NEW ZEALAND SHIPPING COMPANY.

Auckland Star, Volume XIX, Issue 282, 29 November 1888, Page 5

NEW ZEALAND SHIPPING COMPANY.

FIFTY THOUSAND WRITTEN OFF,

—J'KES.S ASSOCIATION.)

'BY TJEMtGIUI'H

Chbistchotrch, this clay.

The fifteen^' annual meeting of the New Zealand Shipping Company was held yesterday Mr A. C. Wilson in the chair. The directors' report stated .-The profib and loss account shows a credit balance of £61,276 3s7d including £7,019 brought forward from last year. They recDrnmenued writ£g £50,715 off the Property, including £30,000 oif the Reamers and oil the Sfilins fleet, and carrying £55) forward Since last general meeting, the London manager and a representative or tne London auditors had vieifced the colony and investigated the accounts. Exeepbion had been taken to four items chaW fcotbe first cost of the steamers TbecliwqtOTj, therefore, propose writing oft f^O.OOO th?s year and £4,521 next year. The report was adopted unanimously. Messrs were re-elected director.?. A shareholder, Ib Green gave notice of motion reducing Z direct in the colony to 5 He comtilained of the large amount, i./o,4l;, exthe salaries. A delegate had *bj sent to England and other meuM incurred, but despite this salaries had[been reduced at least one-thfrf, andl ilguraj would •prove that a saving of £30,000 at least bod 'been made in working expenses, borne w the directors had bled to a conttderabtoex. tent, instead of "running the Company for their own benefit. As to shares on -which calls had not been paid up, wna* fceriotit would it have been to the Company to lorreit them? Since the balance-sheet isHued there has been a considerate JJtse in the value of the shares,