NORTHERN STEAMSHIP CO.

ANNUAL MEETING. A SATISFACTORY YEAR. TrfE annual "meeting of shareholders in the Northern Steamship Company, Limited, was held aft the company's office yesterday afternoon. There was a good attendance of shareholders. Mr. M. A. Clark presided, in the unavoidable absence of the chairman of directors (Mr. C. Rhodes). The 29th annual report of the board of directors was submitted as follows:—The net. profit, on working account for the year ended March 31. after making provision for insurance, depreciation, and boiler and repairs accounts, is £11,230; transfer fees, £21; balance brought forward, April 1, 1909. after deducting dividend, £1062: total, £12,314. The following appropriation of this amount is now recommended:To payment of a dividend at. the rate of 7 per cent, per annum (half of which was paid on November 26. 1909), £11,277 leaving a balance to be carried to the credit of profit and loss account of £1037. i The Chairman, in moving the adoption of the report and balance-sheet, apologised for the unavoidable absence of the chairman (Mr. Rhodes), who, as attorney for tho j Waihi Gold Mining Company, was attending i the sittings of the Silting Commission at Paeroa. He road the following speech, which had been prepared by Mr. Rhodes; — "You will see from the report and balance-sheet in your hands that the opera tions of the company during the past year show a good result. We have shared in tho general revival in trade, and our revenue has been well maintained. As a result of this, and the fact, that wo have not found it necessary to add to our fleet or properties, we have been able to reduce our liabilites considerably, as a comparison of the figures in the present and last balance-sheets will show. Should no untoward circumstances arise, we hope that a further reduction will be effected during tho coming year, as wo do not anticipate any special outlay. While the volumo of trade has increased, we have sufficient tonnage to do a much larger business. Our vessels have been efficiently maintained, and the cost of special repairs and the annual overhauls has. as usual, been charged to the boiler and repairs account. The customary provision for depreciation has been made, and values have been written down to figures that wo believe aro sound and reliable. The balance-sheet shows that our shipping property now stands at considerably less than at our last meeting. The board is satisfied with the purchase of the trade of the Settlers' Steamship Company, and the manager, who has visited the districts served by the steamers, has found that storekeepers and settlers are pleased with the way the services are being conducted. We had the misfortune to lose the Kapanui by fire in August last, while lying at Warkwortli Wharf, but the boiler and machinery were salvaged, and are in firstclass order. They have been taken into stock, and will be available for future use. The repairs to the Aupouri, which stranded on the Opotiki bar in March last year, and to which reference was made in last annual meeting, cost more than was at first anticipated. These losses have been charged to our insurance account, but we have been able to reinstate almost the whole of the amount out of revenue, so that the. account now stands at only £500 less than it did last year. The insurance account No. 2 now stands at £4160. This was opened to pro' vide for claims arising under the Shipping and Seamen and Workers' Compensation Acts, contingencies that might be serious. The Wellington, which has been lying idle for some years, was sold in December last for dismantling purposes. The Ngapuhi has received a new boiler, and an extensive overhaul in all departments, making tho vessel almost equal ,to new. We hope it will do good service for the company for many years to come. We have found it necessary to lengthen the Claymore, to make her more suitablo for tho Wes Coast trade. The alterations will have the effect of reducing the draught of the vessel, so that she will bo able to work the port of Waitara, tho trade of which is at present carried on by the Albatross, an auxiliary vessel, under charter to the company. We hope that by this expenditure an economy in working expenses will be effected, as the vessel will bo able to combine the Waitara trade with her present services. The loss of passenger traffic in our New Plymouth service through the opening of the Main Trunk railway led to a conference at Wellington with tho authorities of the Union Steam Ship Company in June last, at which the then chairman of the board, Mr. J. H. Upton, and tho manager were present. It was then decided that, as there was not sufficient traffic to maintain two steamers in the service, one should be withdrawn, and we should carry it on as a -joint service on equitable terms. The arrangement so far has worked satisfactorily. I am pleased to say that the engineering workshop, in which we are equally interested with the samo company, has been carried on successfully. The repairing work has been well done, and we believe that both companies are satisfied with tho investment. During the year two of our oldest employees, Captain W. Farquhar and Mr. William Laird, who have been associated with tho company since its formation, and have served us faithfully and well, retired from active service. The relations of the company with its employees continue satisfactory, several agreements as to rates of wages having been arranged during the year. With the steady development of the resources of_ the pro vince, the outlook for the future is promising. and with immunity from serious accident we hope to meet you next year with an equally satisfactory report." The motion for the adoption of the report and balance-sheet was carried unanimously. The.retiring directors (Messrs. C. Erodes, M. A. Clark, and John Brown) were reelected. The auditors (Messrs. G. O'Halloran, jun., and W. W. Bruce) were also re-elected. The meeting closed with votes of thanks to the chairman and directors, and to the manager and staff. The dividend will be payable to-morrow.