NEW ZEALAND SHIPPING COMPANY.

Press, Volume LX, Issue 11749, 25 November 1903, Page 4

NEW ZEALAND SHIPPING COMPANY.

v ANNUAL MEETING. Th» thirtieth . annual meeting of the colonial shareholders in the New Zealand Shipping Company, Limited, was held yesterday, at the Company» office, i» this city. Mr H- P. Murray-Aynsky, chairman of the New Zealand director*, Jpresided, and then were twelve other shares holders present. - The report of the London directors and tlie bal*noe-*heet were taken as read. Tho report was as follows: — "The director* submit account* to oOth June, 1903, and recommend a dividend of 6 per cent, for the year, free of income tax, of which 2J per cent, was-paid Ist April, carrying forward £10,670 Is 3d. Tlie director* record with much regret th* death of their colleague, Mr John Studliolme. Th* vacancy has been filled by the appointment of Mr Dawes to represent the Colony Board. The directors retiring by rotation are Sir Edwyn Dawes, Mr ,Garrick, and Mr Strickland, who are eligible for re-election." Tlie Chairman moved the adoption of the report and bahmce-slieet, and awld that it was with feelings of profound regret that he reported the death, during the past year, cf Mr Jolut Studholme, who had been a member for nearly thirty years, and one ol the promoter* and a director of the company. Latterly Mr Stuelholme resided in England, and was appointed representative of the Colony' Board on tlie London Board, in place of* tho late Mr John Bea.umont, which ponition he held at tho time of hi* death. Mr Studholme was o, must loyal supporter of the company from its inception. The vacancy caused by Mr Studholme* death had been filled by the acceptance of Mr F. de C. MaleU of a seat on the Colony Board. He had also to report the appointment of Mr William C. Dawes, Chairman of the New Zealand Loan and Mercantile Agency Conipohy, Limited, as the representative of the Colony shareholder* on the London Board. With reference to the accounts, the net profit for the year amounted to £44,339 17s 2d, after the depreciation of the steamer* had been fully provided for, which, no doubt, they would consider very satisfactory. At the la*t meeting he reported the sale of the Otarama, and the proceeds were included in the accounts now before them. This steamer was now employed in the River Plate trade. The colliers Poreora and Peton* had been sold to the Blackball Coal Company at a satisfactory figure, and the Waikato had been chartered for employment in another trade. Since the close of the account* tlie new twin screw steamers Kaikoura and Kaipara. had been delivered by the builders. They were 7661 ton* register, with large cargo carrying capacity, and accommodation for twentythree first-class passengers. On her trial trip the speed of the Kaikoura was 14.3 knot*, ond-she was quite capable- of maintaining an average of 12_ knot* at sea. The Kaikoura left Londoi*»on October 9th for Australia and New Zealand ports, and the Kaipara would leave, London on December 6th for. Wellington. Shareholders were ta be congratulated on possessing a modern fleet of thirteen large and powerful steamers, seven of which had twin screw*. The Ruapehu and Rimutak- hod made passages from New Zealand to Plymouth in 39 and 40 days, and were very popular passenger Meomers. Passengers could ndt ravel to Plymouth via, Australia in shorter time- He 'had travelled in two of their boats to and from London, and did not wish to be in more steady ones. In addition to the fleet trading between this colony and the United Kingdom, the Aorangi and Miowera were roraung in tlie Australia-Vancouver service* The producers) and shippers of wool were, no doubt, gratified to learn tha,t tlie rates of freight on wool to London for this season had been fixed at the same rate* which were ruling lost year, viz., gd per lb for greasy, and Id per lb for washed Wool, while the rates from Sydney to London were id for greasy nnd jd for warned wool by the principal lines of cargo steamers, and l-16d exbra by th* mail steamers.. ..With reference to "the freight on dairy" produce, shareholders •would remember that recently a report appeared in the newspapers to tlie effect that tlie White Star line had offered to carry butter from Australia to London and Liverpool at £d per lb. The result of that announcement was the receipt by this company and the Shaw, Savill and Albion Company of a communication, from tlie Minister for Industries and Commerce of this colony, asking if the companies were prepared to place New Zealand, shipper* on the same footing as regards freight. On enquiry it was found that the offer of tlie White Star line wot for a monthly set-rice, with steamer* making the voyage hence in about fifty. days. Shippers of butter from Australia preferred the faster and more frequent service provided by tli* P. and 0. and Orient Pacific Companies, and did not avail themselves of the Offer of the" White Star line, which was subsequently withdrawn. 'He had before him a copy of the contract now existing between the dairy produce shipper* ia Australia aad the P. end 0. and Orient Pacific Companies, and it would ho doubt b* of interest if he compared the terms nnd conditions with tlie contracts entered into by this company and the Shaw, Savill Mid Albion Company with the National Dairy Association of New Zealand. The Australian contract) wot for a weekly service, with steamers' making the voyage Home, according to their time-table date*, in 41 day*. The- rate of freight wa* fd per lb on butter, and jd .per lb on cheese, net weight, without any rebate or allowance of any kind. The New Zealand contracts were for a fortnightly service, and ths steamers' of the company carried dairy produce to London in an average of 42 day*. The freight was jd per lb for butter, net weight, and 9-16- per lb for cheese, grot* weight, less fc£ per cent., the shipping companies paying coastal freight, 10s per ton, and transhipping charges, equal to about Ss 6d per tab additional. These figures showed that tlie New Zealand producers of butter, got better terms than their Australian competitor*. Tlie National Dairy Asaoeuotioa and other dairy produce shipper* were satisfied on that point. Coududing, he directed attention to the fact that tlie fortnightly service from thi* colony commenced with the sailing of tho Paparoa en September 6th, and to enable them to-maintain a regular despatch, it had been necessary to take a oxuridereble quantity «of oats by each etaemer during the post, three months, at a freight of 15s per ton, which was a noapaylni rate. . Mr Joseph Gould, seconding the motion, said he thought that those shareholders who had looked carefully in the balancesheet would be eminently satisfied with it. Referring to the company's fleet, he said that the average ap? of the tonnage running in" the company* line wis now four years, and he did ttot think that there wa* any company trading out of England that had so modern a fleet. Tlie experience gained by the company uv the lost thirty years bod been used to make the boats as suitable m they possibly could be for the trade. If they had'to rebuild the fleet tc-Btorrow they could nob make any material improvements cr alterations in their vestel*. The tmttpaay had endeavoured to provide. *_lj» which, white plain and serviceable *_ cargo carriers, wet* exceedingly comfortable for passengers. It was a great tatirfsxsticft to tlie directors to know thtt thow colotirfta who bad traveled in the company's boats were always loud b their praise* of them. . The position of the company was never stronger thin It wu to-day, and if shareholders looted at the balance-sheet they would see that on the SOth of June they had £5114,600 of immediately available assets in London. They had completed the-* fleet of free new ptisenger boots, but the directors, finding that they wen still short of the tonnage -*ee-Miiy to carry til the cargo (offering, hod added! two yery fine cargo Boati to th* Beet, -hem vera capable of nod-turn-ing _ speed of IS, knots per hour at ***, which w» the Kvenge speed at which most of their passenger boat* raa. It was, ha thought, exceedingly advantage©-* tc th« produoars of this country that their cargo could be.l*—d*d in LO-do- la such

a short/space of time. Few people hkb>/] li«ed that the company's boat* landed cargo in London from New Zealand as quickly as the P. and 0. and the Orient boats landed Australian cargo. In view of the great talk abtmt th* Australian mail line*, and the great speed of the vessels employed, It was very satisfactory to know that their colittUal lin* could put producers on a* good a footing as their Australian competitors. The motion was agreed to. Mr George Gould moved, Mr E. G. Stavelev seconded, and it was agreed— That the retiring director*, Messrs John Andewon, J. B. Bkir, and Q. O. Stead, be re-elected. On the motion of Mr Staveley, seconded by (Mr A. W. Bennett, tit* auditor*, Me*srs A. Carrick and A. A. M. McKellar, were re-appointed. Mr Star-ley moved a very hearty vote of thanks to the director* for their eip*«dingly successful conduct of the company's business during the past- twelve months. The remarks made by tlie CSiairman nnd by Mr Gould would "make very pleasant reading for the shareholders, and testify better than he could in words, the satisfactory . manner in which the company's affairs had been managed. Concluding, he said that he never attended a meeting of the company or visited any of the company's fleet without paying a mental tribute) to the foresight of Mr J. L. Center, who had inaugurated ihe policy of converting the company's sailing fleet into steamers. The motion was agreed to. The Chairman said the directors werft very pleased to receive the shareholders' thanks, an they were evidence that tho shareholders were satisfied with what the directors had done duriug tlie past twelve months. He hoped the »ame board of directors would be able to satisfy tliem next year, llegording the late Mr Coster, who " was cliairman in 1882, when the steam service was started, he himself wa* in London at the time, but it mint have been a great undertaking at that time for anyone to propose a steam service between the colony and England. The company had got a subsidy from the Government for carrying mails, and, whilst they were in receipt of that subsidy the company carried but tlie intentions of the Government when making it, and one of the company's vessel* had token, the mail* in 37 days, and generally took between 37 and 39 days. A great deal of credit was due to Mr Co*t«r and the company for having established a steam service considering the position that the company was then in, and Mr Staveley's reference to Mr Coster was well deserved. Mr Arthur E. O. Rhodes moved a vote of thank* to the company's staff ashore and afloat, and said he -wa* perfectly certain that no company in New Zealand liad a better staff. The Hon. C. C. Bowen seconded the motion, which was agreed to. Mr Gihbs returned thanks on behalf of the staff, and *akl that every member of the staff, from Auckland to th* Bluff, did their utmost for the interests of tlie company. He thought the result of the operations of the oompau"/ in the colony was proof of this. This concluded the business. At a meeting of directors held immediately afterword*, Mr H. I. MurrayAyiusley wa* re-elected chairman of directors for the colony.