NEW ZEALAND OYSTER COMPANY.

New Zealand Mail, Issue 1199, 22 February 1895, Page 21

NEW ZEALAND OYSTER COMPANY.

A general meeting of shareholders of the New Zealand Native Oyster Company was held at Mr E. H. Beere's office, Lambton quay, on Tuesday morning. Mr H. M. Brewer presided. There were about a dozen shareholders present. The chairman explained that about six months ago the promoters had received such promises of support as to wan-ant them in considering that the Company was fairly started. The spatting season had commenced, and promised to be very favourable. As one good spatting meant some millions of oysters, and practically an extra year's profit, Mr Beere took the responsibility of procuring oysters for breeding purposes, engaging Mr Harvey as managex", and putting men on to prepare the beds. The season had been very ; favourable, and this action had saved one ' of the three years which the Government ! had granted the property rent free. He hoped the shareholders would endorse Mr Beere's action.

The manager's report, read by the chairman, stated that operations had been commenced about the middle of last December, when 20,000 oysters wero laid down for spawning purposes on Kaka Point, Motukaraka Point, and the cockle-shell bank. About 10,000 more were laid clown early in January. Since the work was started the manager had been engaged in making beds on the foreshore, there being nearly 900 yards of stone walls built, The

extent of the ground which will soon be* ready is about four acres. The grounds had been partially dredged on two occasions, when oysters of various sizes had been found, and the number of oysters 'lk the beds now was estimated as being- be>tween 350,000 and 400,000. Fronf the* manager's observations, he concluded that, the harbour is most suitable for oystor culture, and the oysters should bo readyfor market sooner than was expected. It was recommended that during next winter 200 bags of, Stewart Island and Sounds oysters should be laid down, and sold after the summer's growth. It was hoped that the directors would endeavorar to get a grant of the remainder of the harbour. The Chairman pointed out that the shareholders had very little idea of the' amount of time and money spent in' tho formation of the Company. It was only after several interviews that favourable terms were offered by the Government—in fact, more favourable than had been expected. From the end of 1892 to the beginning of 1894 several small sums had! been disbursed in various ways, and as 1 - showing the confidence of the promoters in the venture, not one penny of this money had been asked for. The Hon E. Pharazyn, in proposing the adoption of the report and balance-sheet, said that both showed a very satisfactory state of affairs, and he thought the promoters should be recouped for any expenditure incurred by them. Tho motion was seconded by Mr G. H. Baylis, and agreed to. The Chairman said that none of the promoters desired a refund of these moneys. At the suggestion of the chairman,, seven of the shareholders signed the Articles of Association. On the motion of the Hon E. Pharazyn, seconded by Mr E. F. Warmington, Messrs H. M. Brewer, F. Death, E. H. Beere, T. W. Young and G.-H. Baylis were appointed directors. Mr W. McLean was elected auditor. At a meeting of the directors, Mr H. M. Brewer was elected chairman, and Mr E. H. Beere managing director and secretary.