NORTHERN STEAMSHIP CO.

Auckland Star, Volume XLIX, Issue 127, 29 May 1918, Page 2

NORTHERN STEAMSHIP CO.

ANNTTAI. MEETING. EFFECT OF WAR CONDITIONS. i The annual meeting of the Northern Steamship Company, Ltd., was held in, f the company's office to-day. Mr. Matthew 1 Clark, chairman of directors, presided, I • and there was a largo attendance of •shareholders. • The report of the directors stated that , the net profit on the working account for '■ the year ending March 31, after making ' provision for insurance, depreciation, and boiler and repairs accounts, was £11,30!). ■ The balance brought forward from April ' 1, 1917, after deducting the dividend, was £2611, while transfer fees amounted to I £12, making a total of £13,933. The I directors recommended that this sum be l appropriated as follows: Payment of a ! dividend at the rate of 7 per centum per I annum (half of which was paid to shareholders in November, 1917), totalling , £11,298, and leaving a balance of £2034 - to be carried forward. The dividend will - be payable at the cocipany'6 office on and • after Thureday, May 30. ! In proposing the adoption of the re- ! port and balance-sheet the chairman said that the disturbing effects of tue war i continued to be felt on every hand. The frequent calling up of large numbers of men for active service presented pro- > blems to employers that were ! often difficult to eolve. Many of the company's employees had gone into camp during the past year, and while they regretted the loss of their ' services, admiration of their loyal re--1 spouse to the call of Empire could not be withheld. 1 Referring to the balance-sheet, the '.'chairman remarked that the arduous (conditions referred to, together with the continual increase in the price of all i. commodities used in the vessels, had I required the closest attention of the J directors. They had revised the tariff sufficiently last year, ac they thought, to provide for increased expenditure, but prices had continued to rise to such an extent that they "were obliged to repeat the process at the beginning of the preI sent month. He referred to coal as an example. Compared with the pre-war price the outlay for this article alone had increased by £10 per annum. All ship's stores had increased in the eanc proportion. They had been notified of an increase of 2/ per ton to take effect thia month, I but were not aware of this when making the last revision, so that in order to maintain the services and provide for the reqiiiremente of settlers they were compelled again to revise rntee. The effect of the withdrawal of many men from country pursuits had been 6hown in a falling off in production,: which had affected the revenue. The re-i cord showed a decrease of 20,000 boxes ' of butter alone, as compared with the previous year. When thie and other facts were taken into consideration, he considered that they might regard it ac a satisfactory result of the company's j operations that they were able to pay! the usual dividend. Thcchairman mentioned that £ 12,000 of the last war loan had been taken up by the company. In conclusion he paid a tribute to the servants of the company, both ashore and afloat. The motion was seconded by Mr. N. A. Nathan, and carried unanimously. i The following resolution, notice o* j which had already been given, was ; moved by Mr. T. W. Leye:—"That the : shareholders select at this meeting four i directors, instead of three as specified i in the notice convening the meeting, ' thereby bringing the number of direct tors to six, euch number being allowed < by article 60 of the articles of associa- '. tion of the company." I The motios was seconded by Mr. E. U. < Bloomfiold. ' J Before putting the resolution to the j' meeting the chairman stated that the' : motion was not, in the opinion of the directors, necessary. The business of the company had been carried on with success by a Board of five, and they would not* themselves have proposed a change. It was, however, now proposed, and the directors had suggested that it should be put to the meeting. He mentioned that } ac the matter wae one rather directly * affecting the directors themselves they ' would refrain from voting. |' The resolution was put and carried j unanimously. | ■ The retiring director?, Messrs. M- A. \ Clark, N. A. Natnan, and G. T. Niccol, ( together with Mr. E. H. Davis were t unanimously elected. The retiring audi- . tore, Messrs. G. O'HalJoran and W. I Wallace Bruce, were re elected. , Votes of thanks to the directors, pro- i posed by Mr. T. W. Leys, and seconded ' by Mr. K. H. Davis, and to the manager and staff both ashore and afloat, proposed by Air. Davis, closed the meeting. ' ..ii ... ..... i