OAMARU STONE COMPANY.

Oamaru Mail, Volume II, Issue 590, 23 March 1878, Page 2

OAMARU STONE COMPANY.

The first meeting of the newly-elected Board of Directors of the Stone Company was held yesterday a f ternoon at Mr. Sumpter's office. There were prerent—Dr. Garland, Messrs. Steward, Allen, Humphrey. Sumptcr, Spence, Gibbs, and Booth (Acting Secretary). On the motion of Mr. Steward, seconded bv Mr. Humphrey, Mr. S. Gibbs was elected Chairman, and, on taking the chair, he said he would endeavour by his conduct to justify the choice of the Directors. On the motion of Mr. Steward, seconded by Dr. Garland, the Secretary was instructed, iii conjunction with the Solicitors, to take steps forthwith for the registration of the Company. On the motion of Mr. Sumptcr, seconded by Dr. Garland, it was resolved, " That tenders be invited for the supply of stone at per 100 ft. (as per sample to be forwarded), delivered into railway trucks ; said tenders to be advertised for in both local papers, and to be in by the 4th .- pril next." On the motion of Mr. x uinptcr, seconded by Mr. Spence, it was resolved, "That aplicalions by persons willing to undertake the agency of the Company' at Christchurch, Duuedin. and Melbourne, be invited, applicants to'state what interest they would bo prepared to take in the c .mp my. Applications to be in by the -tth April next." On the motion of Mr. Steward, seconded by Mr. Spence, it was resolved, " That the sum of I/JoO, being ."i per cent, on the capital ..f the Company, be voted to pay all the charges for commission and expenses in connection with the floating of the Company—said sum to be priced at til- dispos.U of a committee consisting of the Chairman, Mr. Humph rev, ;ind Mr.~>umptor. in extinguishment of all claims on this head." The Chairman hero read the following iiiemor:ai iiim, handed in by Mr. Steward—"Desiring that Mr. Procter, as a largo shareholder in'tho Company, should have a seat on the Directory, I hereby resign my seat on the Board with a view to enabling his election to the vacancy."

Mr. Steward having expressed his regret that Mr. Procter had not been elected as one of the Directors, it was proposed by Dr. Garland, -'That Mr. Steward's resignation be accepted, and that Mr. Procter be elected a Director in his stead."

The motion was seconded by -*' r - Hum phrev, and carried. A \-.>te <>f thanks to the Chairman con eluoed the meet ins,'.