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NORTHERN STEAMSHIP COMPANY.

ANNUAL MEETING OF SHARE

HOLDERS.

The annual meeting of shareholders of the Northern Steamship Company was held ab three o'clock this afternoon at the Company's Office, Palmerßton Buildings. Mr Jan. Macfarlone, Chairman of Directors, presided. REPORT AND BALANCE SHEET. The following roporb and balance-sheet was read :—The directors beg to submit their report of the operations of the Company for the pasb year : The neb profit on working accounts for the year ending March 31st, after making provision; for insurance, depreciation, and boiler accounts, etc., is £3,204 12s 2d ; transfer fees, £7 15s; bilance brought forward April lsb, 1895, £461 8s 2d—£3,673 15a 4d. The following appropriation of this amount is now recommended : To payment of a dividend atthe rate of six per cent, £2,733 12s ; leaving a balance to be carried to the credit of profit and loss new account, £940 3a 4d. Ib is with deep regret that your directors have to report the death of their late Chairman, Mr I). B. Cruickshank, who has been identified with the Company since its formation, and was always most assiduous in his duties to promote its welfare. The vacancy on the Board thua caused will now require to be filled. Tha directors retiring by rotation are Captain H. F. Anderson and Mr Thos. Melville, who are eligible and offer themaelvon for re-election. The directors rospoctfully recommend that for the pasb year a sum of £300 be voted to them by the shareholders as honorarium for their serviced. Mr Charles Jonas, auditor, retires, and ia eligible for roelecbion. The dividend will be payable at the Company's Office, Palmerston Buildings, Queon-streeb, Auckland, on and after Monday, the 18th day of May.—For the Board of Director, James Macfaelane, Chairman.

Balance-sheet fob- the Year Ending March 31eb, 1896.—Liabilities : To capital, £108,750, in 150,000 shares of 14s 6d .each ; colonial shares, 10i,289, 7b paid, £36,501 3b; British shares, 12,495, fully paid, £9,058 17e, 6f1—£45,560 0s 6d ; insurawcs account, £29,690 On Id ; boiler and repair account, £5,634 1r ; accounts owing by Company, £5,801 11s 5d : balance of profit and loss account, £3,673 15a 4d; total, £81,359 8s 4d. Assets :By Company's vessels, gear, etc., loss amount at credit of depreciation account, £71,606 11s 3d,; stores and coal on hand, £788 3s 6d ; accounts ' owing to Company, including agents' balances, £5,187 14s ; cash in the Bank of New Zealand, £3,776 13s 7d; total, £81,359 8s 4d.

Profit and Loss Account.—March 31st, 1896 :—Dr. : To balance, £3,673 15s 4d. April lsb, 1895 :—Cr. :By balance broughb forward, £3,495 Os 2d ; loss dividend declared May 3rd, 1895, and directors' honorarium voted May 3rd, 3,033 12a —461 8a 2d. March 31sb, 1896: By net profit for 12 months, after providing for insurance, depreciation, and boiler accounts, £3,20412a 2d ; transfer fees, £? 15s —£3,673 15s 4d. April lab, 1896: By available balance broughb down, £3,673 15s id.

In moving the adoption of the roporb and balance-eheefe, the Chairman congratulated the Company on the returns for the twelve months. The new steamer, the Whakatane, for the Thames trade would probably arrive here in August, and be ready for the summer trade. Should she answer expectations, a similar boab would follow for Coromandel.

The earnings of mosb of the steamers had increased, especially of those trading to mining ports. The purchase of the Coromandel steamer and .her trade had proved remunerative to the Company.

The company bad been frea from accident, the. only one of any consequence being a fire oa board the Kanieri, the damage amounting to £300, which sum was charged to the Insurance Account. The' reporb and balance - eheeb was adopted. Messrs Thos; Melville and Captain An. derson were re-elected directors, and Mr A. H. Nathan was elected to tho vacancy. A hearty vote of thanks to Mr C*. Ranson, manager, and the officers of the Company, concluded the procedings.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/AS18960515.2.54

Bibliographic details

NORTHERN STEAMSHIP COMPANY., Auckland Star, Volume XXVII, Issue 113, 15 May 1896

Word Count
642

NORTHERN STEAMSHIP COMPANY. Auckland Star, Volume XXVII, Issue 113, 15 May 1896

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