The Southern Steam Navigation Co

Prospectus.

PROSPECTUS OF THE SOUTHERN STEAM NAVIGATION COMPANY [LIMITED]

CAPITAL, £15,000, IN 300 SHARES OF £50 EACH. 

Limited Liability according to the Joint Stock Companies Act, 1860. 

Deposit, £10 per Share; First Call, £20 per Share; no farther Call will be made without One Month's Notice.

PROVISIONAL DIRECTORS: (With power to add to their number.) 

John Jones, Esq. 

J. Douglas, Esq. 

G. G. Russell, Esq. 

Henry Driver, Esq. 

R. B. Martin, Esq. 

R. M Robertson, Esq. 

J. Ewen, Esq. 

J. Bathgate, Esq. 

J. Barr, Esq., Molyneux. 

W. Telford, Esq, Molyneux. 

J. Ashcroft, Esq., Oamaru. 

H. France, Esq-, Oamaru. 

J. Hassell, Esq.,Oamaru. 

H. J. Le Cren, Esq., Timaru. 

Bankers: THE BANK OF OTAGO, LIMITED. 

SOLICITOR : B. C. HAGGITT. 

A Company is proposed to be formed under the above designation, with Limited Liability, for the purpose of affording increased facility of communication between Dunedin and the various Ports north and south of it. It is believed, that a well organised Steam Service, devoted to that object, would not only prove highly remunerative as an investment of Capital, but would also be extremely beneficial both to the interests of the Settlers in the Country and the Mercantile Community in Town. 

A large quantity of produce is at the present time lying at the Molyneux for disposal, but is quite unsaleable in consequence of the want of water carriage. 

During the ensuing Wool Season, both Oamaru and Timaru will require additional means of transport, as it is believed that Captains of British ships would prefer remaining at Port Chalmers, to lying at anchor in the open roadstead of either of these places, if they could be secure of having their cargoes brought to them at moderate rates of freight. 

In addition to the foregoing reasons for expecting profitable and constant employment, in the trips from the outlying ports to Dunedin, the large quantity of merchandise exported from thence to the Country Districts, is equally calculated to insure cargo in remunerative quantities on the outward trips. 

It is proposed that the Capital of the Company should be £15,000, divided into 300 shares of £50 each; that a suitable Steamer should be procured from Australia or Great Britain, and that in the meantime an offer, which has been made to the projectors, of a Steam Vessel now in the Colony, and adapted for the purposes of the Company, should be accepted, so as to enable the Company to commence operations at once. 

As soon as a sufficient number of Shares is subscribed for, a Meeting will be called, Directors appointed, and other details arranged. 

FORM OF APPLICATION FOR SHARES. 

(To be left at the Office of Royse, Mudie and Co, High Street.) 

To the Provincial Directors of the Southern Steam Navigation Company, (Limited.) Gentlemen — I request you will allot me Shares in the above Company, which (or any smaller number) I agree to accept, and to pay on demand the preliminary deposit of £10 per Share, in accordance with the Prospectus, And I hereby agree to pay all Calls on the above number of Shares, or any less number that may be allotted me. And I also agree to sign the Articles of Association of the Company when required. 

Name in full..................

Residence.....................

Occupation...................

No. of Shares................

Signature......................

-Otago Daily Times, 15/9/1865.

A meeting of the provisional directors of the Southern Steam Navigation Company will be held in the Athenaeum, this afternoon, at half-past three o'clock.  -Otago Daily Times, 3/10/1865.

The Southern Steam Navigation Company is now fairly launched, permanent directors — Messrs A. S. Murray; John Duncan, Henry Driver, John Edmond, Jas. Scoular, John Douglas, and J. S. Russell — having been elected at a meeting held on Thursday afternoon.   -North Otago Times, 12/10/1865.

SOCIAL AND DOMESTIC

A "Southern Steam Navigation Company" has been formed by the association of merchants of Dunedin and other capitalists, its main object being to bring the provincial ports to the north and south of Dunedin into commercial communication with Port Chalmers, and to furnish the districts they represent with a central market, and a place of export for their produce. The company have commenced operations by purchasing the "Geelong" steamer from a local proprietary, and this boat has already been laid on the line under the Company's flag. It is proposed to procure another steamer from Sydney, and a third from home.   -Otago Daily Times, 18/10/1865.

CUSTOMS ENTRIES

The Southern Steam Navigation Company's paddle steamship Geelong, Captain Thomas Turnbull, returned from Lyttelton via intermediate ports at 4 o'clock yesterday morning. Left Lyttelton on Friday, the 20th instant, at 2 p.m. Arrived at Akaroa about 8 p.m, and left for Timaru at 9.30 p.m. Encountered strong S.E. winds outside, and passed the schooner Edward and Christopher, of Dunedin, returning to the northward, apparently going to Akaroa for shelter. Arrived at Timaru at 9.30 on Saturday morning. Left for Oamaru at 12.30 p.m. Arrived at Oamaru at 9 p.m. Left for Dunedin at 11 p.m, and came right up to town, arriving in her berth at Dunedin jetty about 4 o'clock yesterday morning.  -Otago Daily Times, 23/10/1865.

Shipping Notices

SOUTHERN STEAM NAVIGATION COMPANY Limited

FIRST VESSEL FOR THE MOLYNEUX.

The Favorite schooner ESTHER ANN, 

Will leave Dunedin for the Molyneux, ON WEDNESDAY, 1st PROXIMO, 

Taking cargo for KAITANGATA, CLUTHA FERRY, AND POMAHAKA. 

Which will be trans-shipped to the Company's River Steamer TUAPEKA. The Esther Ann will be ready to receive cargo at the New Jetty, on Monday, the 30th inst. No cargo received on board without shipping orders, which are now being issued by ROYSE, MUDIE and CO., High street. 

SOUTHERN STEAM NAVIGATION COMPANY (LIMITED). 

STEAMSHIP GEELONG. 

NOTICE TO SHIPPERS

.ALL Jetty dues on goods for shipment by the Company's Steamship GEELONG must be paid by shippers. ROYSE, MUDIE and CO, Agents.  -Otago Daily Times, 26/10/1865.

SHIPPING INTELLIGENCE

PORT OF OAMARU

The Southern Steam Navigation Company's p.s. Geelong, Captain Turnbull, from Timaru and Lyttelton, reached this port on Tuesday night shortly before eleven o'clock, and started for Dunedin about three a.m. the following (yesterday) morning. Captain Turnbull, who is on his last trip in the Geelong, was entertained by a number of gentlemen in the Northern Hotel on landing, when all present regretted the departure of a gentleman who has been so long and favorably known in our coasting trade. It was gratifiying, however, to think that his absence would be but temporary. Captain Turnbull proceeds to Britain by the next mail steamer, for the purpose of bunging out the new steamer which is being built for the Southern Steam Navigation Company. The warmest wishes of all were tendered to the Captain for the safety and success of the important mission with which he has been entrusted — a mission which is regarded by every one as a well-merited tribute, on the part of the Company, paid to an officer who has invariably won and retained the esteem of all with whom he has come in contact. At Timaru, Captain Turnbull was entertained at a public dinner on the occasion of his farewell trip. Mr Hart, the chief officer of the Geelong, will now be in command of the vessel.  -North Otago Times, 2/11/1865.

PUBLIC DINNER TO CAPT. TURNBULL.

On Tuesday last a farewell dinner was given at the Royal Hotel, to Captain Turnbull, of the steamer Geelong, prior to his departure for England for the purpose of bringing out a new steamer to trade between Dunedin, Timaru, and Lyttelton. 

About thirty gentlemen, comprising the whole of the merchants in Timaru, sat down to an excellent dinner provided for the occasion in Mr. Green's very best style, to which ample justice was done. 

H. J. LeCren, Esq., occupied the chair, and Captain Scott the vice-chair. 

After dinner the health of Capt. Turnbull was proposed by Mr. H. J. LeCren, who remarked that he had very great pleasure in proposing the toast. Captain Turnbull had been placed in a very difficult position in having charge of a coasting steamer from Lyttelton to Dunedin, and calling at all the intermediate places. Such a life was all work and no play; there were many different interests to contend with, and a different class of passengers at very short intervals. It was a very difficult position to be placed in, and yet during the whole of the time Captain Turnbull had been in the trade, not a single complaint had been heard. (Hear, hear, and applause.) Many of those present had travelled with Captain Turnbull, and he (Mr. LeCren) was certain that they had always received the greatest kindness from him, he had always a kind and ready answer for all troublesome questions of passengers. Captain Turnbull was about to leave for England, and he hoped he would have a good trip. He might be expected to return about May or June next, and was going to steam out direct to Otago. He wished Captain Turnbull a speedy and pleasant trip. 

The toast was most enthusiastically drunk. 

Captain Turnbull, who was received with loud applause, said he had never expected such an ovation as that given him by the people of Timaru. About two years ago he first commenced trading to Timaru, and he had ever since experienced the greatest kindness from the merchants and gentlemen in and around the town. He returned them his sincere thanks. He was about to proceed to England to bring out a new steamer to trade with Timaru, and he assured them that when he returned he should endeavour to again earn their patronage. (Loud applause.) 

The Chairman then proposed success to the Southern Steam Navigation Company, coupled with the name of Mr. Inglis. 

Mr. Inglis in responding said that as the representative of the Company in Timaru, he could promise that it would endeavour in every possible way to further the interests of Timaru, Dunedin, and intermediate ports. 

Mr. Cardale then proposed the health of Captain Scott, the vice-chairman. 

Captain Scott briefly responded.

After dinner a number of gentlemen connected with the shipping interests of the port, proceeded on board the Geelong; where they wished farewell to Captain Turnbull, after which the Geelong steamed away South.  -Timaru Herald, 1/11/1865.

SHIPPING INTELLIGENCE

PORT OF OAMARU

In our last issue it was stated that Captain Thomas Turnbull, late of the Southern Steam Navigation Co.'s ps Geelong, was about to proceed to Europe for the purpose of bringing out a new steamer for the Company. We now find that he has preferred remaining in the Colony, and has accepted the appointment of Harbor Master at Hokitika, under the Canterbury Government. He has already proceeded to the scene of his new labors, where we doubt not he will acquit himself as heretofore to the entire satisfaction of every one. Capt. Turnbull possesses many qualifications which peculiarly fit him for the post he has chosen, which we should fancy will not be unattended with difficulty, and the most assiduous attention to duty will be a "sine qua non." The Canterbury Government may be congratulated on having secured the services of a gentleman who is so well adapted in many ways for fulfilling the duties devolving on the office.

The Southern Steam Navigation Company are building a new steamer expressly for the Molyneux and Invercargill trade. She will be named the Matau, and will be completed in about four months. The Company will meanwhile charter a suitable steamer to keep up the communication, either in Melbourne or Sydney. The stern-wheel steamer Tuapeka has returned to her old line of trade on the Molyneux, in perfect working order.   9/11/1865.

We are informed that a new steamer, named the Pareora, which was built expressly for the Southern Steam Navigation Company (Dunedin) has been lately launched at Glasgow. Her length between the perpendiculars is 160 feet, 24 feet beam, and 9 feet depth of hold. She contains stowage room for 200 tons of cargo, exclusive of coal, and has accommodation for 30 cabin and 40 steerage passengers, and is fitted with twin-screws, which are driven by a pair of 40-horse power engines. When fully laden and ready for sea, the Pareora will only draw 7ft. 6in. of water, which taken in conjunction with her other good qualities, eminently fits her for the West Coast trade, in which, we believe, it is intended she is to engage. The Pareora's arrival at Dunedin is expected in a few weeks.  -Grey River Argus, 1/9/1866.

SOCIAL AND DOMESTIC

The Southern Steam Navigation. Company held their first annual meeting on the 15th inst.; Mr G. G. Russell presiding. The report showed a slight loss; but the whole result was satisfactory and the arrival of the new twin-screw boat, the Pareora, from Home, was anxiously looked forward to, the Geelong with which most of the work has been done being a great coal-consumer. The following were elected directors for the year: — Messrs. J. B. Douglas, H. Driver, J. Duncan, J. Edmond, J. B. Godfrey, J. Jones, R. B. Martin, J. B. Mudie, A. S. Murray, E. S. Pillans, G. G. Russell, and J. Scoular.  -Otago Daily Times, 20/11/1866.

NEWS OF THE WEEK

In the Resident Magistrate's Court on Wednesday, J. Cheadle sought to recover from the Southern Steam Navigation Company, L100 damages, alleged to have been sustained by the detention of a portmanteau and carpet bag, shipped per Geelong, for Oamaru. The evidence for the plaintiff went to show that the luggage had been detained a considerable time, and that when returned, it was found that a large portion of their contents was missing. It was, however, elicited by Mr Haggitt, who appeared for the defendants, that the plaintiff had, by his own neglect, contributed to the detention, and the Magistrate taking this into consideration, gave judgment for L30, with costs. The remainder of the cases were unimportant.  -Otago Wtiness, 19/1/1867.

The Countess Russell, which is the first vessel due after the Thracian, brings a cargo valued at L71,679, and the Southern Steam Navigation Company's new steamer Pareora, brings from the Clyde a cargo of the value of L 1760.  -Otago Daily Times 30/1/1867.

The Pareora. — Regarding the arrival of the steamer Pareora, the Evening Star of Monday last says : — "As we have repeatedly stated, telegraphic communication in New Zealand is about the most unreliable authority which could be selected. On Saturday afternoon, noticing upon the shipping board exhibited at the Dunedin office that the long expected steamer, belonging to the Southern Steam Navigation Company, the Pareora, had arrived, we took steps to obtain such additional information as the agents, Messrs Royse, Mudie, and Co., were likely to be able to furnish. We ascertained from them that the vessel had arrived, and they also favoured us with the particulars of her cargo, &c, adding that they had telegraphed to the other steamer belonging to the Company, the Geelong, to quickly discharge her wool and then proceed, to the Heads to tow the Pareora up. The Geelong after she had discharged, went two miles outside the Heads, but could see no vessel of any kind. We are still inclined to believe that the Pareora, now l66 days out, has been near the Heads. The Captain of the schooner Midlothian, which arrived at the port on Friday, says that, as he was entering he saw in the offing, southward of the Heads, a ship, brig rigged, with a great space between masts. This appearance would tally with that of the steamer, which is jury-rigged, and the southwesterly wind then blowing renders her subsequent appearance very probable, whilst the change of the wind to north-east, fully supports the supposition that the vessel has been carried off the land.  -Timaru Herald, 20/4/1867.

SHIPPING INTELLIGENCE

Fears are beginning to be entertained for the safety of the steamer Pareora, which was built on the Clyde for the Southern Steam Navigation Company, whose head office is at Dunedin. She is announced as having sailed from the Clyde on the 1st of November, last year, and from none of the ports at which she might have probably put in, has any intelligence of her arrival been received, nor has she been spoken of on the outward passage. — Otago Daily Times.  -The Colonist, 14/5/1867.

PROVINCIAL GOVERNMENT

SOUTHERN STEAM NAVIGATION COMPANY. 

Mr JULIUS moved, "That an Address be presented to His Honor the Superintendent, requesting him to place the sum of L950 on the Supplementary Estimates, as compensation to the Southern Steam Navigation Company, in consequence of the non-payment of the Subsidy placed on the Estimates last year." He did so simply as the mouthpiece of the Select Committee, which, after inquiry upon a petition, came to the conclusion that the petitioners had a just and equitable claim for the amount now asked for. 

The motion was affirmed.   -Otago Witness, 1/6/1867.

SHIPPING INTELLIGENCE

Steamer Pareoea. — Fears have been held for the steamer Pareora, now very much overdue. She was built on the Clyde for the Southern Steam Navigation Company of Dunedin. According to a paragraph in the Home News, the missing steamer was spoken in lattitude 19° S. longitude 31° W. She was then eighty-seven days out. This must have been about the 26th of January last. The report adds that "she would neither steer, sail, nor stay." This being the character of the vessel the date of her arrival in New Zealand is uncertain, as she would most probably bear up for Perambuco to get provisions.  -Nelson Examiner, 6/6/1867.

It would be seen, by the English news published yesterday, that the Southern Steam Navigation Company's steamer Pareora, about which there has been some anxiety, has again been heard of. She had put in at Surinam, unmanageable and short of provisions. Those who saw the vessel before she started from Glasgow describe her as a very superior vessel, and one which should prove a valuable acquisition to the steam fleet on this coast; but there seems to have been some sad mismanagement in the rigging of the vessel for the long passage to the Colonies, and hence the delay, disappointment, and loss to the Company.  -Otago Daily Times, 29/6/1867.

SOUTHERN STEAM NAVIGATION COMPANY.

A general meeting of shareholders in the Southern Steam NavigationCompany (Limited), was held yesterday afternoon, at the office of the agents (Messrs Royse, Mudie, and Co., Manse street. Mr G. G. Russell was in the chair; and amongst the other shareholders present were — Messrs John Jones, R. B. Martin, George McLean, H. Driver, G. Turnbull, John Bathgate, Capt. Murray, W. Barron, R. S. Dods, T. S. Graham, J. Duncan, and J. B. Mudie, secretary.

The report of the directors, and the accounts, were submitted, as follow: —

In submitting their Second Annual Statement, the Directors regret that they cannot report a more satisfactory state of the Company's affairs, mostly due to the non-arrival of the s.s. Pareora, now nearly thirteen months out from the Clyde. The Pareora sailed from Glasgow 1st November, 1866, put into Surinam in May 1st, and left thence under steam on 2lat July. Had she arrived in due course, there can be little doubt but that there would have been now a considerable sum to her credit. The Directors beg to call attention to the accounts annexed, wherein it will be found that the Tuapeka has been worked at a small profit, but which, unfortunately, is more than counterbalanced by the ill success of the Geelong. With reference to the Geelong, the Directors beg to inform you that they are in treaty with the Provincial Government to subsidise her as a tug steamer at Port Chalmers. Should the Government grant a subsidy, there is little doubt but that she could be made to pay. In resigning their trust, the Directors do not offer themselves for re-election, but will be happy to continue in office, should the shareholders express such a wish.

Balance Sheet, 1st. November, 1867. — Capital, L15,000; bills payable, L7466 4s; Tuapeka working Account, L287 12s 1d; Wm. Brown and Co., L82 2s l0d; W. J. Hemingham, LI I2s 5d; Royce, Mudie, and Co., L17 I8s 1d: total, L22,855 9s 5d. — Cr. Bank of Australasia, L1 9s 3d; unallotted shares, L2600; general expenses, L394 0s 2d; salaries, L33 6s 8d; printing, &c, L40 14s 6d; stationery, L37 17s; law expenses, 13s 4d; discount and interest, L780 2s 2d; office furniture, L21 19s 6d; Geelong cost account, L5000 Tuapeka cost account, L4400; Pareora cost account, L204 13s 2d; do Russell, L170 5s 6d; Geelong working account, L1334 3s 5d; profit and loss, L167 17s 8d; owners, Tairoa, L32 11s 8d; G. G. Russell and Co., Ll70 5s 6d; Miles and Co., LI 18s; sundry debtors, L60 17d 5d; total, L22,855 9s 5d. 

Liabilities and assets. — To shareholders, L15,000 (1ess unallotted, L2600), L12,400; bills payable, L7466 4s; William Brown and Co., L82 2s 10d; W. J. Henningham, LI 12s 5d; Royce, Mudie, and Co., Ll7 18s Id, owners. Tairoa — Oct. subs, L100; total, L20,067 17s 4d. Cr. Bank of Australia, L1 9s 3d; by office furniture, L21 19s 6d; Geelong, L5000; Tuepeka, L4400; Pareora, L7259 13s 2d; owners Tairoa, L32 11s 8d; sundry debtors, L608 17s 5d; G. G. Russell and Co., LI70 5s 6d ; Miles and Co., L1 18s; towage Geelong, L50; subsidy — October, L200. Estimated freights outstanding, L280; W. Brown and Co., L50: total, L17,998 14s 6d ; balance, L2071 2s 10d; making L20,067 17s 4d.

In reply to questions,

The chairman said that the loss on the half year was about L2000. The steamers were taken at cost price, in the accounts. There was a sum of about L3000, for which Messrs Potter, Wilson, and Co. had drawn, being the balance as on account of the Pareora; but the directors had not accepted the draft, as they did not admit their liability on account of the steamer. In addition to the L7000 mentioned in the accounts, there was a liability of over L600 on account of the Pareora, at Surinam. The Consul drew upon Potter, Wilson, and Co. who refused to accept the bill, seeing that the directors had refused to accept their draft; and the hill would have to go back to Surinam, whore additional expense would be incurred.

Mr McLean suggested that the L600 would come under the general average clause.

The Chairman was inclined to agree with Mr McLean. The underwriters got an additional 10s per cent., he believed, on the steamer, became she was small, and the voyage was a risky one. The long voyage had not resulted from any defect in the steamer. 

Mr Bathgate: That is a disputable point, as to the fitting of the steamer for the voyage. 

The Secretary read a report signed by nine captains who surveyed the Pareora at Surinam. They agreed that she should not be taken out of port as she was, but that the screws should be fitted, and she should be so supplied as to steam clear of the coast and well into the S.E. Trades. Rigged as she was, there would be no knowing where she would get, if it was attempted to sail her; as she had not canvas enough to enable her to overcome the currents on the coast. The Secretary also read the letter, which was the contract for the building of the Pareora. It was conditioned that she was to be brig-rigged so as to be fitted to make the voyage from Glasgow to New Zealand under canvas. 

Mr Jones said that the accounts given of the position of the steamer's masts showed that she was not brig-rigged. It seemed that her foremast was too far forward to be consistent with even ketch rigging. 

The Chairman could not understand how it happened that the surveying captains at Surinam failed to recommend that the rigging of the vessel should be altered. Want of sail was the complaint of the captain, and the want was recognised by the Surveyors. A third mast might, no doubt, have been put in, and fitted in a few weeks, at a cost of L150 or L200; but nothing was said about that alteration. Instead, the recommendation was, that communication should be had with Glasgow about fitting the screws, which involved months' delay, and greater cost. The vessel had been so fitted, and had started with 150 tons of coal, which would probably not be enough to enable her to get to the Cape of Good Hope or St. Helena. If the vessel was really at sea now, her bottom must be exceedingly foul, after more than 180 days, and she would be less calculated to sail than she was when she got to Surinam.

Capt. Murray said that 150 tons of coal would last about 20 days, if the engines were kept at half-speed; and when the coal was done, the vessel, apart from her dirty bottom, would be much the worse off for sailing, because she would have to drag her screws. 

Mr Driver was convinced that the nonarrival of the Pareora, in something like moderate time, was the sole cause of the present difficulties of the Company. 

In the course of a long conversation which followed, Mr Jones, Mr Turnbull, and others, urged that there should be immediate steps taken for winding up the Company; while the Chairman, Mr McLean, and others, contended that as the busy time for the trade in which the steamers were engaged was coming on, it would be well to work on for three months at least, which would not add to the liabilities of the Company, but would give a chance for the arrival of the Pareora.

The Secretary, in reply to a question, said that the Geelong, since she had ceased running to Lyttelton, had been paying from L70 to L90 a month. She would want an expenditure of L200 in about a month.

The report was adopted; and the retiring directors were re-elected. 

There were six or seven motions and amendments proposed, which were withdrawn, or which were over ruled on the ground that notice of the motion to move them was required to be given in the advertisement convening the meeting.

It was ultimately proposed to adjourn the meeting for two months, and that course was agreed to.  -Otago Daily Times, 23/11/1867.

SOUTHERN STEAM NAVIGATION COMPANY (LIMITED).

The adjourned general meeting of the shareholders of the Southern Steam Navigation Company (Limited) was held in the Company's Offices yesterday afternoon, at two o'clock. 

There were present — Messrs H. Driver, R. B. Martin, Russell, Edmonds, John Jones, Grant, John Douglas, Wright, Mudie (Secretary), and others. Mr B. C. Haggitt was present, at the request of the Directors, to give an opinion on questions that had been submitted to him. 

Mr H. Driver having taken the chair, the minutes of the last meeting were read and confirmed. The Chairman said the Directors were not aware that the affairs of the Company were in a worse position than at the meeting hold two months ago. That meeting was adjourned for two months in order to give time to the Pareora to turn up. He thought it unnecessary to adjourn the meeting longer, for the Company was in such a position that it was almost impossible to go on. It had been found necessary to raise money on mortgage of the Tuapeka, and the Bank of Australasia had realised the amount by selling her. The only property left to the Company was the Geelong, on which vessel Mr Jones held a mortgage for L2250. She was chartered by the Government under a good agreement, and he had no doubt she could be advantageously sold. It was a question also that should be decided whether or not the Company should be wound up, and if that was decided upon affirmatively, whether it should be done under a liquidator appointed by the Court, or under supervision of the Directors. Another question for decision by the shareholders was, whether the Directors should be authorised to transfer some shares which had been sold without having been first offered to the Company: Messrs Trail, Roxby, and Co., Mr T. S. Graham, and Mr John Bathgate having protested against the transfer. 

Mr Jones said that, with regard to his own shares, he thought he had offered them twice to the Company. 

Mr R. B. Mautix asked what was the original capital of the Company? 

The Chairman said L15,000, but all was not paid up. Very little change had taken place since the last balance. 

Mr Martin wished to know the present financial position of the Company. The Secretary said the Company owed the Bank of Australasia L3000, and L2250 was due on mortgage of the Geelong. 

The Chairman said L7000 was invested in the Pareora. 

Mr Martin asked under what circumstances the Company were bound to wind up.

The Secretary said whenever threefourths of the capital was lost, the Company were bound to wind up. 

The Chairman said that Mr Haggitt had been invited to attend the meeting in order that he might give an opinion on documents that had been laid before him respecting the liability of the agents at Home who sent out the Pareora for the money advanced; for many reports had reached the Directors as to the careless manner in which the affair had been conducted. 

Mr Haggitt said he did not think that an action for damages would lie against Messrs Potter, Wilson, and Co.; but he thought the L7000 might be recovered from them, as, by their course of action, they had made themselves owners of the vessel, and the boat not having been delivered within reasonable time, they were liable to refund the money. He was inclined to think the Company were not bound to take the steamer when she arrived. He did not consider Messrs Potter, Wilson, and Co. were agents, as they had acted as contractors; they had had the vessel built for themselves, and they could certainly claim the rights of ownership. 

The Chairman said it was right to remark that a year ago, the Directors had refused to accept the drafts drawn on account of the Pareora, on the ground that they wore not satisfied with the accounts that reached them of the cost of the vessel, and the manner in which she was sent away. 

After some further conversation, it was moved by Mr R. B. Martin, and seconded by Mr John Jones — "That an extraordinary general meeting of the Company be convened for Saturday, the 22nd February, for considering special resolutions for requiring the Company to be wound up voluntarily." 

The resolution was carried unanimously. 

Mr Wright gave notice that he would, on the 22nd of February, at the Extraordinary General Meeting, propose a special resolution requiring the Company to be wound up voluntarily. 

Mr R. B. Martin inquired if the shares, the transfer of which was protested against, had been formally offered to the Company. 

The Secretary said that Mr Jones had publicly stated in the room, at a meeting of shareholders, that he would take L20 for them. There had never been a formal offer of them. They were offered publicly in the room. 

Mr Jones said that, at the time of the sale, he was not aware that it was necessary first to make an offer of sale to the Company. 

It was agreed that the transfer should be left in the hands of the Directors. 

This concluded the business.   -Otago Daily Times, 23/1/1868.

SOUTHERN STEAM NAVIGATION COMPANY.

An extraordinary general meeting of the Southern Steam Navigation Company (Limited), was held on the 3rd inst., at the registered offices of the Company (Messrs Royse, Mudie, and Co.'s), Manse street. — Mr R. B. Martin was called to the chair; and there were present Messrs Barron, T. Brown, Brown, Dods, Driver, Graham, B. C. Haggitt, A. Mackinnon, Scoular, Stavely, Wright, and J. B, Mudie, secretary. — The Chairman read the advertisement convening the meeting; and Mr Wright, in the terms of the advertisement, moved. "It is resolved that the Southern Steam Navigation Company (Limited), Shall be wound-up voluntarily." — Mr T. Brown seconded the motion. — Mr Dods thought that some information should be given why such a resolution was proposed. — The Chairman said that at a previous meeting, at which the position of the Company was fully gone into, it was resolved, that an extraordinary meeting should be called, to consider the present motion, of which notice was then given. The day fixed for the extraordinary meeting happened to become a mail day, and there was no attestance; whereupon fresh advertisements were issued, calling the present meeting. — In reply to a question, "What property has the Company?" it was replied, "The only property is the Pareora" — The Chairman: We do not say that the Pareora is ours. What we say is, that we sent Home to Messrs. Potter, Wilson, and Co. L7000 to be invested in a steamer; and that they have invested it in. a vessel which, has not arrived here. — Mr Haggitt, as legal adviser of the Company, replied to a question, that although he had not been able to look into the matter since he had obtained full particulars, he had not seen reason to alter the opinion which he expressed at a former meeting — that if the Pareora arrived here, the Company were not bound to accept her; and that, in such case, there would be a claim against Potter, Wilson, and Co, or G. G. Russell and Co. for L7000. — Mr Dods: If we wind up, will the creditors of the Company be paid? — The Chairman: If we get the L7000, they certainly will be paid. — Mr Driver said that it was clearly explained the other day, that the company was not, irrespective of the L7000, in a position to pay its debts, but that with the L7000 there would be a considerable surplus. The non-arrival of the Pareora was the sole cause of the difficulty. — The Chairman (in reply to a shareholder) said that there was an overdraft of L30 at the Bank; and other debts of the Company (for wages and coal) would amount to between L200 and L300 more. — Mr Dods said that he proposed six months ago to wind-up the company, but it was then urged that by carrying on during the wool season, the Geelong would make some money. — Mr Driver: The object was to allow time for the arrival of the Pareora, after she had been heard of. I don't believe that anybody ever supposed the Geelong would make money for us; but it was thought she would keep the trade for the Company. — In reply to Mr T. Brown, Mr Haggitt said that, if there were funds in hand, he should certainly not advise the Company that they could pay, in preference of other claims, the sums due as wages to men on board the Tuapeka. The men could have no claim as against the ship, except such as they would have if they had served under articles — which it was not likely they had done, on board a river boat. The men, or any of them, could sue the Company: the only thing for which individual shareholders could be sued was any unpaid balance on their shares. — As to the Geelong, it was explained that there was a mortgage on her for L2250; and that the mortgagee was ready to purchase her for L2500. There was a debt of nearly L200, for coal that had been supplied to her, and about L90 was due for wages. There had been an offer to purchase the vessel on terms, in addition to the mortgagee's offer. — It was agreed to leave it to the directors to sell to the mortgagee, if they considered that course desirable. — In the course of conversation, it was stated that there was about L500 due on shares, from eight or nine persons; but that there was in each case a denial of liability. The principal difficulty, it was added, in the way of enforcing payment, was in connection with proof of the actual allotment of the shares, and, in other ways, of proving the legal making of the calls. The former Secretary, Mr H. R. Steavenson, it was said, was the only person who could give information as to what was really done in these matters; and it was understood that he should be communicated with. — The resolution was agreed to. — Mr Haggitt explained that to make the resolution a ''special" one under the Act, and so proceed to wind-up the Company, the resolution must be confirmed by another meeting, to be held not sooner than a month - nor later than three months. The official liquidator, in a voluntary winding up, was appointable by the shareholders.   -Otago Witness, 11/4/1868.

An extraordinary meeting of the Southern Steam Navigation Company (Limited) was held yesterday, at the offices of the Company, Manse street. Mr H. Driver presided; and there were 12 other shareholders present. — A resolution, "It is resolved that the Southern Steam Navigation Company (Limited) shall be wound-up voluntarily," which was adopted at an extraordinary meeting on April 13th, was now proposed by Mr S. Dods, seconded by Mr J. A. Ewen, and was unanimously confirmed.—lt was agreed that Mr O. Caldwell, of the Bank of Australasia, should be associated as a liquidator; for which latter office Mr J. S Webb was chosen out of three applicants. It was resolved that the remuneration of the liquidators should be five per cent, of the gross amount of assets realised by them.  -Otago Daily Times, 16/5/1868

NEWS FROM HOME

Comparatively few of your readers, I dare say, will remember the Southern Steam Navigation Company, which was started in Dunedin some nine or ten years ago, but came to an inglorious end in the Bankruptcy Court. Those in whose recollection the Company's doings still linger, will recall to mind the extraordinary voyage of the steamer Pareora, which made I don't know how many abortive attempts to get out to Dunedin. Being able to carry coal for a few days only, and being unable to get along under the few scraps of canvas she carried, her voyage of some 200 or 300 days at length ended in her being sold at Bahia. She has now cropped up again in the Scottish Law Courts in the following manner: — Her captain being obliged to put into Paramaribo with her in distress, drew a bill for L250 upon Messrs Potter, Wilson, and Co., of Glasgow, in favour of Messrs Miller Brothers, Paramaribo. The bill was drawn to obtain money for necessary furnishing to the steamer, and Messrs Potter, Wilson, and Co. were the persons who had despatched her, acting for the Southern Steam Navigation Company. They repudiated liability for the money on various grounds, the chief being that they did not order the captain to pledge their credit therefore; that the steamer was not in any way pledged for the debt, and that they had simply acted as agents for the Southern Steam Navigation Company — the real owners. Nevertheless judgment was given against them by the Sheriff of Lanarkshire, whereupon they appealed to the Court of Session. On the 9th inst. the appeal was heard in the Second Division of that Court at Edinburgh, when the judgment of the Court below was sustained with costs. I suppose Messrs Potter, Wilson, and Co. can look for no indemnity from the shareholders of the defunct Company, but their case certainly seems rather a hard one.  -Otago Daily Times, 22/1/1876.