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The Pamphlet Collection of Sir Robert Stout: Volume 70

Excerpt from Minute of Meeting of the Directors held at Edinburgh on 28th September, 1892

page 2

Excerpt from Minute of Meeting of the Directors held at Edinburgh on 28th September, 1892.

The important and urgent subject of a more rapid realisation of the Company's assets was again anxiously considered, and the Secretary was directed to instruct the Law Agents of the Company to prepare a Power of Attorney in favour of Mr Dobson as Sole Manager or Agent of the Company in New Zealand, with power to him to get up the seal of the Company and all documents from Mr Bartleman and all others, and to settle with them; and the Liquidator of the old Company was requested to join in such Power of Attorney, and give authority therein to Mr Dobson to grant and deliver all conveyances and discharges, as also to receive the seal of the old Company.

In coming to these resolutions, the Directors had before them the correspondence which had taken place from time to time, from which it appeared that the Local Board and Mr Bartleman gave no hope of the realisation of the assets being anything else than a very protracted business, a conclusion confirmed by the terms of the Minute of the Local Board of 2nd August of the present year.

It was also before the Directors that the local expenses amounted to £1100. and that Mr Bartleman had stated it was impossible that the same could be reduced.

Further: That the income was deficient to meet the outgoing in the year ending 30th June, 1891, by the sum of £4990. and in the subsequent year by the sum of £6428, and that so long as the affairs of the Company are not closed, there will be an annual deficiency, which it is most desirable to keep as small as possible.

Further: The Directors had before them a correspondence which had passed between Mr Lawrie and Mr Dobson, who reported upon the Company's assets in 1890, from which it appeared that Mr Dobson was of opinion that if energetic measures were taken the assets might be realised in a comparatively short space of time; and that if the work were entrusted to him, he was prepared to undertake it on very favourable terms to the Company, viz.:—for an annual payment of £300 on the understanding that if a sati-factory realisation should be effected, he shall receive as an additional remuneration such a commission on his intromissions as the page 3 Directors of the Company shall in the circumstances think suitable, he leaving-himself in their hands.

On mature deliberation the Directors felt it to be their duty to accept Mr Dobson's offer, as detailed in the correspondence referred to. and the Secretary was instructed to intimate this acceptance to Mr Dobson, and to inform him that a Power of Attorney in his favour would be prepared and sent to him.

The Secretary was further instructed that he should, in intimating to the Local Board and Mr Bartleman the withdrawal of the powers in their favour, convey to them the thanks of the Board for their faithful services.