WAIUKU & ONEHUNGA STEAM NAVIGATION COMPANY.

New Zealand Herald, Volume XXV, Issue 9086, 21 June 1888, Page 6

WAIUKU & ONEHUNGA STEAM NAVIGATION COMPANY.

A meeting of the shareholders of the Waiuku and Onehunga Steam Navigation Co. (limited) was held in the commercial room of the Kentish Hotel, on Monday evening last, at 6.30. There were about 40 present. Captain Makgill (iu the chair) explained the object for which the meeting was called, to see what was best to be done with the affairs of the company. They were all aware that the books of the company had been thoroughly gone through, and appaently showed large deficiencies in the cash, amounting to several hundreds of pounds. The late managing director had been very unwell .for several months past, and was unable to explain these alleged deficiencies, and the late secretary had kept out of sight. The Chairman said that Mr. P. Clark nad carefully gone through the books, and the result of his examination was sent to the late managing director and secretary, calling on them for an explanation. No explanation had been given. Since then Mr. Waymouth, who audited the company's books for several years, had been employed by the late managing director to go through the books with Mr. Clark. There were items which they could not agree on, so a third party was called in as referee. The result was nob known yet, as the third person had been called away, and there the thing stood at present. Mr. Bent said it was ridiculous to think that this state of things had been going on for five or six months, and not finished yet. There was too much delay. The directors were not fit for their duties. They had driven one man out of the country, and were driving another to his grave, and now they had really nothing to tell as to the affairs of the company. There was a great amount of talking, and some very warm speeches made. Mr. Finlay moved, " That a fortnight be given to the late managing director to settle the matter, and failing that, that the matter be at once placed in the hands of the company's solicitor to take such steps as he and the directors think advisable."

Seconded by Mr. C. T. Barriball. Mr. W. J. Harris moved as an amendment, " That one week be given to settle the matter." Mr. Bensutt seconded. A very hot discussion took place, in which Messrs. Reid, Ryle, Bent, Grahame, Hood, Hosking, McEntyre, Barriball, Selby, and a number of others took part. On taking a show of hands, the motion was carried. The chairman said that Mr. Brown refused to give any security until the amount of the deficiency was finally decided on. Another meeting is to be called in the course of a month. A vote of thanks to the chairman brought the meeting to a close.—[Own Correspondent.] ________________