d. By Property and Assets, viz.:— Plant—Slip and materials ... 21,348 17 7 Buildings ~, 1,070 'O 0

W. W. Johnston, - ). F.Aua.Knuit, j Auditors. The Chairman (E. Pearce, Esq) moved the adoption of the report, and explained that it placed before the shareholders a faithful ac count of the present position of the company’s affairs. He referred to the fact that the di rectors had advertised for tenders for the erec tion of the slip ; that several had been sent in, but the Board, after consulting the engineer, had considered it advisable to decline them all, and to place the construction under the management of the company’s engineer, in whom the Board have full confidence. He stated that preparing the necessary plans and specifications had occupied a considerable time, that the Board had thought it right to advertise for tenders in various parts of the colony, and in Australia. That as stated in the report the work was progressing satisfactorily, and there was every reason to believe it would be com pleted by the time mentioned. He explained that the only business the Board had to bring before the shareholders was the adoption or rejection of the report, the reception of the auditors’ report, election of two directors in the place of Mr Hunter and Mr Nathan, elec tion of auditors, and fixing the remuneration to be paid these gentlemen. Mr Lifman Levy said he had great plea sure in seconding the adoption of the report. Mr W. M. Bannatyne said he wished to put a question, which he understood was to have been asked by a gentleman who was not present in the room, having just been called out. It was whether it was under stood by the directors that the work was not to be proceeded with until the shares sent for sale in the London market had been placed ? The Chairman replied that there was no such understanding. It was agreed at a meeting held at the Exchange Rooms that as soon as £SOOO worth of shares were taken up in Wellington the work would be proceeded with, provided that all matters with the General and Provincial Governments were satisfactorily arranged, and the Board had acted on this understanding. Mr Anderson inquired if any shares had been taken up in London. 