NORTHERN STEAMSHIP COMPANY.

ANNUAL MEETING. , |, I i . -r- -« !' THE ONEHUNGA WHARF U * : f ' * "It Thy. annual meeting of shareholders of thc-( Northern Steamship Company; Ltd., was held yesterday in the company's office,!' ; Quay-street. Mr. Charles Rhodes, chairman ' of directors, presided, and there was a good', ; attendance of shareholders. !i REPORT AND BALANCE-SHEET. [J ' The annual report showed the net profit, l ,on working accounts foi year ended March •31, after making provision for insurance. j depreciation, and boiler accounts, was! | £9037 Is Id; transfer fees amounted to £19]. 1 17s 6d; and the balance brought forward It from April 1, 1906, was £806 12s 3d, making:' a total of £9863 •10> lOd. A dividend at the!' rate of 7 per cent, per annum was recom-i ! mended, absorbing £8631 3s 4d, leaving ai. ; I balance to bo carried to the credit of profit ji and loss account of £1182 7s 6d. * j] j THE CHAIRMAN' S SPEECH. [' | Tho Chairman, in moving the adoption ' iof the report and balance-sheet, expressed , regret at tho death of Captain H. F. Ander-j] |sou, whose retirement from the board of ■directors through failing health was an-!, jnounced nt the last annual meeting. The'; | balance-sheet showed that the value of the ! j company's fleet and properties had further j, j increased by £15,751, bringing it up to , I nearly £2C0,000. The recent additions had:" | fulfilled all expectations. Shortly after the ( i last annual meeting the company had pur-1 I chased the business of the Manukati Steam- L j ship Company, trading between Onehungaj and the settlements in the Manukau liar-, bour. The change of ownership, there was), reason to believe, had proved satisfactory! |to residents in the districts served by the i | old company. It was hoped; that iu time!' the .trade would develop into. a useful, ad- • junct to' the company's "business. The ac-1 quisition of this concern had pressed upon j the directors' attention a want which had been long felt, viz., the urgent, need for the improvement of the Onehunga Wharf, j This question affected not only the shipping j companies who used the wharf, but the mer-,] cantile community generally. As far as tho!; company was concerned it was no exaggera- I tion to say that, tho cost of working steam- i ! ers was increased by many hundreds of ] j pounds per annum which might bo avoided . if more suitablo facilities existed for tho re- i quircments of traffic. The company had re- 1 cently opened 'up a trade between Kawhia l and Mar-akopa, a new settlement- about 20 ' miles south of that port, and for that ser» ] vice had 'purchased a small steamer, _ the ' Rothesay.. During tho year the .expenditure 1 for repairs and overhauls had been com- ' paratively light, but it would shortly -bo i necessary to lay up the Wakatcro for an ' extensive overhaul, the cost of which had) been provided for in the repairs account. Hitherto it had been the practice to obtain i supplies of deck and engine room stores by i contract, but on the expiration of tho last contract it was decided, as the consumption of these goods was increasing every year, to import direct on the company's own account. This was now "being done, and the store at the back of the company's premises had been fitted up for tho purpose. Captain Wm. Farquhar, the company's senior captain, toad been placed in charge and had been _np pointed ship's husband. Hip long experience of a vessel's requirements would, it was thought, be of great advantage to the service. Tho. year's trading had yielded a satisfactory result, vessels had been efficiently maintained, afid their values - wero well written down. Tho company" had: been fortunate in escaping serious accident to any of . the steamers. Those facts testified to the ability and energy ofvtheir, offi; cers. The 'thanks of'the shareholders wero due to the manager, Mr. Ranson,,. and to the officers under him. T Mr. Alfred Coutte,; whp„secqndod the-mo-tion, congratulated'-the company on another successful year. . - The motion was carried unanimously. ELECTION OF/ DIRECTORS -AND AUDITORS. " On the motion of Mr. W. M. Commons, seconded by Captain James Smith, the retiring directors, Messrs. M. A. Clark, C. Rhodes, and J. H. Upton, were re-elected. Mr. Rhodes responded for himself and Mr. Clark. Mr. Upton also thanked tho shareholders for their renewed confidence. : The auditors,, Messrs.. : H.,.,,GilfiUan,. jun.,■a.nd G. O'Haßortfii, " JitriliJ Vorc> 'rVelectfed,: at a remuneration of £50 each per annum. Mr. J. McIC Geddes proposed, and Mr. T. Minetti seconded, a vote of, thanks,; to ' the directors 'for ; their services during the past year; 1 This was carried unanimously. Mr. Rhodes returned thanks on behalf of himself and co-directors. , 5 Mr. E. Ford proposed a vote of thanks to the manager and the shore and soa staff. This was seconded by Captain Smith and carried. Mr. Ranson responded for himself and staff. 1 ■--■■■'. >. The dividend will be payablo on Monday next.