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NORTHERN STEAMSHIP COMPANY.

A-N.NUAI. MEETINO. The annual meeting of shareholders of the Northern Steamship Company, Limited, was held to-day, the chairman of directors lAir Charles Hhodesi presiding. The thirtieth annual report and u.ilajice-sbcet, wbicn were ndopiert, wi-re as follow:—

The net protit <>v working account for the year euOlnp; Miircb aist, after making proI vision for iuKuraia-f, flenierJutloil, ;ind boiler : and repairs uncmnitij; Ls £H,G7.'J 1/11; I transfer fees, i-'JU T-0. balance brought forI wiird April Ist, lino, aitii deducting dlvl- ! dernl, £1037 7/1, Total, £L!,T.I'J liS/li. The following appropriation of tuis amount is now iwunimcndfil: To payment of a divt(lend 31 (.lie rule of T p(*r csut por nunuin, I half of wtiicli was paid to shareholders vii i November IStb, l'Jli), £11,JUH 17/; leaving j a balance to be carried to the credit of prollU and loss account of £144(1 I!V<>. In I accordance nitu tile articles of association, Messrs J. 11. Upton. I). L, Nathtu, and J. Blown retire, but are eligible, aud offer themselves for re-election. Messrs <!• O'Uallornn. jun., aud \V. Wallace Bruce, auditors, retire, and are eligible for re-elec-tion. The uivideiul will be payable at the i company's office, yu.iy.si reel, Auckland, .on i and after Monday, the flay of M;iy.; '' I The balance-sheet showed ■--LiabilitiesCapital authorised. £217,500 in :«jO,irj<> shares of 14/ti. I'apltnl subscribed— 504,28!) shares. 7/ paid. £;;tl,r>ul ,"/; shares, 14/6 paid, £124,!>1<i 111/(5; 2T«,.T80 shares. ! £1fi1,412 2/B, Insurance account £:i1,.!H7 ' n/10; insurance account No. 2. £.",341 1/10; boiler and repairs account, £."349 8/1)- uni claimed dividends, £4 1/1; bills payable, £s'2'J 3/5; sundry liabilities of the company, £2S,!K>4 a/1; profit and loss account £70fK) 8/. Total. £23J),U0S 17/6. AsseM: Vessels, wharves, sheds, and sumlry gear, less I amount at credit of depreciation account, £204,401; Quay-street prejnlscs. £5013 8/11; Vniled Repalrlnß Co., Md., Investment, £4WW; coal, storfts. and machinery on I.and, £9912 6/3: Insurance account No. 2, Investment Auckland Harbour Board debentures, £200; accounts to company, Including agents' balances, £14,44.-. 9/1: nnexplred inKurnnce premiums, £12R7; bills receivable, £istn is/8. Total, .-esan.fws n/e.

The profit and loss account showed: —Dr.: To interim dividend for six months. November 18, 1910, at the rate of 7 per cent ppr annum, £5649 8/0: balance, £7090 8/. Total £12,7.T9 16/ G. Cr.: April I, 1010— By balance brought forward, £0686 15A; less dividend declared May '27th, 1010, £5W.) S/C; net profit for twelve months, after making provision for insurance, depreciation, and boiler and repairs accounts, £13,673 1/11; transfer fees. £2S 7/0. Total, £12,730 10/6. By available balance brought down £7000 8/.

In moving the adoption of *he report and txalaDce-£heet, the Chairman said that while the volume of the company's trade had increased, the running expenses of ita J steamers was much higher than formerly, i owing to the advance in the price of coal I and almost ail other supplies. Indeed, it was feared at one time t-hat they should ■be compelled to raise ratea of freight and passage money owing to the reduced marI gin of profit in workiug many ot the ! steamers. He was glad -to say, however, i that a more buoyant revenue rendered that coarse unnecessary. One gratifying feature ,of the period now under review was the absence of accidents, with the exception at a minor affair with a launch. The lengthening of the Claymore ibad greatly improved 'that vessel, giving her increased carrying capacity on a lighter draught and had enabled the company to reduce ' working expenses by dispensing wKu the services at the auxiliary vessel Albatross in the Waitara trade, Notwithstanding rearrangement of steamer runs since the lonn *? f < ltl ? Kapanui by fire in August, 1900, it had now become necessary to take st«ps to replace that vessel, and recently a contract was entered into ■with Sir ! George Niccol for building a steamer* of similar size and construction, but more modern in her eq-uJpnicnte. The boiler and machinery of the Kapanui would be placed in this vessel, which, it was expect'next. The Waltnngi, one of the older boats, which had been out of commission for some time, had 'been sMd to the Kauri Timber Company. Increased aetivitv an rail-way construction within their northern sphere of operations had resulted in ■the completion of the line between Ka-ws-ka'wa and Whang-arei, and it was expected ithat this would be the means of diverUnc jsome of the Northern passenger traffic to 1 the latter port. Whatever the result, the I company would endeawmr to adequately provide for 4he requirements of the trade by suitable adjustments to the new conditions. The construction of a railway from Tauranga to Te Puke, and from .there throngh other Bay of Plenty districts would, in due time, bring the produce of large and fertile areas to Tauranga port (for shipment. The accounts showed that from various causes the company's liaibilities had been reduced, and that normal additions had been made to insurance and , other reserve accounts. The vessels had all been efficiently maintained and the usual appropriation made for their writing down The relations of the company with its employees continued to be satisfactory, and in this connection the chairman referred with rpitret to the deaths of ■Oantnms TV. Farqubar and G. McLeod. The outlook for the coming year was promising and the directors would take snch steps or may ho necessary from time to time to keep ahrpast of the growing requirements of the various districts served.

On the motion of Mr O." Elliott, seconded by Mr C. V. Houghton. Messrs. J. H. T> ton, E. L. Nathan find J. Brown were re-olpf-tpd to the directorate. Thp nVirlnjT auditors. Messrs. G. O'Halloran, .fun., and W. Wallace P.ruee, worp re-elected.

A votp of thanks to the directors manscpr. nnd stuff was on the nwtton of Mr. Houghton. Mr. Rhodes replied on behalf of tho rtirecfoiK. nnrl Mr. C. Ranson spoke on behalf of himself and staff.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/AS19110526.2.15

Bibliographic details

NORTHERN STEAMSHIP COMPANY., Auckland Star, Volume XLII, Issue 124, 26 May 1911

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975

NORTHERN STEAMSHIP COMPANY. Auckland Star, Volume XLII, Issue 124, 26 May 1911

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