N.Z. SHIPPING COMPANY.

Press, Volume LXIII, Issue 12966, 20 November 1907, Page 3

N.Z. SHIPPING COMPANY.

ANNUAL MEETING OF NEW ZEALAND SHAREHOLDERS. The annual meeting of the Dominion shareholders of tho New Zealand Shipping Company wok held at the offices of tho Company at noon yesterday. Mr H. P. .Murray-Aynslc-y, chairman ot directors, presided, and there were also present Sir George Clifford and Messrs Geo. G. Stead, A. E. G. Rhodes, F. de C. Malet, J. Anderson, E. G. Staveley, Geo. Gould, W. H. Clark, and Captain MeDouga'l. LONDON DIREOIOIJS' REPORT. The annual report of the London directors, which was submitted to the meeting, recommended a dividend of 5 per cent, for the year, carrying forward £10.7(30 lor lOd. The balance-sheet showed that tlie assets of the company amounted to £1.310,204 8s Id, "which included £074,-197 -Is lOd value ot the fleet, £11.309 lis lid property accouat, £83.04 ] G.s 2d inv.vtinciit*. £031:2 5s 3d unexpired inwirau;o premiums, ami HU lid sundry aiiiwuib i.i.t.to tho Company. 'J he- total on the debit side was £1.320,4 ia li's 3d, whiJi atnount comprised £173.d10 paiu-up enpitai, £"307.500 4 per cent, debenture <tecii, £100.000 ro>crves, £t(M.78.3 lis lid fUMKiry lialuhtitr. £!<>■>. HI lis 7d lulls payah.e. ii'l.U.C os I'd halaliOf o< incuiupitii-.i voyiige.-.. £il.■•'.',*, was paid in oividenu.-. ii:e I>,iiiiiko carried forward beii.j; £10,/00 i.js 10d The profit and lYes Account showed a not pn,nt ot £l-'.l t3 l» 7d ; u..s apart to provide a o per cent, dividfiiu, and £10,700 lis lOd wos earned fcrwaid. CHAIRMAN'S ADDRESS. The Chairman, in moving tho Adoption of tho report and b.ilanee-tdiect, said: "In moving the adoption ol the report and balance-sheet, prepared by the London Board and passed by tne shareholders at the mooting heid in London on October Bth, 1 may point out that the balance at credit of profit and loss account is sdghtly less than tho amount in last year's accounts, while the balance carried forward is less by nearly £3000. Tho usual dividend of 5 per cent, has been paid, but no addition had been mode to the reserve fund, which still stands at £100,000. You will observe the debenture stock tias been reduced by the purchase and cancellation of £3500 of debentures; tho total issue now stands at £387,500. Bills payable show an increase of £19,uv/.> on account of new steamers. Tho Opawa, of 7iioo tons register, was handed over by the builders in November last, and recently wo received cable advice from London that another steamer of the same type has been contracted for, to be delivered next Octobor. Tho directors in London and on this 6ide aro fully alive to the steady increase in the exports from tho Dominion, end to the necessity of providing ample tonnage for the carriage of the company's share of the trade. Tho fleet now consists of 16 steamers of iu-i,033 tons register, tho book value being about £9 8s 6d per ton. The distance steamed during tho year is 716,183 miles, and tho quantity of coal consumed 175,418 tons. Reference was made at our last meeting to the competition of the Foderal-Houlder-Shire combination, and the consequent reduction in rates of freight below a non-paying point. I am glad to state that an arrangement has been made by the. direct linera under which the development of the trade with the West Coast ports of the United Kingdom has been left in tho hands of the Federal - Houlder - Shire combination, and' we believe the arrangement will ,;: prove satisfactory to all concerned, in- . >cl»ulfhgHdyipper«f of produce who have now the opportunity of shipping to West Coast ports oy a regular monthly line of steamers at the same rates of freight as to London. I am sorry to report that a fire occurred on board the Turakina; it was discovered when th« steamer was 1000 miles from New Zealand,: on her voyage from Auckland to London, and was kept in check by the use. of tho Clayton patent firo-ex-tinguish*r until the Turakina reached the wharf at Wellington five days later. Two years ago a fir© broke out on the 6ame steamer in Wellington, and last year a fire occurred on board the Waimato on her voy*ge to London. In both these cases tho fires were extinguished by the Clayton extinguisher, with very little damage to cargo. All our steamers are fitted with the Clayton extinguisher, and this should enable shippers to obtain a reduction in the rate of insuranoe on cargo shipped by this company's vessels. Last year I informed you that we had purchased a section of land at Foxton, and were erecting a store thereon. The building has now been completed and opened for the reception of wool, flax, etc. We expect to have the pleasure of seeing Mr William C. Dawes, the chairman of the London Board, about the end of tho year. He left London by the Orient Company's steamer Omrah on the Ist instant. 1 now beg to move the adoption of the report and bal-ance-sheet." Mr Geo. G. Stead, in seconding the motion, said he had often thought it was questionable whether the public of the colony realised how much its prosperity wes due to tho various steamship companies trading between the Dominion and Great Britain. Ho saw figures the other day giving the exports of the Dominion for the year up to September 30th I«6t, and roughly speaking, those exports amounted to £100 per head of the adult male population of tho Dominion. Without an economical and fairly fast steam service it was obvious that so laree an oxport trade could not have I>ecn developed from this country. He believed ho wns right in saying* that there w:a, no other .Ste.te in the w \vor!d whese exports per hcid of tlie population exceeded, or he might say e<|ua!!r-<!, tho exports of New Zcahwl. lie thought it was of interest t.i t!ie ?h::r - holders to realise tint the Sew '/.:■:.- land Shipping Company initiatt---! the first regular steam service to earrv on trade between New Zcahnd .-mci (irtvit Britain, and they aro proud of that fnet. He had' always held that the settlers of New Zealand owed n deep debt of gratitude to the New Zealand Shippinz Company for instituting « service which hud been of such great advantage to the country. The motion was then put and carried. ELECTION OF OFFICERS. Three retiring directors, the Hon. C i p i? ,^? d I M<!S,r! Go °- G ««W and A. a,. U. Rhodes, were re-elected, while Messrs A. A. M. McKellar and Walter J. Alooro were re-elected auditors. VOTES OF THANKS. Mr Staveley, on behalf of the shareholders, proposed a lieartv vote of thanks to the Chairman and Directors ot the Company, for the very satisfactory way in which the business of tho Company had been conducted during the past year. The motion was seconded and adopted. The Chairman, in returning thanks on behalf of tho Board, said that he hoped that in the coming year the directors might also earn the "approval of tho shareholders. Sir George Clifford said that the most valuable part of the machinery oi any commercial undertaking was in the brains and in the willingness o! those who were entrusted with the administration of ite various details, and I he thought that the Board ajad the fiiarehoiders were in a Tery fortunate

position in that respect. Ho would ' propctee a vote of thanks to the gene-ixii manager and the staff both ashore «n<. afloat for their efficient and constant * services. With regard to the jrrn» r:: manager, who hid been on a visit to the northern heuiuspneiv, whtcu hod ■j been not unproductive of great good to tile Company, he m:ght say thai they all regretted to tind, on his arrival. s that ins health had not withstood tinr hardshije and the boat of the tropic*., t bur the j- had reason to congratulate c him and themselves on the ivpid re- ] covery to health which had taken place in New Zealand. With respect to the rest ol the staff, he thought that » tho balance-sheet was a sufficient testi- . ni-ony to the zeai a::d e.'hJiency of th« staff ashore. .\s to the staff afloat tiie ('(-Mipany had through :. year which had wen free from any i .sciious aceinor.t. and tnat aione i»,< > to testily to the attentie-n [ which had been !y bestowed by ili«'m> who had i-;:cii large and v.ilu ah'.e- iiitorests e:r<j-;i ted to them. Wit!; rcgaid to the lire <vi t!;e Turakina. h< 4 thought they congratulate tlie'u.- ---> .<«-lvc.s that the tii.irrciion oi the capI tain in ti>a:iu;'::i! had turned wlia; ivoiil-1 'nave been a calamity into :. miftt'ortune. ; Tin' ii'.otie-i was nut, and carri'-d. 1 .Mr Isaac Gih'v. ;';■■ fier.e-.-a] mnjia.'t I of tlie t"oii.pai;y. vi-ti-Miod «' ■ Ivlia'i • I" tlie- stiilY. and the !iiv ! i;:v ■ ! dor-ed. > j At a leertiiv: ol direct -rs he'd !:•..- ---i nv-diatelv attiT t!w mrciin;.' <>t .-';•:'.'- ---\ >:■ ■'<!■ ■■!•« Mr 11. P. .Mun :).v-.\\ :r-h y v....----ir« -i•!( ;-ted chaiitr.an of ditectoit.. i i