PAKAWAU COAL COMPANY.

Wellington Independent, Volume VIII, Issue 763, 2 February 1853, Page 3

PAKAWAU COAL COMPANY.

A Meeting of the members of the Wellington Committeewas held on M*>n- ■ day evening, last, in the Hall of the Mechanic's .'lnstitute, W. Lyon, Esq.,. ' occupying ihe Chni'r. The meeting , had ' been convened" for'the purpose of hearing and considering "a "communication 'which had been'received fromNelsoii, iv 'renly toa communication which had been ; addressed by Mr. J. Woodward, as Se-. ' cretary'to the Wellington Committee, to '.the Directors of the above Company at Nelsou. The answer, together with cer'tiiin resolutions, which were passed at a : Special General Meeting of the Slmre- ' holders, held at Nelson ou the sth ult., ' ; \vill be 1 found subjoined—

Wellington, Jan. 27th, 1853

Dear Si k-,—- We beg to hand you a 'communicatio'n r veceived per Wellington, • : jan. 24th., from the Treasurer of the -Nelson Mining Company. We have the honor to be, Your ofoe'dient servants, 'Hervky,'Johnston, &'Co. •J. Woodward, Esq., &C.&C.

Nelson,' Jan. 6, 18-53.

Directors, of the •Nelson Mining Company, as intimated, ''toj'ou'in'their letter of the Ist iftst., have 'how the hoh'o'r to enclose a copy 'of the resolution's'a'dopte'd at the Special Gene- ! ral Meeting b( v Shareh6ktei'"s,lierd ill Nol'son, yesterday, to consider certain propo- ' Bills contained in a letter from Mr. Wood- -, ward,'of ; tho 25rd Nov.'last, as also, a Request oTth'o Wellington Shareholders; forwarded to them by you,.to the effect that certain of their number should be 'Elected Directors. '

You '.will observe frorr> these resolutions that Mr. Woodward's proposals "fyeve not cpusidererl practicable, iuiisftiuoh ta, with respe'dt to clause 8 of thut gentleman's letter , , the very large issne of shares proposed Would have the elTect of depreciating thetn generally, while, if a -further issue than that at first contom-' plated was called foY, the Directors would iiotfailfi'oui tithe to time to take the required steps, wlmVit woiild be.only just to afford a preference to original shareholders if disposed to increase the num.b'er of their shares.

' It was also deemed iriipossible to preserve a peiTuot equality in' the number of shares owned in any.particular settle ment, ak every two 'or three applied for 'in one place would roCniiro a corresponding issue in the other; while.any individual by purchasing Ci'ora original Shareholders in. any sottlemeut,,could at ony time disturb the equality sought to ; piuiutained-. ■■■ ."

The management of the Company by means of two separate boardsof; Directors with equal and'eonourront powors, appeared* equitUy -impracticable, as any manager jointly' appointod in this manner would be liable to receive most opposite mid conflicting instructions. ~

-... The.limitation of the operations of the .Company to the raising and delivery of the cool ut a place of shipment,'-though most likely to comprehend the extent of ■ its early transactions, was also felt to he likely at times to encourage a monopoly amongst the carriers, as if it were known that by their deed of settlement the Company was precluded from owning or chartering vessels, advantage might be taken of that fact to demand on the part of the , owners of vessels employed in the trade, a rate of freight incompatible with the interests of the Company. The Directors also observe-in relation to this proposition, that it does not follow/as conceived by Mr, Woodward, that from the rejection of this provision any one depot.would be established in any particular settlement, as. it would always be clearly for the interests of the Company that the coals should be supplied feu that place whoro the best market for them might for the time exist.

!: 'As stated in the fourth resolution adopted'yesterday, which specially refers to the request conveyed by you, the meeting proposed that the sharehclders should proceed to afresh election, if one-third of the whole number of shares were taken up in Weilhigtoiv and the calls upon them paid by the Ist of March next, provided two-thirds of the' Wellington -shareholders''so desired, but ifn the understanding (.hat the sittings of the'Direbtors were to bo held in Nelson. 'With this resolution the Directors desire to express their complete concurrence, as they consider that, it is most desirable that the" Directors of the Company should possess the full confidence of all the shareholders.

I am further instructed to request that yon would be kind enough to forward this communication (or v copy), and the accompanying resolutions to Mr. Woodward/ I have tbe honor to retnuin, Gentlemen, Your obedient servants, \V. R. Nicholson', ' Treasurer, jV.AI.C. P. R. OimtlDUE. Messrs. Hervoy, Johnston, & Co.

At a special general meeting of shareholders of the Nelson Mining Company, held in Nelson on the sth January, to consider certain proposal* cuntuiuud in a letler from Mr. Woodwuril, of Wellington, dated Nov. 23, iSS2; as also arcquest from curtain shareholders in Wellington, lorwarded by Messrs. tiervey, ■Johnston, &'Co., to thu eifdet that some of their number should be elected directors of the Covonany :—

The following , resoJuiions were atiop'C ed :—

Ist. That while sensible of the value of a lar'gor capital than the Company has in the first place contemplated, this meeting of Shareholders nevertheless considers that it would be inexpedient to: create agreat additional number of shares in the manner proposed. . A considerable, number of the original 600 shares still remains unapplied for,.and .should it at any future period appear desirable to create more, the Directors of the Company possess powers which would enable them to do so, and'which they'would not fail to exercise.

2nd. That in (he opinion of this meeting the course suggested in the Bth clause of Mr. Woodward's letter, cannot be [entertained as being calculated in-, juriously to affect the working of, the Company.

3rd. That iv answer to clause 9, this meeting believes that it would be unwise to fetter the Directors by any distinct stipulations as to the course which they may consider it most for tho interests of the Company to pursue.

4th. That to rueet as far as possible iijo wishes of Wellington shareholders, as expressed in their letter of the 24th NovewoeS - , this meeting resolves, that should one-lhird of'the total number of shures in the Company be taken up in Wellington, and the calls paid upon them by the Ist March next, a fresh election of Directors'shall be proceeded to upon the requisition of two-thirds of the Wellington shareholders, it being distinctly to bo understood that'the directors to be elected must hold their meetings in Nelson.