NORTHERN STEAMSHIP SERVICES

Press, Volume XCIV, Issue 28013, 6 July 1956, Page 17

NORTHERN STEAMSHIP SERVICES

(Neto Zealand Press Association) . AUCKLAND, Julv 5. Time-table services to the ports of Tauranga, Whakatane, Opotiki, and Whangarei had involved the Northern Steam Ship Company, Ltd., in a loss of £21.842 for the year to March 31. 1956, said the chairman (Mr E. H. Rhodes) at the annua] meeting of shareholders at Auckland today. This could not be continued, and services had been curtailed to provide sailing commensurate with the volume of cargo offering. Trading to the four ports had become progressively worse over the last three years. Promised improvements in facilities had induced the directors to continue the services, but progress had been such that the company had not derived any benefit.

If the rearrangement of services did not prove economic, the only alternative would be to discontinue them until adequate port facilities were available. At Lyttelton delays because of shortage of railway trucks, waterside labour, and difficulty in getting a berth had held up vessels, with a consequent increase in operating expenses. Mr Rhodes said that the average number of days lost per vessel on the interisland service \yas 26.52. The causes were;—no labour available, 22.78 days; no working berth, 1.74 days; shed congestion, 1 day; shortage of waggons. 1 day.

A.C.1., I.td.—Australian Consolidated Industries, Ltd., recommend a final ordinary dividend of 5 per cent., plus a bonus of 2i per cent, on old shares. This makes a steady 12-1 per cent, for the year on higher capital. New shares receive a dividend of 3A per cent., equal to one-quarter of the aggregate dividend for the year on old shares.—(P.A.)

Quill, Morris.—The company’s name has been changed to Quill. Morris. Ltd., from Quill, Morris (1936), Ltd.