“The Press” In 1864

Press, Volume CIII, Issue 30540, 8 September 1964, Page 14

“The Press” In 1864

SEPTEMBER 8. THE SALTWATER CREEK STEAM NAVIGATION COMPANY On Tuesday last the ordinary general annual meeting of the shareholders of the company took place at Cameron’s Hotel to elect directors for the ensuing year in the place of those retiring. The meeting was numerously attended. The Chairman. J. D. Lance. Esq., on stating the objects of the meeting, took occasion to say that notwithstanding the very limited period during which their steamer had been at work (but little more than three months), and notwithstanding the season and the state of trade within the province, he found by the statement of her earnings and current expenses during that period placed in his hands, that he was enabled to congratulate them on the

complete success of the vessel in a pecuniary point of view, and to inform them that during that period, and under all the unfavorable circumstances of the time, she had realised an amount of profit, after all current expenses paid, which represented an interest of £l4 per cent per annum on the capital subscribed. The period over which those earnings came was the worst of the year for coasting service, and was in a field which was altogether apart from that locality on which she relied for her principal support, the locality in which the subscribers themselves could command so large a shipment of wool, which he • understood to amount to' about 5000 bales this year, the freight of which, at current rates, he be lieved would ensure the subscribers a profit which would exceed that of any steam navigation company in New Zealand. He

then explained to the meeting the reasons why the directors had considered it undesirable at present ■to put the steamer on the proper berth at Saltwater Creek, which, he observed, would be altogether removed immediately the money placed upon the Estimates for improvement of the Saltwater Creek should have been applied, and by means of which the channel would be at all times kept properly staked out, as any shift of channel should occur, by a person who would be charged with that duty. The steamer had already been put upon the berth to Kaiapoi for bi-monthly trips to secure the trade of that locality, and she would be seen at this creek so soon as circumstances would justify it. . . . Mr Shamer, Mr Weld, and Mr George Lee, who had' retired on ballot, were unanimously re - elected directors.