NORTHERN STEAMSHIP CO.

REVIEW OF THE PAST YEAR. BUSINESS WF.LL MAINTAINED. DIVIDEND OF R TER CENT. The annual meeting of the Northern Steamship Company was held in the offices of the company at noon to-day. In presenting the annual report and balance-sheet (particulars of which have already been published), the chairman, -Mr. .1. 11. Upton., said, inter alia: — The various trades of the company have been well maintained. During the year our vessels have freighted a total of 330,220 tons of cargo, an increase of 8468 tons over last year, and in addition we have carried some 157.548 ordinary, and 25,809 excursion passengers, increases of 11,801 and 2415 respectively,] as compared with the figures of the previous year. The company has had to meet railway competition in the Whangarei and Opua trades, and in consequence has had to adjust fares and freights to meet the various railway rates due to their goods classification system. The results of this competition have caused a considerable reduction in the number of passengers carried by the Manaia, but, by giving a comfortable night trip at a moderate fare, we ought to receive a fair portion of the travelling public's patronage. The cargo has not licen so adversely affected ami the company's statistics show a considerable increase of tonnage carried to the port of Whangarei as compared with last

year's figures. Owing to the epidemic of infantile paralysis and the action of the Health Department in prohibiting children under the age of lfi years from travelling, our excursion season was greatly affected. Notwithstanding this, our returns show considerable growth in this particular part of the company's business. New Excursion Boat. To meet this growing trade, your directors are considering the building of a new fast excursion boat for the Waiheke and Gulf excursion trades. The plans and specifications of such a vessel are now being prepared, and when finally approved the- work of constructing the vessel will be gone on with. Bay of Plenty Trade. The Bay of Plenty trade has satisfactorily developed, especially the Tauranga passenger service. The running of the s.s. Matangi thrice weekly between Auckland and this port has established a very popular passenger route to and from all the East Coast districts. The

Tauranga harbour bridge has been completed and the East Coast train service now runs from the town instead of from The Mount. This train service conveys passengers and mails as far as Matata, whence first-class motor services start to all places, including Whakatane, Opotiki and Gisborne. Our services generally have been efficiently run, and a word of praise is due to the officers and engineers, ashore and afloat, for it is largely due to their efforts that the operations have been carried on successfully and free from serious accidents. We are pleased to be able to report that the year has passed free from marine disaster, nor has any serious accident happened to any of our employees. The company's fleet of vessels and plant have been well looked after and maintained. All are in good repair, a sum amounting to £37,807 having been spent on renewals and overhauls. During the year, four of the company's largest vessels have been fitted with wireless apparatus, and a. number of our officers trained in the use of these instruments. Your directors regret having to report that, since we last met you, our late respected manager, Mr. Charles Ranson, has passed away. He was successfully associated with the company's developments for over 34 years. After making ample provision for depreciation, insurances, income tax, and boiler and repair accounts, the balancesheet shows a net profit of f 14,820. The directors recommend the payment of a dividend for the year endhig March 31, 11)25, at the rate of 8 per cent per annum, amounting to £12,912, half of which you have already received in an interim dividend, and to carry forward a balance of £8370. Mr. George Niccol, having retired from the Board of Directors, Mr. A. B. Roberton was appointed in his place. The retiring directors, Messrs. E. H. Davis, Chas. Rhodes and J. H. Upton, were re-elected. The report and balance : sheet were adopted, and the payment of a dividend of 8 per cent was agreed to. Messrs. YV. W. Bruce and G. O'Halloran were reelected auditors. A vote of thanks to the staff, ashore and afloat, was carried unanimously.