WANGANUI STEAM NAVIGATION COMPANY (LIMITED.)

Wanganui Chronicle, Volume XII, Issue 820, 21 January 1868, Page 2

WANGANUI STEAM NAVIGATION COMPANY (LIMITED.)

MEETING OF SHAREHOLDERS. An Extraordinary General Meeting of the Shareholders of this Company was held yesterday for the purpose of receiving the half-yearly report, and for the transaction of any other business of which due notice had been given. By three o’clock the requisite number of shareholders gathered at the Office, when the chair was taken by George Beaven, Esq., Chairman of the Board of Directors, who read the advertisement convening the meeting, and then the Directors' Report :

It has become the duty of your Directors to place the affairs of the Company for the past half-year before the shareholders, as also the Balance Sheet for the same period, namely, from the 11th April to the 11th October, 1867.

It will be seen by reference to the same that the nett profits only reached the sum of £243 lTsOd. However, when compared with previous half-year (which period has always hitherto proved the most busy season) it will appear most favourable, as it only shows a deficit of £192 16s 10d in the nett profits as against a falling off in the gross receipts for the half-year of £B3B 11s lid ; so, in fact, had the income been anything like equal to the past half-year the profits would have been very much in excess. Your Directors would further allude to another source by which the profits have been materially affected. It had become imperative that the vessel Wanganui should

undergo somewhat extensive repairs in the engine department, and therefore she was laid up in Wellington for nearly a month for that purpose. The work was done by Mr Mills of that place in a very satisfactory manner, under contract for the sum of £237 18s 6d, (added to which there was the expense of repainting which cost something over £2O) and the whole was under the superintendence of her late commander, Captain Low, who has since retired from the service of the Company. The command of the vessel has again reverted to her original commander, Captain Linklater, who was selected from several for that position. Your Directors look forward to the future, although the present time is marked by general commercial depression, with every feeling of confidence as to the working of the Company, many of the expenses having been modified, and it is not likely that so long a detention will occur again to the running of the boat as she is now in complete working order. The sum of £ISOO has been lent on freehold securities, by which means the interest account has been added to by some £125 per annum. The s.s. Wanganui has made the following trips during the half-year : To Wellington 21 ~ Auckland ... 1 The insurance is still being kept up at the usual sum of £SOO. Although the profits would admit of the payment of a dividend of at the rate of 5 per cent per annum for suclT to the shareholders. Geo. Beaven, Chairman. Mr Edward Churton, auditor, then read the Balance-sheet (a synopsis of which has already appeared in the Chronicle) -, also, the necessary declaration of the audit of the company’s finances having been made according to the provisions of the Act. The Chairman said, before moving the adoption of the report, he should like the meeting to express itself freely on the subject. Mr Waters was in favour of a dividend being declared, but at the same time thought it might be expedient not to do so if it would inconvenience the Directors. Mr Watt wished to point out that the amount set down as nett profit on tbe halfyear included the sum of £95 19s lOd which was interest on mortgage and should not properly be included in the profits which, in that case, would stand reduced to £143 2s 2d. The Chairman explained that the tone of the report sufficiently expressed the opinion of the Directors that a dividend should not be declared, but that the money should be allowed to lie over till next half-year when a dividend of 10 per cent, and a bonus might be expected to be declared. Mr Thomas Allan, Director, moved that a dividend should be declared on the half-year, at the rate of 5 per cent, per annum.

Mr Nathan, in the course of some remarks, while seconding that resolution, urged the propriety of declaring a dividend, which would at least show the genuineness of tbe balance-sheet ; although it might not be well, as Mr Waters had said, to embarass the Directors by declaring it yet. Mr Nathan thought that four months after the expiry of tbe half-year sufficient funds should be available. Mr Watt also agreed in this course being taken. After some further conversation relative to the amount of outstanding debts which it was explained urgent measures and even pressure were being put in force to collect, the Chairman formally moved the adoption of the report, which was seconded by Mr David Bell, and carried nem. con. The next business before the meeting was the consideration of notices of motion which had been served on the Chairman. The first was in the name of Mr Allan, and was as follows :

That the Directors be empowered to charter the steamer to any port where they may consider it for the interest of the Company, and to allow the existing insurance to lapse. Mr Allan pointed out that while extending their traffic the present trade would still be continued, and even shippers that might so desire it would have every opportunity of insuring their goods. Mr George Howe seconded the motion, on which a long discussion arose, nearly every speaker’s opinions taking the form of amendments, which, however, were never seconded.

Mr David Bell suggested that the first part of the motion be struck out, leaving only tlie resolution that the policies of insurance be allowed to lapse.

Mr Watt was of opinion that the policies should not be renewed ; and was prepared to move that no more policies be effected without notice to the shareholders. The Chairman stated that the steamer bad already lost her original price in the payment of insurance policies. Mr Allan said that the shareholders were actually fooling themselves in paying excessive premiums, when they would not get a shilling it the vessel were not totally wrecked, and the Wanganui was not likely to wholly disappear on any of the harbours of the coast. The Buller, he was informed, was a better river to enter than the Wanganui, and would refer it to Capt. Linklater if he should not as soon enter the Buller as the Wanganui. Captain Linklater said that, although he had never been into the Buller, yet the accounts he heard of it were very favourable. The Ahuriri had been stranded there, but it was when Capt. Flovverday was entering at night with a fresh in the river—an undertaking that would be dangerous in the Wanganui river. Mr Watt in moving another amendment similar in effect to his first, but which fell through for want of a seconder, stated that he had always been favourable to doing away with these insurances which were a drag to the Company. Here an altercation took place between Mr Kells and Mr Watt, the former declaring that six months before Mr Watt had opposed a motion brought forward by Mr Kells of exactly the same purport as the present he was now supporting. Mr Watt disclaimed any such thing and appealed, to the minutes of the meeting. On these being examined nothing further could be elicited than that Mr Kells had brought forward a motion for stopping the insurances which had been withdrawn on account of opposition. . . A vote was then taken on the original motion, which was declared carried—five only present demanding a poll, which, however, was not taken, as the weight of the meeting was in favour of the motion, and the Chairman deciding that any ballot should be taken forthwith —it being a regularly constituted meeting. A notice of motion was to have come on

by Mr Alexander, to the effect that if the shareholders would not agree to allow the insurances on the steamer to lapse, then he would move that the s s. Wanganui be sold to the highest bidder. In consequence of the course taken on the former motion this one was withdrawn. Mr Kells proposed and Mr A. Williamson seconded a vote of thanks to the Chairman, after which the meeting separated.