NEW ZEALAND COMPANY.

Otago Witness, Issue 41, 28 February 1852, Page 4

NEW ZEALAND COMPANY.

Yesterday, a special general meeting of the shareholders of this Company was held at the !N T ew Zealand House, H. A. Aglionby, Esq., presiding. The chairman, addressing the meeting, stated that the directors, knowing that any call upon the shareholders would operate most unjustly upon a portion of them without affecting the rest, had devised a scheme by which it Avas hoped that the pressing claims might be so reduced that the necessity of a call would be averted. The project was to issue a circular to the shareholders, inviting them to make certain primary advances to the Company (the amount to be settled by themselves), which would bear interest at a certain rate, and be repayable at a certain time. This had already been done, and it was hoped, that from the success already met with, the disagreeable proceeding of a call would be rendered unnecessary. No communication had been received from Government on the subject of the claims of the Proprietors for the repayment of the £268,000 due to them. Mr. Lyall said, that the last meeting was adjourned to enable the directors to come to some arrangement with the creditors of the Company, and as the necessity for any further negotiations on that head would now be avoided, it would not be necessary to summon the proprietors to sanction their next proceedings. They would be summoned in the event of receiving communications from the Government, but there seemed little probability of such an event at present. The chairman said, it would not be necessary to call the shareholders together to get their assent to the arrangement they now proposed, and if they could also make the arrangement with the Canterbury Association, they need not assemble again until the next annual meeting, but if in the meantime any negotiations were entered into with Government, or any communication received from the Colonial Offioe, it could be notified to the shareholders by circular. After some discussion the meeting was formally adjourned. — Morning Chronicle, Sept. 27.