NEW ZEALAND SHIPPING COMPANY.

Press, Volume LXVI, Issue 13909, 7 December 1910, Page 5

NEW ZEALAND SHIPPING COMPANY.

ANNUAL MEETING

The annual meeeting of the shareholders of tho New Zealand Shipping Company was held yesterday, Mr H. P. Murray-Aynsley (chairman of directors) presiding over an attendance of fourteen shareholders.

The thirty-seventh annual report of the company and the twenty-third of the London directors was as follows:-—

"The directors submit accounts to 30th June, 1910, and recommend a dividend of 10s per share for the year, free of income tax, of which 5s per share was paid <>n the 7th April. They also recommend a bonus of 2s (id per share, free of income tax, carrying forward £15,548 Is 2d. Tho new passenger steamer llotorua referred to in the last report, will be delivered in October. A contract has been made with Messrs Wm. Denny and Bros, for a similar steamer to be delivered next year. Negotiations for building a new cargo steamer are nearly completed. The steamers Aorangi and Papanui have been sold. During the year the company "contracted with tho Canadian Government to establish a monthly steamship service from Eastern ports in Canada to the Commonwealth of Australia and the Dominion of New Zealand. The service began in May of this year." In moving the adoption of the report and balance-sheet (which were taken as road), tho Chairman said:—"l am sure the shareholders will be quite satisfied with the balance-sheet (submitted to them ; tho profit and loss account shows a credit of £56,695 2s 9d, as compared with £12,722 6s od for the preceding year, and the London Board has been able to place £20,000 to the insurance fund, and to pay a dividend of 10s per share for the year, and in addition a bonus of 2 a 6d per share. I think it is advisable I should make it quite clear that it is not intended to nay a bonus with the interim dividend winch is usually paid in April, but if the .Tjrofits for tho current year are as good as those shown in this balancesheet, I think wo may safely predict a similar bonus will be paid in October next year. At tho last meeting I mentioned that a contract had been entered into with Messrs Denny Bros, for tho construction of a passenger steamer of similar type to the Ruahine. The new steamer was successfully launched on September 11th, and named the Rotorua. At the trial trip a soeed of 15.8 knots per hour was attained without any vibration. The Rotorua left Plymouth on her maiden voyago on October 29th with 500 passengers on board, and is due at Wellington about December 12th. The passenger accommodation is reported to be superior to that of the Ruahine. A further contract has been entered into with Messrs Denny Bros, for another passenger steamer of the sfimo tyne. 484 feet long, 62 feet beam, fitted with twin screws, and quadruple expansion engines. This steamer was to be delivered early next year, but owing to the boilermakors' strike work has been delayed. A contract has also been entered into with Messrs Russeil and Co., of Glasgow, to build a cargo steamer 495 feet in length, 622 feet m breadth, with quadruple expansion engines capable of driving the vessel at a sea speed of 13 knots per hour, delivery in July of next year. The shareholders will see that the directors recognise the increasing requirements of the trade, and are taking steps to y/rovido tho necessary tonnage. During the year the Aofnngi and Papanui have been sold. The former was employed in the mail service between Australia and Vancouver, and with tho disposal of that steamer the connection of this company with the service has terminated. Tho London Board did not see its way to build a steamer of increased speed and accommodation without an increased subsidy and a contract for a term of. ,. years. The company has entered into a contract for three years with the Canadian Government to provide a monthly steam service between Montreal and Australia and New Zealand. The service commenced in May last, and has been carried on to- tho satisfaction cf the Canadian Government. The quantity of cargo carried exceeds cur anticipations of what it would have been at the commencement of the service, and there is good reason for believing the line will prove a payable one, and in addition it enables the comoany to bring out additional tonnage to meet the demands of the Homeward trade from New Zealand. Since the last general meeting two serious misha,ps have occurred to our steamers. The Papanui struck an uncharted rock north of Tasmania on her way to Beauty Point, and sustained such damage to her hull that it was decided not to repair her, and the steamer nas sinee _been sold as she lay at Melbourne, i a satisfactory arrangement having been j made with the underwriters. The Kaioara, when leaving Auckland fully , loaded, struck an obstruction in Rangitoto Channel, and sustained considerable damage, all the cargo was discharged, and tho steamer placed in dock at that port for repairs. lam glad to be able to state that no blame was attachable to the commanders and officers of either of these steamers •\ot tho mishaps. Following tho policy adopted by your directors in previous years, the freight on wool has been fixed at reasonably low rates. For theJanuary sales wo charged sevensixteenths of a (penny per pound for greasy, and for tho remainder of xhe season the rate will bo thirec-eighths with the usual primago added. The reason rt higher rate is charged on wool for the January sales is to cover die risk which the shipping companies incur in undertaking to despatch steamers from the Dominion in time to ensure their catching those sales whether the steamers are fully loaded or not owing to delay in wool coming forward for shipment by wet weather or ether causes. I may mention that the rates ruling in Australia are five-eighths *or greasy, and three-farthings for washed wool, so that the greater portion of the clip from New Zealand will !,o carried at a farthing $&r pound below the rates from Australia, which must be regarded as very satisfactory to producers in this Dominion. The retiring directors are tho Hon. Sir Charles C. Bowen, Messrs George Gould and A. E. G. Rhodes, who offer themselves for re-election. lam sure you all join in hearty congratulation* to Sir Charles Bowen on the well deserved honour conferred on him ly his Majesty the King." (Hear, hear.)

Sir Georgo Clifford, in seconding the adoption of tho report and balancesheet, said that after the very clear and explicit statement of the chairman, it was not necessary for him to punctuate it by very many remarks. He might, however, add his quota of congratulations to the shareholders on tho improved aspect of tho balancesheet, and tho Improved value of their shares. It seemed to him that there was great reason, on the part of New Zealanders, to bo proud of the fact that the enterprise which had been shown by the New Zealand Shipping Company was a New Zealand creation, and that throughout evil times auu throughout its most successful years, the company had never wavered in its efforts to give the very best services possible both for passengers and cargo business. The construction of the company's latest-built steamers showed an {niprovement on those previously built, and was an indication -that the same energy and the same determination to bo in the forefront of this particular business, inspired those who were managing its affairs. It was also a subject for congratulation to them in tho Dominion that the amount of cargo for shipment was continually expanding —a state of affairs that was really tho basis of the success of th© New Zealand Shipping Company and kindred companies. He thought that, perhaps, this was the most gratifying feature of tho company's operations from a public point of view. He might add

that shipowners and seafaring people generally ought to be grateful to xho company for discovering uncharted rocks. It had been, no doubt, a grievous handicap to the company, and to the meat freezing companies of New Zealand during the past year, that mishaps had occurred from this cause, as traffic was disorganised, and tho New Zealand Shipping Company and other companies have been compelled to hold over shipments to a later period, and this had produced some discontent. Those delays occurred through no fault of the New Zealand Shipping Company or of competing companies; at the same time they showed on what a thin thread hung the success of _ such a complicated operation as that of carrying vast quantities of produce. Fortunately, no great damage was done to anybody, and they might be very glad that such accidents (which occurred through no fault of tho company) hau terminated w...i so little loss to everyone concerned. The motion was agreed to. On the motion of Mr E. G. Staveley, seconded by Mr J. Hall, the retiring directors, 'the Hon. Sir Charles C. Bowen and Messrs Arthur E. U. Rhodes and Georjje Gould, were reelected Sir Charles Bowen, in returning thanks, said that the increase in the company's business was . indicative ot the increase of tho wealth of the country. Things looked prosperous, and thoy might hope that they would continue to be as prosperous as at present. Messrs Rhodes and Gould also returned thanks. On tho motion of Mr W. H. Clark, seconded by Mr R. M. Macdonald, Messrs Walter J. Moore and C. M. Ollivier, were re-appointed auditors. Mr William Wood moved: "That a hearty vote of thanks be accorded fho directors for their work during tho past year." He complimented the company on tho completeness of tho arrangements made throughout the Dominion for shippers. Mr J. O. Jameson seconded tho motion, which was agreed to. The Chairman briefly acknowledged the compliment, and said that tho remarks made would be an encouragement to the directors to continue to look after the interests of the company's customers. Sir Charles Bowen moved: "That a vote of thanks be accorded tho company's officers afloat and ashore." He said that tho success of the company depended on its officers, and they had devoted their whole time and energy to the company's service. Ho might fairly say that they had entirely satisfied the expectations of both the governing body and the public. Ho had great pleasure in drawing attention to the services being rendered to tho company by tho general manager (xVlr Isaac Gibbs), and ho felt sure that all who had anything to do with Mr Gibbs knew how much ho had done for tho company and for tho public. Mr John Anderson seconded the motion, and said that having been on the board of directors for some time, ho could speak with experience of the work done by the company's officers, who, from Auckland to the Bluff, were working earnestly and zealously in the interests of the company and its clients. He had recently visited London, and he could speak with some confidence regarding tho staff there. The joint managers and thoso assisting them in the management of tho company in London were as zealous and earnest in their work as thoso in the Dominion. The Chairman said that he had been 35 years on the board, and boro testimony to the fact that tho company's officers and the general manager paid the greatest attention to all the company's interests. The motion was agreed io. Mr Gibbs expressed, on behalf of the staff ashoro and afloat, their thanks for the vote of thanks just passed. He felt sure that they would bedelighted to hear that their efforts were appreciated. He only hoped that in tho future they would be able,to present as £ood a balance-sheei as iduring sfho past year. Tho meeting then terminated. The following is the balance-sheet at June 30th, 1910:— To capital paid up, 59,230 shares at £8 each, £473,8-10; 4 per cent, debenture stock £-100,000, less purchased and cancelled £13,500, leaving £386,500; reserves £100,000, insurance rund, £50,000; sundry liabilities, London £308,012 0s 7d, colony and abroad £12,268 2s Hd, making a total of £320,280 9s fid; bills payable, working account £21,950 12s 6d, new steamers £82,400, making a total of £104,350 12s 6d balances of incompleted voyages, £30,765 18s 8d; profit and loss account, amount of proposed dividend at los per share £29,615, less interim dividend paid April 7th, £14,807 10s, leaving £14,807 10s, and amount of proposed bonus at 2s 6d per share £7403 15s, making a total of £22,211 ss; balance carried forward, £15,548 Is 2d; total, £1,503,496 6s lOd. By fleet of steamships, including payments on account of new steamers, after deducting depreciation to Juno 30th, 1910, £979,484 5s 3d; investments, £112,575 6s 6d; property account, offices and stores at Auckland, Christchurch, Invercargill and Lyttelton, stores and wool presses at Bluff, Foxton, Gisbornc, Lyttelton, Napier, Wairoa and Waitara, office furniture land plant, London and colony, £43,1*21 19s Id; coals and consumable stores, ashore and afloat, £12,944 19s 9d; cash at bankers, London and - colony, £33,860 12s 7d, oills receivable £29,u/6 12s, sundry ■ amounts due to the company, including freights since collected £291,632 lis Bd, making a total of £351,569 16s 3d total, £1,503,496 6s

lOd. Profit and Loss Account at June 30th, 1910.—T0 balance of interest account, £10,984 6s sd; amount of proposed dividend at 10s per share, £20,615; amount of proposed bonus at 2s tkl per share, £7403 15s; balance carried"forward, £15,5-18 Is 2d; total, £69,551 2s 7d. By balance brought forward from June 30th, 1909, £12,b-i5 19s 10d; net profit after deducting depreciation to June 30th, 1910, insyrance, London and colony charges, directors' fees, and the sum of £20,U00 placed to insurance fund, £56,695 2s 9d; total, £69,551 2s 7d.

At a meeting of the directors, held after the annual meeting, Mr H. P. Murray-Aynsley was re-elected chairman tor the ensuing year.