THE PIONEER STEEL COMPANY, (Limited)

Taranaki Herald, Volume XVIII, Issue 1006, 30 July 1870, Page 2

THE PIONEER STEEL COMPANY, (Limited)

Tun half-yearly meeting of shareholders of the Pioneer Steel Company, (Limited), was held a 6 the Company's office, Brougham-street, ou Moudiiy last, at G p.m. The Chairman read the advertisement convening t^he meeting, and his report, which after some amendments, was adopted as follows :—: — KEPOKT. In the last paragraph of their former report the directors state that without au extension of capital they would advise that no more be spent upon tho enterprise, but that the Company be wound up. An arrangement proposed by Messrs. llenochsberg, Atkinson, and Smith, with a view to the increase of the capital of tbe Company, and acceded to by a large majority of the shareholders, having fallen through, the directors called an extraordinary general meeting on the 2nd instanc, and proposed that the Company be wound up voluntarily. Defeated in this through tho opposition of the original promoters, tho directors have called another meeting for the 26th instant, when a resolution for winding up the Company voluntarity will be again proposed. Believing that a voluntary winding up would be most conducive to the iuterests of all parties, the directors hope for the concurrence of tho original promoleis to this proposition; if they oppose it, 1 hi> directors recommend that a petition should be presented to the Chief Justice of the Supreme Court for a winding up by the Court.

The call of 15s. per share made payable on the 28th February last, has been rescinded by the directors. Pioviously to this call becoming due, the proposition of Messrs. Henochsberg & Co., before alluded to, was made, offering upon certain conditions to give paid up shares to tho shareholders in proportion to the money paid by them. As part of this arrangement they proposed that the shareholders should not pay the call when it became due, but allow their shares to bo forfeited, and thus avoid their liability to any further calls. Tho directors, acting upon this, gave notice chut the shares would be forfeited, but tho arrangement not having been carried out, they abstained from passing the necessary resolution to carry it into effect, and at the request of a large number of shareholders, they have rescinded the call. The opinion of the directors as to the insufficiency of tlie Company's capital, has been confirmed by Mr. Siemens, F.R.S., a practical metallurgist of high standing in England, who states that the real working capital should not be less than GD,OOO. If the whole of the available capital of ihe present Company were called np it would not amount to £1,500. A vacancy in the direction of the Company having occurred through the disqualification of one of the former directors, the directors have appointed Mr. Cutfield to fill the vacancy. R. Chilman, Chairman. Statement of the affairs of the- Pioneer Steel Company, (Limited). Dr. — Capital and Liabilities. Jnne 30, 18/0. — Promoters* shares, 3,000 paid np £5 15,000 0 0 877 paid up £2 103. 2,102 10 0 Arrears of calls ... 121 10 0 20/1 0 0 To interest 1 2 G Debts due by the Company ... 415 0 11 £17,517 3 5 Dr. — Property and Assets. June 30, IS/o.— The lease of the beach, patent, aud original plant 15,000 0 0 New plant 691 9 2 Debts due to Company 81 0 0 Losses since the commencement of the new Company, August 21st, 1869— Fuel 519 16 9 Charges 469 a 2 Management 30S 10 1 1,297 12 0 By Balance Liabilities — Management ... ... 75 0 0 Plant 112 4 9 Charges 257 1G 2 4-15 0 11 By cash balance, Bank N. Z. ... 2 14 £17,517 3 5 F. Ronalds, L. H. Choi/will, Auditor. Secretary. The adoption of the accounts was moved by the Chairiraa, seconded by Mr. VV. D. Webster, and carried. This terminated the proceedings. On Tuesday, July 26 , an oxtraorditiary general meeting nf the shareholders was held at the Company's office, when the following resolution was carried :—": — " That the Pioneer Sceel Company shall be wound up voluntarily."