DEEP SEA FISHING COMPANY.

Press, Volume XXI, Issue 2494, 2 August 1873, Page 3

DEEP SEA FISHING COMPANY.

A general meeting of the Deep-Sea Fishing Company was held yesterday. Present —Messrs Jameson Cm the chair). Pratt, Packer, Alport, Walton, Coates, Schmidt, Wilson, and Jeukius. The minutes jpf the last extraordinary gcueral meeting were road and confirmed. The Secretary thou read the directors' report and balance-sheet. The report is as follows :— "To the Shareholders, Canterbury Deep-Sea Fishing Company (Limited). "In accordi.r'cn with the Articles of Association, your directors have called you together to lay before you a balance-sheet, showing the financial position of the company, with a report upon the operations to the present time, and the prospects of its future success. " The objects the company had in view at its commencement were to obtain a profitable investment for the capital of the shareholders, and to bring into Christchurch a constant supply of fish of the best kinds. To obtain these desirable ends, certain conditions had to be fulfilled, viz. :— " Ist. A sufficient amount of capital. " 2nd. Proper fishing vessels fitted for the purpose with captains and crews who understood the business. " 3rd. The discovery of good fishing grounds. 4th. The best means of keeping the fish alive in reservoirs to be ready for the market. '•oth. The proper apparatus for smoking and curing fish for home consumption and export. " It was not expected that all these requirements could be accomplished without some , trouble, delay, and disappointment at the 4 commencement, and the directors beg to / state that they have had a fair share of the anticipated difficulties, but, by carefully feeling their way and with a firm determination to succeed, they believe that with the cordial co-operation of the shareholders, the future prosperity of the company will be assured. " The original capital was far too small, and, with the consent of a special meeting called for that purpose, the capital was increased to £2000, every share being taken up. " The cutter Nautilus has shown that she is capable of giving a large profit upon her expenditure, and with a vessel of a larger size, which the directors propose to purchase, they expect, now the smoke house and its appliances are complete, within the next month or two, to commence showing profitable returns. " The purchase of the schooner Result was an error of judgment, as she has proved herself too small and not capable of covering her current expenses; it is therefore intended to sell her as soon as a favorable opportunity offers. " The directors have experienced some difficulty with the crews, and finding that the half-profit system did not succeed, they arc now paid wages, and liable to be discharged at any time. " The company have discovered excellent fishing grounds for trumpeter and large fish, as well as crayfish, and they are in hopes of eventually discovering good grounds for trawling for brill, sole, Sec, but this can only be done prospecting, which, while it lasts, is not generally profitable. " One of the great difficulties the company has at present to contend with is that of keeping the fish alive a sufficient time so as to enable them to bring it into the market at stated periods in a perfectly fresh state, but the directors hope ere long to overcome this. "In the sale of fish, your directors have had to contend with a combination of the dealers to lower the price, so that it would, not have been possible for the company to continue the supply had this continued. They believe that they have now shown the dealers the folly of such a course, and they believe that a "good and profitable market is to be had here for all the fresh and smoked fish they can produce. Advantage will be taken as progress is made of the bonus offered by the Government of 4s per cwt for all fish exported. " The directors in accordance with th usual custom, retire, and it will be the duty of the shareholders to elect others to fill their place. •' In conclusion, the present directors would suggest to the shareholders, the desirability of giving their cordial co-operation to the future Board, by adopting a policy of placing the company upon a strong and solid basis by a gradual extension of its operations and the expenditure of its assets in perfecting all its arrangements before a dividend is declared ; and should the present capital be found inadequate to complete its arrangements, to sanction the further increase of whatever fresh capital is required. By these means it is confidently anticipated that the interests of the shareholders will be greatly promoted, and the company will at no distant period become one of great importance." It was moved by Mr WiLSON,and seconded by Mr Jenkins, and carried, " That the report as now read, be adopted, and that the meeting approves of the action of the directors in seUing the new shares at par." It was proposed by MrW. Pratt, seconded by Mr Alport, and carried, ■'That the following gentlemen be proposed to take office as Directors : —Messrs Walton, Coates, W. Wilson, Jameson, and Warner." The meeting then adjourned.