WAIKATO COAL AND SHIPPING COMPANY.

New Zealand Herald, Volume XXII, Issue 7270, 7 March 1885, Page 6

WAIKATO COAL AND SHIPPING COMPANY.

ANNUAL MEETING.

Thb second annual meeting of shareholders of the Waikato Coal and bhippinjj Company was held at the company"* office, Fortutreet, yesterday-Sir F. Whitaker, Chairman of Directors, presiding. Mr. W. S. Lauris said the annual meeting was being held in March, whereas the articles of aesoaiation provide that the month of meeting be February. Hβ asked if the present meeting was legal 7 The Chairman said the reason for the delay was that the accounts, which had to come from Ngaruawabia, did not come down in time for the meeting to be held in February. The directors pressed for them constantly, and at last got them, and the accounts were mitde up and the meeting called. In bis opinion, the transactions at the present meeting would be perfectly legal. The following report was read :-?-

Auckland, etb March. 1885. The director! prewnt th« annual account* to tbe shareholders, and regret to hare to say that the year's transactions hare not been sacceiifaL In tome departments there has b«ea the falling off of the, trading tad. nail and the river traffic hat entailed a considerable lon. In tbe year 1883 the amount received on the trading account was £8013 7s ; In the year 188* the amount decreased to £3688 Its lid In the year 1888 tie steamers earned £5378 9* lOd, and in the year 1884 £3863 12« lid, making a difference between thTtwoyeaM of no leu a mm than £4991 9» on these two accounts only. The director! recommend that the company , * badness should be r«du ed to those braachei on which a profit is being made, and a resolution to that effect will be proposed for yoo* adoption.— For the Board of Director*, Fbjsd. Whitaxus,

Thl Chairman said he was sorry the report and statement of account* was not of a very successful character on the contrary they were not at all satisfactory ; but there was no difficulty whatever in tracing where the business bad not been paying. As was stated in the report, there had been a very large falling off in two items, amounting to £5000. If it had not been for this they would have bad a good profit. This had arisen, no doubt, in a great measure from the state in which Waikato had been for some time put . things had . not been flourishing there, and people were short of "money, and there were a number of bad debts in oonsequence. The river trade bad been cut up by the railway. The directors would propose a resolution, in which they would announce that they proposed a reduction should be made in the business of the com* pany—confining it to those branches which now paid. With regard to the expectation that there might be, a revivaJ, he did not think so, looking at the competition, especially with the new company, which had affected the business of the company very materially, during the short time it had been in operation. He could not look forward to each a revival as would justify them in continuing that branch. There was no doubt the steamers had been running for eome time past at a lose. He saw no chance of the profits being increased on the river. It was necessary they should have for the coal mine a certain amount of ■team power, and they should use it on the river. A good deal of the earnings of the steamers had been in consequence of carrying the coal from the mine to Mercer. They could carry the coal thus at a smaller cost than by railway. The balance-sheet had not been printed in order to avoid expense, but it was open to the inspection of shareholders. He moved that the report and balance-sheet be adopted. The Hon. Jambs Williamsok seconded fell* motion. Mr. W. 8. Latjbie said there ought to be a little time to examine the accounts. Hearing them read now one could not form an idea of whether they were correct. He doubted whether the present meeting was a legal one, and it was not if what ha had been informed was correct. He should not record his vote either way, and he would ask the Secretary to record his vote *o. The motion was put and earned, Mr. Laurie dissenting. The Chairman then read a letter from Mr. Laurie in which he asked a number of questions—the first question, as to the , legality of the meeting, had already been answered. The second question was:—"l shall ask an explanation of the statement contained in paragraph second of your report dated 20th February, 1884. wherein you *a> '• It must be boree in mind that the amount paid for goodwill to the two companies incorporated with your company has been written off. , " The Chaikmait eaid this was gone into on the last occasion. Mr. Lat/bis said the accounts were deposited on the table, as on the present occasion. It was not until afterwards that he had an opportunity of going into them. Hβ might say also that he had been personally taxed with having received money he had not accounted for—that was the goodwill. The Chairman said those who had to taxed Mr. Laurie were very erroneous in what they did. Hβ (the Chairman) wanted to know what he was to get out of the bonus, but it turned out that no bonus ever was paid or received. The position of the thing was this • Shares to the extent of 46,000 were allotted to those various companies, and these had to be accounted for at assets of the company. It was found that there was not property enough to represent that. It was found that the assets handed over by the two companies did not amount to 46 000, but left 14,000 unprbvided. Nobody paid anything and nobody received anything. Yon (Mr. Laurie) did not receive anything? . Mr. Laubib : No, but 1 have been atThe Chaibman said that all he could tell was that nobody had received anything. The auditor was the man, and if Mr. Laane would bring the auditor to book he (the Chairman) would be very glad to assist in doinc so; and if it could be proved he was wrong he (the Chairman) would assist to pass a rote of censure on him. The Chairman asked if he was to infer from what Mr. Laurie said that the auditor was not a competent auditor. • •. .„ , ,''.■'■ .. Mr. Laubis said if he, passed the matter In question he was not. The auditor ought to be appointed by the shareholders and not by the directors. The Chaibman said directors had a vote at the meetings as well as anybody else. Every shareholder at a meeting had a right to make any proposition he thought fit, provided it was within the rules of the comI? * Mr. Laubik said there ought to be vouchers for the payment mentioned in his question before the meeting, and it appeared there were not. .-..«» • u The ChaibmAK said if Mr. Laurie would write a letter on the matter he would have enquiry made into it. If any shareholder wished an investigation it should be done. The question set down in Mr. Laurie's letter was as follows :—" I will also ask that thevouobers for the payment of 'goodwills paid Waikato Coal Company and Waikato Steam Navigation Company, £1492 17s 3d, , which was produced to the auditor, and upon which he gave his certificate, dated 18th February, 1884, be produced at the meeting." Mr. Laubib also asked : " Whether the company received from the Waikato Coal Company (Limited) the entire 150 acras on the east side of the Waikoto River, at Huntley station." The Chairman said there was a dispute at present between the Government and the compwy as to the portion of the land which theyTsaid they tdok for the railway. ' The matter h#d b«en now under discussion for the last 'ISk> or three months, and had not come to a point quite yet. In 1877 or 1878 the Government published a proclamation taking- the railway, and taking a piece of land for a siding alongside it. Nobody ever thought of this any more. He did not remember their taking it. Upon examination the other day, he found that the company held a transfer certificate for the whole of it railway and all, so that he rather thought, instead of f.he Government having £he pull upon the company, the company had the pull upon the Government. The Government were bouDd to indemnify the company under the land transfer. DIRECTORS. Messrs. Williamson, Bradley, and Green, Che retiring directors, were re-elected on the motion of the Chairman, seconded by Mr. J, Lamb. AUDITOB. Mr, Waymouth was .re-appointed auditor. A resolution was then passed reducing the company'■ business as indicated in thereport. A vote of thanks to the Chairman terminated the proceedings.