ANNUAL MEETING OF THE N.Z. SHIPPING COMPANY
Christchurch, Aug. 12. The annual meeting of the New Zealand Shipping Company was hold at noon to-day, Mr. J. L. Coster, Chairman of Directors, presiding. The annual report was read, and the profit and loss account showed a credit balance of L 37,297, of which it is proposed to carry L 20,000 to the reserve fund and pay a dividend of 10 per cent,, absorbing L 12,500, the balance to be carried forward. The Chairman, in moving the adoption of the report, congratulated the shareholders on the result of the business during the past year. He referred .to the rise in freights, which had been general all over the world. Dissatisfaction had been expressed at the Company’s charges, but these really were less than in Adelaide. The directors were determined to look first to the interests of the shareholders, but would not forget the producing interest of the colony. The contract with Government had been renewed, and the ships had been kept in first-class order, and had been well sailed. Advices from London stated the Company’s ships were brought in there in equal condition to any ships arriving at that port. The "steamers Durham and Northumberland were coming to Lyttelton, the latter under the Company’s flag. The directors, however, did not intend to embark in a steam venture ; one reason being a revolution in motive power probably approaching. The directors only chartered the Northumberland to prevent competition. The report and balance-sheet were adopted, and the retiring directors and auditors relected.
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