SUCCESSFUL YEAR.

Auckland Star, Volume LV, Issue 113, 14 May 1924, Page 3

SUCCESSFUL YEAR.

NORTHERN S.S. COMPANY. ANNUAL MEETING. The annual meeting of shareholders in the Northern Steamship Company was held to-day. Mr. N. A. Natunn presidinc The balance sheet for the year ended March 31, 1024, shows that the profit, after making provision lor depreciation, insurance, etc.. amounted to £12,978. as compared with £13,237 in tha previous year. Transfer fees amounted to £11, and'there was brought forward from the previous year £6225. making a total ot £19.214. Out of this an interim dividend at the rat<- of 7 per cent per annum was paid on Xo.-ember 17 last and absorbed £5040, and it is now proposed to pay a dividend at the rate of 8 per cent per annum, absorbing £0456, leaving £7108 to be carried forward. The dividend for the year is at the rate of 7* per cent compared with 7 per cent last year. The items of the balance sheet, with those for last" year in parentheses, are as follow: — Liabilities.—Capital paid up, £161,412 (£161,412) ; insurance account, £40,417 (£44.11'J) ; insurance account No. 2, £16,290 (£14,312); boiler and repairs account, £5999 (£12,000) ; unclaimed dividends, £60 (£42) ; sundry liabilities. £63,810 (£43,0101 ; bills payable, £Nl2 (£S»2) ; balance, £13,565 (£11,874) ; total, £314,305 U257.670). Assets.—Vessels, wharves, etc.. less depreciation, £206,:!-">6 (£l!)4.S(>3) ; Quay Street premises, £12.402 (£12,757) ; investments, £47,3X8 (£31.085) ; coal and stores on hand, £11.631 (£12,312') : accounts owing to company, £35,740 (£.15,300) ; iinexpired insurance premiums, £SOS (£72U) : total, £314,.JU5 (£287,070.1: In moving the adoption of the report and balance sheet, the chairman said he had pleasure in placing before shareholders a in which the company's vessels are engaged have been well maintained, both as regards the amount oC cargo and passengers carried, the tonnage of cargo and number of passengers having exceeded the figures of the previous year. This is particularly gratifying, especially in view of the competition of the North Auckland railway, which has had to be met. The development of trade in the Bay of Plenty has been considerable, due principally to the extenway, and improvement in the train services. The bridge across the Tnurnnsra harbour has been completed, and it is expected during the present year to run the train services from Tauranga, thereby doing away with the steamer call at The Mount. To meet this increase in trade, it was found advisable to provide larger quiries were made in Great Britain as regards the cost of building a steamer of the Manaia-Rarawa type, our inquiries showing that about £140.000 would be required for a similar vessel, which was prohibitive. However, the company was fortunate in securing nn option over the steamer Matangi of 134!) tons register, belonging to an Australian steamship company. ■ The vessel proved on inspection to be in first-class order, being registered Class Al at Lloyd's. During the summer this vessel has been engaged in the Tauranga service, and has proved herself very popular with the travelling public. She is very siiitahle for the company's trades, and a profitable addition to the company's fleet. "During the year we have been free of serious industrial trouble, and a good feeling exists with the employees," continued the chairman. "Satisfactory agreements have been made by 'round table' conferences with the masters, officers and engineers. The company's fleet and plant have been well eared for and ranintained: both are in good repair, £27,187 having been spent on upkeep and overhaul. The veax has passed free from serious marine or Bre disaster, and I am pleased to say we have had no serious accident to any of our employees. The officers and engineers, both ashore and afloat, deserve a word of commendation, for it Is greatly due to their efforts that the work of the company has been carried out without serious mishap. The claims on onr insurance account have, therefore, not been heavy, resulting in an increase in the credit balance of this account. Increase in Trade. "The volume of trade handled by the company, as compared with last year, has increased to the amount of over 20,000 tons of cargo, whilst the passenger traffic has been increased by some 5262 ordinary passengers and 4525 excursionists. The increase in the passenger traffic is no doubt greatly due to the exceptionally fine summer season .lust passed, together with extended services and'the better facilities it has been possible to give tne travelling public," said Mr. Nathan. "The outlook for the coming year is promising, and while we believe our present tonnage could cope with a much larger business, we shall take steps, as may be necessary from time to time, to keep abreast of the growing requirements of the various districts we serve, with a belief that such a policy will not only help to develop the country generally, but prove of material benefit to the company! "The directors regret having to report , the death of Mr. N. J. Campbell, who was agent for the company at AVaipu for fourteen years. After making full provision for insurance, depreciation, income tax. and boiler and repairs accounts, the balance sheet shows a net profit of £13,564. The directors recommend the payment of a dividend for the half-year ending the 31st March, 1024, at the pate of 8 per cent per annum, amounting to £6456. and carryfag forw-ard a balance of £7105." The adoption of the report was seconded by Mr. A. Coutts, and the morion was carried. The retiring directors, Messrs. M. A. Clark, N. A. Nathan and G. T. Niccol were unanimously re-elected. The auditors, Messrs. G. O'Halloran and W. Wallace Bruce, were re-elected. A comprehensive vote of thanks to the manager, directors and staff was carried.