NORTHERN STEAMSHIP CO.

Auckland Star, Volume XXXVII, Issue 119, 19 May 1906, Page 6

NORTHERN STEAMSHIP CO.

■Mγ Matthew dark (chairman), -when moving the adoption, of the report at the annual meeting of shareholders. of the above~ company yesterday, said: "Before .dealing-with our business operations during the past year I have to express regret not only for myself and co-directors; but I feel sure for the -whole body of shareholders, that Captain H. F. Anderson should have been compelled, by failing health, to resign his seat on the board. Aβ most of you are aware, he has been connected with the company since its formation, and. for 18 years has occupied a seat on the board. His counsel yeas always highly valued by his codirectors, for we all knew his knowledge of the business as well as his deep interest in, the company's welfare. We gratefully appreciate all that he has done in the past and sympathise with him in his declining years. Your directors have appointed Mr N. Alfred Nathan to the vacant scat. I am pleased to be able to give you a satisfactory report on our business operations for the past year. The reception which the issue of 35,000 new shares met with last May somewhat exceeded oiir expectations as the issue was over-subserihed by shareholders —a gratifying proof of the confidence which the company enjoys. The Apanui, the first of our'three new steamers, arrived in October, and the Aupouri in December. They have 'been faithfully built under the supervision of our superintendent engineer, and.l am pleased to say have fulfilled the conditions of contract as to speed, draught and carrying' capacity. They are'suited to our requirements, and your directors believe they will prove-useful additions to our fleet. The third vessel, the Ngatiawa, is still in the builders' hands, but is expected to be completed by the end of this month, and to sail for the colony in June. Mr Gow, our superintendent engineer,' returned from Scotland in December after the completion of his duties. "Mr W. H. Tizard was sent Home to supervise the construction of the Ngatiawa. and will come out -with that vessel as chief and guarantee engineer. The Terranora, one of our old steamers, has been dismantled and converted into a hulk, and has now replaced the. hulk Senator, which has been sold. The Wellington is now out of commission, and is anchored in the stream, and :wijl be disposed of when a favourable opportunity offers. Our annual summer pleasure cruise along the Northern coast was again very, successful, and may now be considered as fairly established. There lis good-reason to believe that the merits of this trip will cause it to grow in popularity year by year. The freedom from serious accident which we continue to enjoy must be gratifying to shareholders, and as an evidence of the ability and care which our captains and officers display iv the discharge of their duties. You will see from the accounts that we hold policies of insurance over four of ■ our-larger* vessels, in addition to the amount provided for insurance in our accounts. As you' would sec from the reports in the press, we have been recently cited along with other steamship owners before the Court of Arbitration in connection with a dispute over the wages of seamen and firemen. The new award i 3 practically a continuance of the. old schedule, and will remain in force for two years. The volume of trade has been well maintained throughout the year, and we have been able to make the necessary provision for depreciation "and -insurance accounts. The increasing demand for -the,colony's products is reflected in several of our trades' and-encourages us to-hope for continued good results in the future. Our paseenj ger returns show an increase of 1843 over the preceding ] year. It will be necessary to elect two auditftrs as usual. Mr Jonas, who has acted for 16 years, has intimated that he .will not seek reelection. Mr G. O'Halloran, jun., is % the other auditor, and has .filled that post with satisfaction for the last six years. Mr O'Halloran offers himself for reelection. I- have-much pleasure, gentlemen, in • proposing. the adoption'ot the f report and balance-sheet, and if approved the dividend will be payable on Monday ' next, the 21st inst."

The motion was seconded by Mr J. H. Upton. The meeting -was then addressed by Messrs S. J. Nathan, Thos. Russell and others on the company's affairs, and Messrs. Brown and Tipton. replied. The motion was then put and carried unanimously. Mr E. Ford moved, and Mr C. V. Houghton- seconded, that the retiring directors, Messrs J. H. Upton, J. Brown, and Iff. A. Nathan, .be re-elected. Agreed to. The gentlemen mentioned thanked the shareholders for their confidence.

Mr A. Barnes proposed, and Mr T. Russell seconded, that a, special vote of thanks he passed to Captain H. F. Anderson on.his retirement from the directorate after a very long period .of service. This was carried by acclamation.

Mr S..J. Nathan proposed, and Mr J. Frater seconded, a vote of thanks to the directors, manager and staff. Carried unanimously.

The chairman replied- on behalf of the directors, and the manager said he would have much pleasure in conveying ..the resolution to the captains, officers and staff.

For the office of auditors there "were three candidates, Messrs H. Gilfillau, jun., G. O'Halloran, ■ jun., and E. L. Jonas. On a vote being taken the chairman declared that as Messrs O'Halloran and Gilfillan had the largest number of votes they were duly elected.

Tie meeting terminated with a .rote of thanks to the chairman. ' .