COASTAL S.S. COMPANY.

Auckland Star, Volume XXXIII, Issue 116, 17 May 1902, Page 5

COASTAL S.S. COMPANY.

The fifth annual meeting of the shareholders in the Coastal S.S. Company was held at Warkworth on Thursday last. Mr A. Campbell' presided, and read th» report and balance-sheet. The report stated that the* gross earnings of the company's steamers for the year wera £55737/3. and the expenditure £4858 19/6, leaving to the credit .oirprofit and 4oss a balance of £714 7/9. The directors Proposed to appropriate, £#X> far fiirfeh'er>Se^ preciation on the steamers, plant etc ' leaving a balance of £214 7/9 to be carried forward into the -accounts of the current year. The total carried forward to depreciation account will amount to £1333 6/10. Through the past year the company's business had increased in almost every direction, so much so that it was found necessary to employ the s.s. Advance to run one trip per week to the Wade, and occasionally to?Orewa River. During the year there had been no abatement of the support accorded to the company. ' . The number of shares taken tip during the year was 1290, payment on account o£ these shares being' made amounting to £82l|0/6. The total number of shares disposed of to March 31 was 9317, at which 6029 were held by country settlers, 1020 are held by the officers and men .of the company, ■and_ the balance'of 2268 by; people .living in the town. The directors would next year consider the advisability of securing another small steameiv • ■ '■ The Balance-sheet showed liabilities to amount to £14,932 7/11, including paid-up capital £8,167 19/5, sundry - creditors £6,050 0/9, balance profit and loss account £714 7/9. Assets Included steamers ■' and interest in Kawau Island, £13,044 1/8, stock and plant £391 10/10, sundry debitors £902 4/10; coal £2,000, preliminary expenses £100, cash in hand £201 1/6. Mr James Dunning, in moving the adoption of the report and balance-sheet, referred to the importance of co-oper-ation amongst farmers. He pointed out that it was impossible to make timetables to suit the districts perfectly until they had more funds and another steamer.—Mr Meiklejohn seconded. Several settlers spoke to the motion, which was unanimously agreed to. Messrs W. D. Farrand, A. Cruickshank and W. A. Darragh were elected directors; and Mr W. B. A. Morrison was reappointed auditor. The Chairman said that £650 had been received for the assistance of Mr James Darragh, injured in one of the company's steamers. It was decided to put permanent awnings over the decks of the ICotitl and Kapanui. It was decided to hold the next annual meeting in April. Mr R. Bryan, chief steward of the Kapanui, who is leaving for a trip to America, was presented with a purse of sovereigns by the ladies of Warkworth and surrounding districts. A concert and dance was then held in the hall, and was kept up until two o'clock next morning.