CLEVEDON STEAMSHIP CO.

Auckland Star, Volume LVII, Issue 157, 5 July 1926, Page 9

CLEVEDON STEAMSHIP CO.

ANjVUAL MEETING HELD. DIVIDEND OF 7. PER CENT DECLARED. The annual meeting of the Clevedon Steam Navigation Company. Ltd., was held this afternoon. The Hon. E. W. Alison presided. In moving the adoption of the report and balance sheet, the chairman said he wished to congratulate shareholders on the operations for the year, as the directors were able to recommend the payment of a dividend oi "_. per cent. After providing for a moderate allowance for depreciation on the steamship Hirere, there was a net profit of £140 16/1. To this sum an amount of £15. _ _ brought forward from last yearsaccount was added, making a total oi £301 19/3. The payment of the divilend would absorb £1.7 10. , leaving £114 19/3 to be carried forward to next year's account.

"It will be noticed that last year's returns show a considerable reduction as against the previous year." said Mr. Alison. "The chief reason for this is motor lorry competition. The quantity of butter carried last \ear was much less than the average; and also imported manures, which did not come to hand before the end of our financial year. There has been a sliglit falling off in the returns from the -liranda trade, o-wLng to motor boaat competition. Fortunately, as a set-oil against the decreased returns from the carriage of cargo, the passenger fares show a fair increas.. chietiy due to the week-end trade to Beaeiilands an_ ilaraetai." The Hirere was in gotnl condition, he said, considering the long time she has been running, and she is well maintained. The endeavour of the directors was to carry out the several services on which the steamer runs in the best interests of the settlers, and the company's employees-did their best to give efficient service. "It is with deep regret."' the chairman said. "I have to record that during the year two directors passed away. viz., "Mr. H. Walsh and Mr. R. W. Hale. Mr. Walsh was one of the mo.t energetic promoters of the company, and remained a valued director of the company from its inception. Mr. Hale had capably rilled the office of director for over 25 years. Each gentleman gave unremitting service to the company, and were held in high respect and esteem by all who knew them, and each was a type of settler whom we can ill art'ord to lose.'' On the motion of the chairman the retiring directors. Messrs. J. B. Burgovne ard W. J. Hyde. were unanimously re-elected.