NEW ZEALAND SHIPPING COMPANY.

Press, Volume L, Issue 8651, 28 November 1893, Page 6

NEW ZEALAND SHIPPING COMPANY.

ANNUAL MEETING. ' The annual general meeting of the New Zealand Shipping Company, Limited, was held at the Company's offices, Hereford street, at noon, yesterday. There was a fair attendance of shareholders, and Mr H. P. Murray-Aynsley, Chairman of the New Zealand Board of Directors, presided. The annual report and the balance sheet of the London Board were taken as read. The report was as follows: —"The ac- ; counts for the year ending 30th June, 1893, have been audited, and are now submitted. After providing for depreciation, insurance, I Loudon and colony charges, the profit and ' loss account shows a balance to credit of £14,802 10s lid, out of which the Directorpropose to pay a dividend at the rate jof 5 per cent, per annum, free of in- ; come tar, and carry forward -.2904 0s lid. During the current year a call of £2 per ! share has been made and responded to by shareholders on the London and colony registers. The debenture issue on the 30th June amounted to t £228,550, since which date debentures' to the amount of £27,250 have been paid off. The Company's indebtedness to builders has also been considerably reduced. The sailing ships Rakaia and Orari have been disposed of. ■ The. new steamer Waikato, of 4767 tons gross register, has been added to the Company's fleet, and has satisfactorily completed one voyage. With deep regret the Directors have to record the death in February last of their valued colleague Sir Charles Clifford. The Directors retiring by rotation are Mr Dawes, Colonel Dawes and Mr Westray, j and are eligible for re-election. The Auditors, Mr T. A. Welton and Mr Edward Jones, of the firm of Welton, Jones and [ Co., chartered accountants, also retire, and offer themselves for re-appointment." The following was the balance-sheet: — To capital (59,381 shares at £8 each), £475,048; less unpaid, £20,632; debentures due 1893, £31,150 (£27,250 since paid off); do 1894, £57,900; do 1895, £58,575 15s 4d; do 1896, £80,424 4s 8d; do 1897, £300; do 1898, £200; sundry liabilities. £26,106 4s 4d; bills payable, £137,345 6s 6d; balances of in completed voyages, £20,053 16s 7d. Profit and Loss Account—Amount of proposed dividend, at 3 per cent., £11,898 10s ; balance carried forward, £2904 03 lid; Total, £881,273 - 18s 4d. By nine steamships', 40,183 tons gross register, £619,356 103 9d ; ten sailing ships, 10,449 tons register, and two coalhulks, £54,790 19s- lOd; refrigerating machinery in twelve steamers and three sailing ships, £89,783 133. Property Account—Offices and stores at Auckland, Christchurch, Lyttelton and Invercargill, stores and wool presses at Napier, Lyttelton and Wairara, office furniture London and colony, £27,00303 8d; coals and consumable stores ashore aud afloat, £8699 4s lOd ; freights due to the-Company (covered by insurance), £49,791 2i 3d; cash in London on deposit at bankers, £10,000; cash at bankers, general account Loudon and colony, £21,6.54 7s. Total, £881,273 18s 4d. Profit and loss account —To amount written off for depreciation to 30th June, 1892, £33,326 ls 7d; interest paid and accrued on loans and debentures, £15,302 Is 2d; short realised on ship 3 sold, £2590 10s ; amount of proposed dividend at 3 per cent., £11,898 10s; balance carried forward, £2904 0s lid; total, £66,021 3s Bd. By balance brought forward to 30th June, 1892, £33,326 ls 7cl; net profit after deducting depreciation to 30th June, 1893, insurance, London and colony charges. Directors' fees, Sec, £32,695 2s Id; total, £66,021 33 Bd. The Chairman- said that no dividends had been paid the previous year, and the balance of the profit and loss account had been held back to meet the depreciation of the Company's property. It must be satisfactory to the shareholders to find that they had' a dividend this year— (hear, hear)—and that they were making a fresh start.. A large amount had been written off for depreciation, and more could not be written off under this head without going below the market value. The call of £2 made just before the last meeting had been well met in the colony. As' it had been found that wool could be carried in eteamers, the number of sailing ships uad been reduced and the steamer tonnage increased. The affairs of the Company were going on very satisfactorily. He begged to move the adoption of the report and balance-sheet of the London Board. he Hon. C. C. Bowez. seconded the motion. He wished to add to what the Chairman had said, that the chief object of the London Board was to put the Company on a firm basis. The dividend was not large, but the position of the Cofnpany had been made a great deal stronger, owing to the very severe writing down to which the property of the Company had been subjected. The motion was put and carried unanimously. On the motion of Mr-E. S. Harlet, seconded by Mr J. B. Harrison— Messrs John Anderson and John Studholme, and the Hon. C. C. Bowen were re-elected Directors. Messrs A. C<*rrick and D. Craig were reelected auditors. Mr Harley moved a hearty vote of thanks to the Directors for their past services. Mr D. Craig seconded the motion, which was carried unanimously. The Chairmas returned thanks for the compliment paid to the Directors. They would continue to do their best in the interests of the Company. There was great competition going on, and the Directors bad much to do to maintain- the position of the Company. They must -thank those in the employ of the Company who had been instrumental in bringiug about the successful balance-sheet. He begged to move a hearty vote of thanks to those in the employ of the Company, both ashore and afloat. "They all knew Mr Gibbs was a hard working man—(Hear, hear) — and all those employed in New Zealand had done their best in attending to the affairs of the Company. The Hon. C. C. BowEK seconded the motion, and said that during the past year he had had an opportunity of knowing that the staffs, both ashore and afloat, were doing their best. The motion was carried unanimously. Mr Gibbs returned thanks on behalf of the staffs. He was quite sure the staffs had done their best in the interests of the Company. They had keen competition in the tirade, but he was glad to see they were able to hold their own, and the efforts of the staffs in the future as in the past would be iv the best interests of the Company. The meeting then terminated with a vote of thanks to the Chairman.