NORTHERN STEAMSHIP COMPANY.

ANNUAL MEETING.

PROFIT FOR THE YEAR, £4981 4s 2d

DIVIDEND OF 7 PER CENT. FOR THE YEAR. The 22nd annual meeting of .shareholders of the Northern Steamship Company was held in the company's office yesterday. Captain H. F. Anderson (chairman of the company) presided, and there were about 20 shareholders present. The report and balance-she«t for the year ending March 31, 1903, were taken as read, as follows: —

ANNUAL REPORT.

The directors beg to submit their report o the operations of the company for the pas rear -—The net proiit on working account tor the year ending March 31, after raakini provision for insurance, depreciation, am boiler accounts, is £4931 -Is 2d; transfer fees £12 10s; balance brought forward, April 1 1902, £862 Os 9d: total, £5855 14s lid. The fol lowing appropriation of this amount is nov recommended : To payment of a dividend a the rate of 7 per cent, per annum, half o which was paid to shareholders on Novembe 17, 1902, as an interim dividend. £4374 18s 4d leaving a balance to be carried to the credi of profit and loss account. £980 16s 7d. Thi new issue of 40,000 shares offered in May last was readily subscribed by shareholders. wh< would have taken more shares had they beei available. The directors regret to report th< wreck of the s.s. Gairloch on January 6, th< first total loss the company has sustained Fortunately the s.s. Glenelg was out of com mission at the time, and was able to carry or the Gairlocb'B service without disorganisation The manager returned from Great Britain ii December last, after placing an order witl Messrs. Gourlay Bros, and Co., of Dundee, foi a new passenger steamer. The- directors re tiring by rotation are Messrs. M. A. Clark anc C. Rhodes, who are eligible, and offer them selves for re-election. The directors respect fully recommend that the same amount o: honorarium as last year be voted to them foi their services. Messrs. Charles A. Jonas anc G. O'Halloran, jun., auditors, retire, and arteligible for re-election. The dividend will be paid at the company's office, Quay-street Auckland, on and after Monday, May 18. BALANCE-SHEET. Liabilities: Captial authorised— ir 300,000 shares of 14s 6d each. Capital subscribed— shares, 7s paid, £36.501 3s ; 45,711 shares. 14s 6d paid. £33,140 9s 6d. New issue—43,ooo shares,' 14s 6d paid, £29,C00 (less unpaid calls. £226 12s 6d); insurance account, £28,021 18s 4d; insurance account, No. 2, £81C 16s Id; boiler and repairs account, £3663 14s 3d; accounts owing by company, £17,313 0s Id; balance of profit and loss account, £3418 5s 9d: total, £151,642 14s 6d. •Assets; Vessels and gear, less amount at credit of depreciation account, £115,979 ; advances on new steamer Rarawa, £17,595 9s Id; I -street premises, £5198 19s sd; stores and j coal on hand, £3356 16s 2d; accounts owing tc I company, including agents' balances, £919? | 14s Id ; insurance account No. 2 investment, ; £200; bills receivable. £77 12s Id; rash in Bank i of New Zealand, £35 3s 8d: total, £151,642 14s 61 PROFIT AND LOSS ACCOUNT. Dr.; November, 1902—Interim dividend foi six months at the rate of 7 per cent, per annum, £2437 9s 2d; balance, £3418 5s -9d : total. £5355 14s lid. Cr.: April 1, 1902—Balance brought forward, £3699 9s lid; less dividend 7 per cent., declared May 9, 1902, and directors' honorarium voted same day, £2837 9s 2d. March 31. 1903— profit for 12 months, after providing for insurance, depreciation, and boiler accounts, £4981 4s 2d; transfer fees, £12 103: total, £5855 14s lid. April 1, 1903—Available balance brought down. £3418 5s 9d. CHAIRMAN'S REMARKS.' In moving the- adoption of the report and balance-sheet the Chairman said:—lt is gratifying to me to meet you again and to be able to present you with a satisfactory rej port of our operations, notwithstanding the j fact that in some respects the past has been an eventful year in the history of the company. It is with deep regret that I have, | iirst of all, to refer to the loss we have susi tained in the death of Mr. W. S. Wilson, who had been a member of the Board for many years, and was highly esteemed by all who know him. His wise counsel and active- interest in the company's affairs were of the greatest value. His brother, Mr. J. L. Wilson, was appointed to the vacant seat, but had only attended two meetings when he, too, passed away. Your directors then appointed Mr. Charles Rhodes to the position. The new issue of 40,000 shares, to which I referred at our last annual meeting, was eagerly applied for by shareholders; in fact, we were unable to satisfy all the applications, a fact which is very gratifying, as it shows the confidence with which our shares continue to be regarded as an investment. The freedom from serious accidents which we have enjoyed ■ for a considerable period has, I am sorry to say, been interrupted, and our insurance account has been called upon to meet some heavy charges. In June last the Kanicri was. stranded at Waitara in a dangerous position, but after groat labour and expense was refloated and brought to Auckland for repairs, which were effected in a satisfactory manner. The vessel, I am pleased to say, has not been permanently weakened by the accident, but is now in firstclass order. Later on a fire broke out on the Ohinemuri, but was fortunately • extinguished before the vessel had been seriously damaged. The heaviest loss, however, occurred on January 6, when the Gairloch ran ashore on the coast of Taranaki, and eventually became a total wreck, the first we have had to record, Happily, the accident was unattended with loss of life, but we cannot but regret the loss of such a useful vessel, which was specially adapted for the service in which she was engaged. The Glenelg, A'hich was out of commission at the time, was immediately placed in the Gairlooh's service, and carried it on without disorganisation. These losses have led to the consideration of the general question of insurance, with the result that we have taken out a policy over the Ngapuhi, for, although our insurance account has been increasing for many years, your directors considered, and I think you will agree with us, that it was imprudent to continue to carry such a large risk in one bottom. The manager returned from his visit to Great Britain in December last, where he went along with our superintendent engineer for the purpose of obtaining a vessel suitable for our Whangarei trade. Although about 50 steamers wore inspected in England. Scotland, and Germany, he was unable to find one with the required conditions, and we therefore instructed him to call for tenders for a new vessel. The contract was signed and all arrangements , made before he left Great Britain. The contractors are Messrs. Gourlay Brothers and Co., of Dundee, the builders of the Ngapuhi, and we have every confidence that they will provide us with a firstclass serviceable vessel. Captain Blacklock lias been sent Home to brine the vessel out by the Suez Canal route. She was successfully launched on April 30, and we hope, all being well, to have her here by the end of September. She will be named Rarawa, \ after one of our Northern tribes, and will be placed in the New Plymouth service, the Ngapuhi taking up the Whangarei trade-, now carried on by the Wellington. When we last met I informed yon that a dispute as to the scale of wages to seamen and firemen was pending before the Court of Arbitration. The award granted an increase of j wages to most of our firemen and restrictions with regard to overtime, and as this increased expenditure came upon us, along with a general advance in the price of coal, provisions, and ships' stores, we felt we had no alternative but to revise our scale of fares and freights. To this mattei your directors gave much thought and attention, with due regard to the interests of our clients and the general public. I am pleased to say that the prosperity enjoyed in country districts during the year, arising from the increased demand for flax, gum, and agricultural products, has been reflected in our revenue, enabling us to place substantial amount* to the credit of our insurance, depreciation find repair* accounts, and to recommend the payment of the usual dividend. Comparing the year's results with those of former periods, wo can, I think, fairly regard it aa n. year of progress and growth, and as indications are in favour of a continuation of good trad«, we may hope that this progress will he. maintained. I have much plc'iHiiro in moving the adoption of the report an'] balarice-nlieet. Mr. Thomas Russell socomled the adoption of the report and balanpp-slioot, the motion being eirrifd unanimously. ELECTION OF OFFICERS. On the motion of Mr. Thomson, seconded by Captain Smith, the retiring directors Messrs. M. A. Clark and 0. Rhodes, were re-elected. Mr. Clark returned thanks on behalf of Mr. Rhodes and himself. The retiring auditors, Messrs. C. A. Jonas and G. O'Halloran, jun., were, on the motion of Mr. Minetti, seconded by Mr. Foubistcr, also re-elected. VOTES OF THANKS. On the motion of Mr. Minetti, seconded by Mr. Thomson, a hearty vote of thanks was unanimously accorded to the chairman and directors for the time and attention they had civen to the affairs of the company. Mr. A. H. Nathan, in acknowledging the vote of thanks, assured shareholders that the directors gave a good deal of time to the business of the company, and watched very carefully the interests of shareholders, as well as the interests of the districts which were served by the company's steamers. Mr. Ford moved, and Mr. Granger seconded, a vote of thanks to the manager and staff, this being carried unanimously. Mr. Chas. Ranson (manager), in responding, seated that hp had a valuable, staff, both'

ashore and afloat, and that during his absence in England the business of the company had "been exceedingly well looked after by the acting-manager (Mr. J. J. Kerr) and staff, and that all had worked well together. He also thanked the directors for their assistance and their willingness to consult with him on the company's affairs at any time. The proceedings then terminated.