NORTHERN S.S. CO.

Auckland Star, Volume XL, Issue 123, 25 May 1909, Page 2

NORTHERN S.S. CO.

ANNUAL MEETING. The annual meeting of the Northern S.S. Company was held at the company's . offices this afternoon. Mr. J. Brown, • chairman of directors, presided over a , large attendance of shareholders. The report and balance-sheet, as outlined in last night's "Star," was read. In moving the adoption of the report and balance-sheet, the Chairman said: — "I am pleased to report a satisfactory result for the past year, notwithstanding the fact that trade in the staple products of the province has not been so active as in previous years. Settlement, t however, continue* to progress, and in several districts served by the Company there is evidence of increased trade. The opening of the Main Trunk Railway ha 6 had the effect of diverting a good deal of our passenger traffic on the West Coast, a result which was not altogether unexpected, but we hope to be able to adjust ourselves to the altered condition of affairs in that service. We have every confidence in the future progress of Taranaki province, and of its important trade connections with our city. During the past year we have extended our operations on the East Coast by the acquisition of the vessels and trade of the Settlers' Steamship Company The consideration was partly cash, and the balance in fully paid shares, the business having been transferred in October last. We believe the change has proved satisfactory to the settlers in the districts- served by that Company, and that this will become a profitable branch of our business. Having taken this step, we found it would be necessary to increase the capital of the Company, and in November last we offered to our shareholders 25,000 of the unallotted shares. I am glad to say that the issue met with a hearty response. Considering the monetary conditions that have prevailed throughout Ihe Dominion for some time past, the Board consider the result satisfactory, and a gratifying evidence of the' confidence of the shareholders in the future of the Company. "At our last annual meeting it was stated that a larger vessel would be required for the Whakatane trade, and for this purpose we purchased the Tasman, which has proved suitable in every respect. The Mangapapa, formerly in that trade, has been sold to a Wellington company, and in the accounts you will notice that a portion of the purchase money is still unpaid, and is secured by mortgage, which falls due on December next. I regret to have to refer to the wreck of the Muritai during the period under review, and although one of our older vessels and well written down in our books, she had proved a_.usefnl and serviceable boat. In addition to this accident, two of our steamers—the Ngapuhi and Waimarie have been on fire; while two others—the Ngatiawa and Aupouri—stranded at Opotiki. In the stranding of the Ngatiawa we have to deplore the loss of Captain Stein, an old and faithful servant of the Company. The damage to these vessels has all been made good, and the cost, together with the value of the Muritai, has been charged to insurance account in the usual way. The repairs to the Aupouri had not been completed when our accounts closed, so that further payments in connection with the accident to that vessel will he charged in the accounts for the present year° The Waiotahi has undergone an extensive overhaul and renovation, having been Utted with electric light and other improvements, making her a well-appointed and up-to-date vessel. This work involved a rather heavy charge on our repairs account, for which provision has been made. It will be necessary shortly to lay up the Ngapuhi for a few weeks, when a new boiler, which has been built in Scotland and is now ready for shipment, will be placed in the 'vessel. In this connection, I may state that the proposal to fit up an engineering workshop, which was intimated at meeting, has been carried into effect. Negotiations were entered into with the, Union Steam Ship Company to join us in the scheme, which have resulted in the formation of a private company—< the United Repairing Company (Ltd. - ) — which will control the workshop. The capital required has been provided by our Company and the Union Company in equal shares, and we hope, as a result of this enterprise, to effect ah economy in our accounts for repairs. "In January last a dispute among the ?oal miners threatened to cause us much inconvenience, as all work at the mines leased for several weeks. Fortunately, ive were able to obtain supplies of coal from outside sources, and were able to iiaintain our services without interruption, although at a considerable additional cost in working expenses. We were, approached by representatives of ;he masters and engineers as to the scale )f wages, and after several conferences igreements were arrived at without the lecessity of referring the points at issue or decision by the Court of Arbitration. You will observe that the balanceiheet shows a considerable increase in he value of our shipping property. This, s accounted for by. the large'number if additions during the year, chief among vhieh are the Daphne, Rimu, Tasnian, .nd six vessels of the Settlers' Steamship 'oinpany. In our accounts, we have proided as usual for insurance, depreciation nd renewals, and we hope, with freedom rom serious accident, to show in future . continuation of the good results of he past years. I have pleasure n proposing the adoption of the report nd balance-sheet, and if agreed to, the ividend will be payable on. Thursday iext."