AUCKLAND STEAM PACKET COMPANY.

Auckland Star, Volume V, Issue 1496, 26 November 1874, Page 2

AUCKLAND STEAM PACKET COMPANY.

The fifth half-yearly meeting of the Auckland Steam Packet Company was held this afternoon, in the large hall of the Insurance Buildings, William C. Daldy, the Chairman of the Directors, presiding. There was a moderate attendance of shareholders. The Chairman having read the advertisement convening the meeting, called upon Mr W. Lodder, the manager of the company, to read the regort and balance-sheet for the pasb half year.

These were as follow :—

" The Directors, in presenting to the shareholders the balance-sheet of the Company for tli9 past half-year, have again the satisfaction of reporting that the business of the Company has been good. The net profits for tne six months, after writing off the sum of £1,574 18s. Bd. for depreciation, &c, is £1,187 16s. 6d., this amount added to the sum of £683 155., at credit of insurance fund, and 'the balance of profit and loss brought forward to 30ta April, together with Reserve Fund, shews the accumulated profits from 10th May, 1872 £9,447 8s 10d., after payment of two dividends to the Sharehold en, at the rate of 10 per cent per annum. The new assets of the Company, attar writing off the above sum, amount to .over £6 per share. The Directors' only partially insuring, have considered it prudent to keep ad insurance account, to meet any unforeseen accidents that may occur. The Directors recommend a dividend for the half-year, at the rate of 10 per cent, per annum. -For the Board of Directors.

William Ckush Daldy, Chairman

The balance-sheet showed liabilities :— Capital account, £50,000 j ordinary liabilities, £44,040 Bs. Id. ; assets, £46,968 13s. lid. The expenditure for the half-year (including 10 per cent, dividend, £835 Bs.), £3881 6s. ; and the receipts (including the balance of £2575 17a. 4d. from last account) amounted to £6809 11s. 10d., leaving a balance of £2928 ss. lOd. to carry to new account.

Captain Daldy, in moving the adoption of the report and balance-sheet, said there were one or two points he would refer to. In the first place the company had thought fit to begin to accumulate a reserve fund in consequence of the vessels being only partly insured. The sum of L 157 18s Sd had been written off for depreciation. They were well aware that the decrease of trade to and from the Thames had made the earnings of the Golden Crown very small. They had, therefore, sold her. The Chairman rereferred to the intention of the Company to enlarge the steam traffic with Fiji. He i nought it a great pity that the shareholders in tbe Company only numbered 58 in Auckland, Gisborne, and Napier. The interests of the Company were synonymous with those of the commercial welfare of the Mr Watt seconded the adoption, which was carried inanimously. In answer to a question of a shareholder, Captain Daldy stated that the Golden Crown was insured for £9,000. She was really sold, her insurance was effected at 1 per ceat. a very low premium.

The meeting then separated.