COASTAL S.S. COMPANY.

Auckland Star, Volume XXXII, Issue 130, 3 June 1901, Page 6

COASTAL S.S. COMPANY.

The fourth annual meeting of the Coastal Steamship Company, Limited, was held in' the Warkworth Hall on Thursday evening, the hall being crowded with shareholders. Tile chairman of directors, Mr G. Dunning, read the annual report, which stated that the balance-sheet showed that the gross earnings of the company ior the year had been £3690 4/3, and the expenditure £3301 2/3, so that noti withstanding the fact that last year I extra and unusual expenses were in-U-eirral there \vas a clear profit on me war's wurk of t'3."}!) -± . or a total prolii Mi'eo we cunwnenet'il operations of | fs;j.'J li/ 10. Uut of these profits the company had written oil' for deprecia- ! tion on the s.s. Kapaiiui the sum of I 'J^Tt.i, for depreciation on the *.*. Kotiti I tile sum of i.'l.">o, and oil' stock and I plant and preliminary expenses we have i .vritteu off the sum of C 74 4/10. making latotul written on' of £4(J4 4/10. The j directors proposed carrying forward the sum of £330 2/, to provide for further depreciation on their steamers and plant, etc. The, directors referred with pleasure to the progress of this and the other districts to which our .steamers trade, and which they claimed to have largely brought about by a true recognition of the proper relation of the settlers to the steamship company doing their work. Within the 12 months prior to -March 3Lst last the s.s. Kapanui carried OtiUO passengers. As through the past year the company's goods .shed at Warkworth was quite inadequate to si ore the Kapanui's cargo., the directors have decided to proceed with its immediate enlargement. Balance-sheet.—Liabilities: Capital Iu'.OOO at £1. ;Cli;,u0O: less unallotted, £7074; less unpaid, £784 18/1: sundry creditors, £1005 13/0; balance from protit and Joss account, £339 2/: total. £9155 0/5. Assets: S.s. Kapanui, £5121 0/3; s.s. Kotiti.. £2339 1/7; stock and plant, £229 17/4; stationery and furniture, £50; sundry debtors, £3!H) 11/0: Warkworth coal depot, £191 5/3; Wade coal depot. £5: Puhoi Town Hall shares, £12 10/; preliminary expenses. £143 15/7 : cash in hand, £202 9/11; total, £9185 17/5. Profit and loss account.—Dr.: Depreciation for the period ending March 31. UIOG: .S.s. Kapanui. £270: s.s. Kotiti, £150; stock and plant, "£l2; writing oir preliminary expenses, £02 4/10: charges, £352 4/7; wages, £1038 14/4: Kotiti maintenance, £307 3/11; Kapanui maintenance. £457 0/4; interest and discount, £295 19/1; balance, £330 2/: total, £4184 9/1. Cr.:' Balance at March 31, 1900, £494 4/10; Kapanui revenue, £2234 11/5: Kotiti revenue, £1454 15/1; sundries. 17/9: total. £4184 9/1. Mr Dunnett moved the adoption of the report. He did not. think that anyone would now seriously doubt their success, or that their business was not pretty well established, or that the company had not been of immense service to the people of the surrounding districts. He referred to the frequency with which both the Kapanui and Kotiti had to leave cargo behind during the summer months, and the inability of both these steamers to keep their time-tables. Some people, perhaps, blamed the management, but that was not the cause, the real trouble being that the two steamers, for a time at least, were trying to do the work of three steamers. The company had purchased the steamer Kawau. which would assist the other vessels. He had also purchased the trading rights for Kawau for ten years. The report was then adopted, and the retiring directors were.re-elected. Votes of thanks to the officer's concluded the meeting, after ■which a concert and dance was held in the hall.