resigned. He Btrongly condemned Mr. Bollard for disobeying the directors. He held Mr. Bollard responsible for the failure of the company. It was a shame, ho said, for a man to eat the vitals oat of a company when he knew it was going to the dogs, and it was not usual in companies in Auckland. He thonght it was Mr. Bollard's duty to resign. Mr. Randerbon (Secretary) briefly addressed tha meeting.

Mr. F. Quick said at one meeting of the direotora which he acoidcntiy happened to hear of, and which he attended, a proposal was submitted to purchase a piece of land belonging to Mr. Buohanan, and this piece of land had a very small frontage and large back.

Mr. Buchanan denied that the land had tho small frontage represented by Mr. Quick.

Mr. P. Diqnan urged that the meeting turn its attention to business. He would like to hear frem the directors a statement as to the probable remuneration or otherwise of a line of omnibUßses through thp district.

The Chairman said the line was not paying. The directors had reduced the expenses as far as possible.. The directors hid requested Mr. Bollard to resign, bat he refused to do so until 'his year's ecgagement expired. The Chairman contended that the employment of a Secretary in the infancy of such a large company was justifiable, but a Secretary with a salary would not be required'long. Mr. BoiiLAltD denied having retained his position* as Chairman in opposition to the wishes of the majority of the directors; a minority only had requested him to resign. Mr. O. Hesketh also spoke. Mr. J. M. Alexander asked why the directors had not dismissed Mr.. Bollard on his refusing to obey orders ? ' The Chairman said it was tho intention to do so after his refusal to resign. Mr. Lets asked Mr. Ballard if he believed he could make the service pay if if he were continued as managor? Mr. BoIILARD said if the shareholders gave him his way he would make it pay. Mr. Quick, who had run the service for ten years, said he could frame a time-table which would make the service pay.

Mr. Peck thought tba fares were too low, and the system ot selling tiokets in dozen packets should be discontinued. Mr. Qoick concurred. In reply to a question, Mr. BOLLABO said he was willing to place hia resignation in the hands of the new directorate.

The eleotion of a Board of directors was then prooooded with. There were fourteen nominations. A ballot was taken, and the following were declared elected Messrs. Oraig, 419; Hesketh, 404; Quick. 401; Barber. 383; Mltohell, 361; Peck, 331; Stewart, 325. The other candidates were Messrs. Walters, Lennox, Gittog, Dakin, Faulder, and Bollard. The meeting terminated at a very late hoar;