EAST COAST SHIPPING COMPANY.

Bay of Plenty Times, Volume XLIX, Issue 7494, 13 September 1920, Page 3

EAST COAST SHIPPING COMPANY.

Annual Meeting of Shareholders

A statutory general meeting of shareholders of the East Coast u,/PP lng Company, Ltd- was held in the Coronation Hall on lhursday last. Mr C. E. Mac millarr, Chairman of Directors presided over a large attendance of shareholders from the Tau ranga, Te Puna, and Te Puke districts.

Reports. ,The statutory report, as previously printed and circulated, was adopted The Chairman read the directors' report as follows : "Gentlemen,—The report which accompanied the notice of the meeting supplied you with the information required by statute In addition it is perhaps useful to give some more detail. "As a slight hitch, owing to the dropping of Article No. 9 in registration, occurred, it became, necessary to find the money to purchase the'''lsabella deFraine" before shares could be allotted or even cash received on application for shares. This lam pleased to say was readily advanced by Messrs A. S. Paterson and Co. on Bank rate terms of interest t\> repay tnis firm and also to find the money necessary to carry on the business of the Company, several of the shareholders pledged themselves by joint and several guarantee to the Bank of Australasia for the sum of £3000. Naturally, these gentlemen wish and are entitled to be relieved of this liability. Consequently, a call of 2s 6dper share has been madc,in addition to the application and ' allotment call, and it should be the duty of the directors unless many more shares are applied for, to call up to 15s per share. This! with the amounts paid in advance by shareholders, will extinguish | the Bank overdraft, and leave a small working margin. "The Isabella de Frame left Auckland for her first trip to Tauranga on May 31, and on her return trip to Auckland had to go on the slip for nautical survey, and the fitting in of a new rudder post, and sundry other altera-

tions, to make her more suitable as a general cargo boat, took up a great deal of time so that only one trip was run in June.

Since July 3 to September 8 eight trips have been made. This, whilst not as good as the Directors would like, must be considered satisfactory, as during that period much bad weather was experienced, and the Directors are busy trying to eliminate several avoidable delays, chiefly the one caused b> inadequate shed accommodation on the Tauranga wharf, which in itself has been responsible for the lose of one trip since the Company started operations.

"Efforts are also being made to have a portion of a shed reserved for the Companjr's use by the Auckland Harbour Board, so that no delay will occur in loading there.

" The full cargo of cement carried from Whangarei in July demonstrated that the Company's vessel is a good water-tight boat, as this trip was run in very bad weather. There is no cargomore sensitive to damp than cement is, and no damage whatever was incurred.

"A profit and loss ' account, prepared by the Secretary over a period of two months, shews a slight balance of profit. "During August, for some inexplicable reason, freights were not forthcoming so well as in June and July. The two trips made in September shew an improvement.

"It cannot be too earnestly and emphatically impressed upon shareholders that the success of the Company is in their own hands. One or a few men can perhaps find the money or the security to purchase a boat, but it takes all to their patronage to make it a financial success. Shareholders are all urged to see that no freight they can influence is put past their own vessel.'' Mr B. C. Robbins moved—That the reports be adopted.—Seconded by Captain Williamson. Several of the shareholders voiced their satisfaction at the progress shown by the Company, and congratulated the provisional directors on.the business acumen that had been shown. Other speakers considered that the prospects of the company were bright and expressed the hope that the public would support the vessel liberally as regards placing as milch freight as possible with her.

Messrs Macmillan and Green made appreciative reference to the services rendered by Captain Williamson, master of the Isabella de Frame. The motion was put and carried unanimously.

Election of Directors It was resolved that the number of directors be fixed at nine. Thirteen shareholders were nominated for the directorate with the result that the following were elected : Messrs C. E. Macmillan, R. King, J.G. Green. T. I Lochhead, H. H. Sharplin, H. J. G.Allen, C. F. Oliver, T. E. Palmer, and B. C. Robbins. Thanks Mr Robbins moved — That a hearty vote of thanks be accorded the provisional directors. — Seconded by vMr Densem and carried by acclamation. Annual Meeting It was decided that the annual ! general'meeting of shareholders.] be held in December next.