NORTHERN SHIPPING CO.

Auckland Star, Volume XXXIII, Issue 110, 10 May 1902, Page 7

NORTHERN SHIPPING CO.

At the meeting of shareholders in the Northern Steamship Company yesterday afternoon there was a large attendance. The report and balance-sheet (already published) were taken as read. !n moving the adoption of the annual report the Chairman said:—ln- meeting you again with our annual statement of accounts, I may first of all inform you ;hat the formalities necessary to give .ft'ect to the resolution passed at the re- .. at extraordinary meeting of shareholders have been complied with, and the nominal capital of the company, as you will see from the balance-sheet, now Lands at __0,G.0 shares. I need not dwell on the importance of this step, which is au indication not only of the progress of die company but of the province in ivhich our operations are carried on, but would remark that it is very appropriate the event should have taken place t.his year when -.he company has attained its majority. As you are aware, your directors have decided io issue 40,000 of the new shares in order to provide for a new vessel for the Whangarei trade, and in .he course of a few days forms of application will be issued _;> shareholders, who will have the first opportunity of taking them up. The indications at present are in favour of a very hearty response, and I have no doubt that in a short time the entire issue will be absorbed. This addition to our capital will place us in a strong position financially, ::nd enable us to meet the increasing demands that are being made upon our resources. Our manager, Mr Charles Hanson, accompanied by Mr G. Gow, the superintendent engineer, has left for Great Britain for the purpose of negotiating for the new vessel, which will be equipped in the- most modern style, so as to satisfy all reasonable public demands. Coming now to the accounts which arc before you, I may say that while the number of passengers carried during the year has increased by MOO, there has not been a corresponding response in revenue as large numbers have been carried on special occasions—such as the Royal visit—at low rates, showing that—there are limits below which these become unprofitable. During the year our steamers have carried 116,624 passengers without any mishap, which, [ think you will agree with me, is a very satisfactory record. In some of our services—such as the Thames, Paeroa, Coromandel and Northern trades—there has been, from various causes, a marked decline in the volume of traffic, but there is no reason to suppose that this is other than temporary. The claims upon our insurance account have again, happily, been moderate, the- principal item arising from a collision between two of our steamers in the Thames River. The circumstances ci.m.cc.cc] with the accident were investigated by a Magisterial court of inquiry.

which completely acquitted both masters of blame.. Two of our steamers—the Gairloch and Kanieri—have undergone extensive overhauls during the year, the cost of which has been added to the

value to which we have written them down in our books, but even with the addition they are both much below their market value. They are now in firstclass order, and should serve us for many years to come. For the maintenance of our trade at Hohoura, north of Man»onut, we have erected a substantial wharf the convenience of which is much appreciated by settlers and traders in that district, and since a good deal of attention is now being directed to settlement in the North, we are hoperul that future developments will justify tn. expenditure, ue have also gone to considerable expexise m improving our Ohiwa wharf, and m placing on it a large shed for the storage of maize and other- produce. The completion of this work has enabled us to improve the Bay of Plenty service, and the prosperous districts of Opotiki and Whakatane now enjoy the advantage of bj-weekly communication with Auckland. The Upper Thames trade has declined somewhat owing to the cessation of active mining operations in many Paris of the Ohinemuri district. We have secured the lease of a piece of land at a point on the river known as the Puke where the Waihi Gold-mining Company are aow erecting a wharf and sheds We are also building a wharf and shed, as the company mentioned have notified us that they 'will shortly require all their cargo delivered there, and as it would be impossible to work both wharves we have dec-idea1 to make the Puke the future place of delivery. All our vessels have been thoroughly overhauled and are in good repair, the cost in some cases being heavy, as it was thought better to have tne work done before the manager and superintendent engineer left for Great Britain, so that the repairs during the coming winter might be as light as possible. Next year the Clansman will require a new boiler, and it is the manager's intention to invite tenders in Scotland and have the material shaped and sent to the colony, where the boiler will be built. When that work is undertaken it is also intended to furnish the vessel with an electric light installation, and to make such otner improvements in passenger accommodation as will make her a comparatively new and up-to-date vessel. Your directors "recognise the increasing importance of the dairy industry throughout the province, and in order chat consignments may be carried at a suitable temperature the manager Has been authorised to negotiate for the pur.ena_;e of refrigerating plants for our larger vessels. These will enable country lactorles to have their produce delivered nere in such a condition as to command the nighest price, and will aiso assist the development of the export trade. The company's relations with its employees contuiue satisfactory, notwithstanding the fact that we were cited in the beginning of the year, along with other 3teamsnip owners.by the Seamen's Union before the Court of Arbitration. As the award has not yet been given, I will not refer further to these proceedings at present. 1 regret to say that Mr J. Coutts, who has been connected with, the company since its formation, and has latterly had charge of the stewards' department, has been obliged to retire through ill-health. Numerous applications were received for the vacant office, and the Board, after carefully going over them,decided to appoint Mr E. H. Rooney as superintending providore. It is gratifying to me to be able to lay before you such a satisfactory report, and to state that, notwithstanding the circumstances referred to, our operations justify us in the payment of the usual dividend. I trust that when we meet again next year it will be under equally favourable auspices.

Mr Maxwell seconded the adoption of the report.

Mr H. Green, in supporting the adoption, referred to the. fact that there was £5000 more owing this year than last, also that the accounts due to the company showed an increase of £1200 as compared with last year. As against that it was gratifying to see an increase of £2400 in the assets. He was glad things were no worse.

The ■ report and balance-sheet were adopted. On the motion of Mr G. S. Kissling, seconded by Mr Chapman, the retir-, ing directors were re-elected. The auditors were also re-appointed.

Mr A. H. Nathan, in returning- thanks for re-election, said they must be well aware that a company with large financial operations could not always have a balance-sheet that would compare with the previous one. Very large sums had been expended during the summer on the vessels, and that would minimise expenditure during the, winter, but. that saving would show in next year's balance-sheet. Then as to the increase in the amount owing, he might explain that the eom r pany was in the happy position of being able to pay all accounts each month, but the amount naturally varied and might be'much higher one month than it was the next. As to amounts due to the company he was pleased to say they lost nothing by the agents, as they guaranteed the freights. Taking it altogether, they could not look upon the report in such a pessimistic way as Mr Green. The item "No. 2 insurance" was a fund started to recoup any expense the company might be put to by'accidents to its employees.

Mr T. Russell moved the customary vote of thanks to the manager and officials of the company, both ashore and afloat. This was agreed to unanimously.

Mr J. J. Ker, acting manager, responded on behalf of Mr C. Hanson and the staff.

"Votes of thanks were also accorded the chairman and directors.