NEW ZEALAND SHIPPING COMPANY.

Press, Volume XLVII, Issue 7731, 10 December 1890, Page 6

NEW ZEALAND SHIPPING COMPANY.

ANNUAL MEETING. The annual meeting of the shareholders ' of the above Company was held-at noon yesterday. The chair was.occupied by Mr Leonard Harper, Chairman of the Board of Directors, and the other Directors 6 resent were Messrs John Anderson, By P. [urray-Avnsley, C. C. Bowen, A. C. Wilson, J. Gould, Percy J. Fryer, and J. Studholme. Mr T. W. Maude represented Messrs Harper and Co., the legal advisers of the Company. The husinebs of the meeting was the reception of the report and balance-sheet of the London Directors, the election of Directors and Auditors. There was not a large attendance ol shareholders. The report and balance-sheet of the London Board, which have already been published, were taken as read. The Chairman —Gentlemen, you have all had scut to you the report and balancesheet issued by the London Board of Directors, which you have in you»* hands, so that I do not think it wiil be at all necessary to take up your time by having it read. With regard to the position of the Company, as compared with that of last year, you will see that it is very much improved, and I think we have cause to congratulate ourselves that we have begun to pay dividends, with every hope of a continuance, it has been the policy of the London Board —a policy with which I feel sure shareholders will all agree—to write down as faras possible the ships and other property of the Company, and also to provide for depreciation. As you will have seen from the reportaod balance-sheet, the London Board have declared a dividend Of 6 per cent. This might have been larger had it not been for the prudent policy to , which I bave referred. But I think that shareholders will agree with mc tbat by adopting the course they have done in writing down the ships and other property the London Board have acted wisely. Since the balance-sheet and report has been 1-jsued by the London Board we have had as yeu know in the colony to pass through the strike troubles. Of course the Company will suffer a loss through this, not only from the increase of the price of coal which we have required, but also on account of the disarrangement of our freights, &c. This loss will appear in tbe next balancesheet. I may say that the disturbance of trade will not be so much felt by the Company as it would have been had not the Board carried out the policy of writing down to which 1 have referred. I do not think it is necessary for mc to say very much more on the subject of the report and b*ila"ce-3heet now beiore yoa. Some of the shareholders may "complain that they have not been treated so liberally in the matter of dividend as they expected, considering the amount of business done by the"* Company; but if they I look at the report and' balance-sheet they wiil see that this is in the mum owing to the Directors carrying out the policy to which I have referred. We have vow commenced to pay dividends, and there is every indication bf a continuauce. (ADplause). I will now formally move the adoption of the report and balance--heec. If any shareholder present desires any further information, or wishes to ask jtny questions, I shall be happy to do my best to answer him. Mr Gkeex—-I should like to ask the Chairman whether the Directors have received any further information with regard to tbe meeting held iv Loudon than appeared in the local papers here ? Last year I brought before the meeting the desirableness of the shareholders here having a report of tbe proceedings of the London Board meeting, and now I see ail that appears about the last annual meeting in London is some twenty lines in our local papers. Have the Directors any further information ? The Chaikman—l may inform Mr Green that the Directors here have not received any further report of the meeting to which he ha. referred than has has appeared io Londonpapers.Fairp"*a-_/» &c . This, as you will have seen, has been reproduced In the local papers. Sir John .Tust, the Chairman of the Board in London, only made a very brief speech at the meeting. The far as we can gather from the reports' in the London papers, appear to have passed air most satisfactorily. There was oue gentleman who attempted to get an amendment carried, but it was not seconded, aud I understand that the gentleman in question held only oneshare. Mr Green—l am perfectly satisfied with the explanation of-the Chairman. Mr Mckray-Aynsi-E'? seconded the motion, which was carried unanimously. The Chairman said the next business would be the election of three Directors in the room of Messrs J. Studholme, A. C. Wilson, and John Anderson'who retired by rotation. .->'-...■■■ The three gentlemen named were reelected. ■ ■ • ' _ _ '■■■■'•■

Messrs A. Carrick and D. Craig were I re-elected as Auditors ! The Chalrman—That is all the general business I have ro bring before the tueet- | Ing, and I congratulate the shareholders upon our being enabled to get through the work so expeditiously. Mr Gbken—l do not think the meeting should separate without a vote of thanks to the Directors for their services during the past year. I beg to move—"That 1 a hearty vote of thanks be accorded) to the Directors for their services in the interest of the Company during the past .year." Mr MoL_KrT seconded the motion. • The C a airman—lt affords mc peculiar pleasure, gentlemen, to put the motion, particularly'considering the source from wbich it emanates. The motion was then put and carried unanimously. „, Mr C. C. Bowbn—l beg to move—'•That the best thanks of the shareholders are due, and hereby tendered, to the staff of the Company afloat and ashore." When we consider the wonderful regularity with wbich the mail service has been carried i ou, not a penalty having been incurred during the year; that we have sulfered no ! loss with regard to our vessels, aud that, generally, our work afloat has been done with the utmost zeal aud care, and I think shareholders will see that the staff are entitled to our best thanks. The managel ment ashore has been no less successful, all the officers showing the utmost zeal in carrying out the work and in securing busiuess for the Company. 1, therefore, have great pleasure in moving the motion. The Chairman—Perhaps Mr Bowen will excuse tne, but he has forgotten one important point, and that is the thanks we owe to our staff for their special; exertions during the period of the late strike. (Hear, hear.) No one but those imrriediatelv concerned in carrying on the work" of the Company can know the work which was performed by our officers during the period I have referred to. If it had not been for the practical zeal of the officers of the Company here, in Wellington and elsewhere, in talcing off their coats and going to work, we should never have been able to dispatch our uteamers wi h that regularity to which Mr Bowen has referred. I would therefore suggest the addition cf the words, after the end of the motion—" Especially for the zeal and energy in the interests of the Company displayed by them during the period of the strike." (Hear, hear.) Mr Bowen—l will adopt the suggestion of the Chairman with pleasure. Tbe motion as amended was seconded, and carried unanimously. * A vote of thanks to the Chairman, proposed by Mr Green, brought the meeting to a close. :At a meeting of the Board of Directors subsequently held, Mr L. Harper was reelected Chairman of the Board. :: Commenting on the report and balancesheet of the Company, Fdirplay of! October 17th says:—"it is probable that the shareholders of this Company, on the receipt of the report and balance-sheet for the year ended 30th June last, will I have come to the conclusion that they are i beginning to see their way out of their troubles. At & time not so very long ago their fate appeared to tremble ia the balance. Mr Dawes, an exceptionally j powerful man, had been induced to take an interest in the concern by acquiring ' the claims of the late Sir Wm. Pearce as a creditor. As Mr Dawes in this transaction was running no risk, and as he could undoubtedly have made money by winding up the Company; considering, moreover, that there was a general impression that the special providence which had brought him into the concern would not have been shocked-at anything in the nature of a winding op, it would not have been surprising if that event had taken place. Mr Dawes, however, sailed at once on the other tack, and the fact that he did so renders it tolerably certain that the future of the Company was safe, inasmuch as the debts had been brought lato & manageable compass, and business was sure to be conducted upon rational and reasonable principles. As a matter of fact, the progress made by the Company in the last twelve months must be considered highly satisfactory, even il only fudged by the accounts rendered; but looking to the traditions of other com- <

_*wes is concerned, _nd bearing in iinlafl <sZhns his policy has invariably been to understate-rather than t6 overstate profits, the chances are that whenaO per cent, dividend Is declared upon a Company such as the New Zealand Company, another 4 or 5 per cent, remains ..behind.*