NORTHERN STEAMSHIP CO., LTD.

Auckland Star, Volume LIV, Issue 105, 4 May 1923, Page 7

NORTHERN STEAMSHIP CO., LTD.

THE TEAR'S OPERATIONS. DIVIDEND OF SEVEN PER CENT. The 42nd annual meeting of the Northern Steamship Company, Ltd., was held in the company's office, Quay Street today. Mr. M. A. Clark presided and there was a large attendance of shareholders. The report of the directors stated that the net profit on the working account for the year ending March 31st, after making provision for depreciation, insurance, and boiler repairs accounts, was £Ki,2:iti 14/10. The balance brought forward from April Ist, 1022, after deducting dividends, was" £4267 5/2, while transfer fees amounted to £19 12/6, making a total of f 17,523 12/fi. The directors recommended that this sum be appropriated as follows:—Payment of dividend at the rate of seven per cent per annum, (half of which was paid to the shareholders in November 23rd, 1!)2:>.), leaving a balance of £0224 15/0, to be carried forward. DIFFICULTIES OVERCOME. Mr. M. A. Clark, chairman of directors, in moving the adoption of the report and balance sheet said he was pleased to be abfc to give a favourable account of the company"s operations. The year has not passed without considerable anxiety, due principally to the necessity of making redactions in passenger and cargo rates, adjustments in the working arrangements under which the company's employees were employed, and the seamen's strike. During the year past, new awards bad been made by the Arbitration Court for the cooks and stewards, waterside workers, and the seamen and firemen. These workers had receiving high wagQS during the war period. The new awards given by the Court reduced the wages in accordance with the cost of living, and made some modiiication in the working conditions. These awards were accepted by the workers generally, with the exception of the seamen, who declined to accept the terms of their award, and went out. on strike on November 1, 1022.

This strike, continued the chairman, resulted in the whole of the steamers being out of commission for practically a month. Communications with the ports served by the boats ceased. Settlers requiring stores, and dairy companies who were dependent on the vessels to freight their butter and cheese to the Ancklnnd cool stores, were placed in a very serious position, especially in view of the fact that the butter season was nppronching its height. With a view of relieving the position nnd giving relief to country districts, free labour was organised, nnd the company's oil powered vessels, and later the steamers, were commissioned, nnd communicntion aeain established. Tn a very short time the usual time-tables were run and maintained through December and January over the Christmas holidays, with the boats manned by free labour. The strike was declared ofT on January 23, having lasted some twelve weeks. RAILWAY COMPETITION-. The opening of the railway service between Auckland and Whangarci, which took place last December, said Mr. Clark, had had some effect on the number of passengers carried by the s.s. Manaia in the Whangarci table, but by continuing to supply comfortable travelling nt a reasonable rate the company expected to carry a very fair share of the passengers in the service. As the company now had n number of vessels consuming fuel , oil it had been found necessary to provide storage accommodation in bulk for this class of fuel. The iron sailing vessel Wanganui had been purchased for that purpose, and was now being divided into n< number of separate compartments by means of fore and aft and thwartship bulkheads, and suitable pipe connection and pumping machinery was being installed for the delivery of oil to the consuming vessels' bunkers.

During the year the company had been free from serious marine or fire disaster, and there had not been any serious accident to any of the employees. The claims on the insurance accounts, therefore, had been less than usual, resulting in a. small increase in the credit balances of these accounts.

The company's fleet and plant had been well maintained, and were in good repair, a large sum of money having been spent on upkeep and overhaul during the past year.

The volume of trade on the coast, as coTipared with last year, had increased by the amount of 801 tons of cargo, whilst the passenger traffic had decreased by 13.111 ordinary passengers, hut had increased by r>B2s excursionists. Tn reviewing these figures consideration had to be given to the seamen's strike, which placed the steamers out of commission for November, and had the effect of preventing many people from travelling during the Christmas holidays. The motion was seconded by Mr. W. Duncan.

Mr. B. Buttle proposed that the retiring directors, Messrs, K. H. Davis, Charles Rhodes, and J. H. Upton lie reelected. This was seconded hy Mr. A. B. Rolierton and carried unanimously. The retiring auditors, Messrs. *G. O'Halloran and W. Wallace Bruce, were re-elected. Votes of thanks to the directors, manager, and staff concluded the Irasl-