NEW ZEALAND STEAM NAVIGATION COMPANY.

Daily Southern Cross, 7 November 1868, Page 7

NEW ZEALAND STEAM NAVIGATION COMPANY.

AMBETiKaof the N.Z.B.N. Company (Limited) was held at Wellington on the 27th of October, at the Mechanics' Institute, for the purpose of considering the half-yearly report, the election of an auditor, and general business. It was some time after the appointed hour before the requisite number of shareholders (forty) required by the Act put in an appearance, when the business was proceeded with. W. Bishop, Esq., Managing Director, occupied the chair. The Chairman said it would be seen that no alteration had been made in the value of ship properly — it stood at the same amount as that shown in the last balauce-aheet— but it would have to be reduced £16,0,00 in consequence of the melancholy loss of the b,B. ' Taranaki.' There was a manifest comparative excess in expenditure, which was caused by running the 'Ladybird ' at a losBj aad the increased working expehditure of the ' Ahuriri, ' and also the repairs to the ' Wellington ' and ' Taranaki.' This would indicate an excess sufficient to account for that Bhown in the balance-sheet. The subsidies had fallen so low, and there were so many difficulties connected with them, that the Board of Directors had determined to run without any subsidies at all. It was a secondary consideration ra to wh&t amount the shares of the Company eh ujd be reduced, but he might Btate that there had be-n considerable improvement in the state of the h'uaoces of the Company during the past two month?. There had been a considerable overdraft at the bank some time ago, but now there was upwards of £90U to their credit, and business might reasonably be expected to improve as the summer season advanced. Mr. Bishop concluded by moving the adoption of the following Keport, "1. In presenting to the shareholders a statement of accounts showing the result of the Company's operations fur the half-year endiug 31st August, 1868, the Directors have to express regret that the result is of so unsatisfactory a character, showing, as it does, a loss of £2,949 3s. 7d. "2. In comparing this statement with that for the previous six months, which resulted ia a profit of £3,525 19s. 2d., the Directors would first notice the expenditure, which shows an increase of £6,159 14s. 7d. for the half-year. This is mainly attributable to the expenses of the ' Ladybird,' which was not tunning during the previous half-year. These expenses amounted to £4,836 13-*. ; and the expenses of the ' Ahuriri wece more by £1,900 in the latter than in the former half-year, owing to her having been running-only three months and a half out of the first period. These two items sufficiently account for the increase under the head of expenditure. The ceipts are nearly the same ia the two half-years, but aa during the latter an additional boat waß running there ie, of course, an actual falling off in the rate of earnings. The receipts of the ' Ladybird 1 stand at onlj £3,593, but iv addition to this eho contributed considerably to the earnings of the other steamers by passengers and cargo transhipped. The depressed state of the colony during the last six months greatly affected the earnings of the steamers, especially in the months of March, Aptil, and May. The receipts of the ' Wellington' and ' Taranaki alone Bhow a falling off of £5,496, including a reduction in Government subsidies of 4.2,400. l( 3. During the period under consideration, the Company has sustained a severe loss by the wreck of the 'Taranaki,' the finest boat in the Company's fleet, which foundered in Queen Charlotte's Sound on the 19th August. The heavy losses incidental to the w^ck, in addition to the value of the vessel, contributed largely to the bad result of the working of the half-year. The directors feel that this event has, in a great, measure, frustrated the efforts that have been made to place the Company's affairs in a more healthy condition. "4. The number of vessels working being reduced to four, your Directors have discontinued the office of Marine Superintendent. A saving in the cost of management of £500 per annum has been effected by this step, in conjunction with other changes in the Company's office, caused by the resignation through ill-health of the late accountant, Mr. Frank Allen. " 5. The reduction in the number of the steamers has also forced the consideration of insurance upon your Directors; they have therefore taken upon themselves the responsibility of insuring them for six months to the extent of £18,000, being one-half of their estimated value. This has been effected in three offioes at a cost of £900, being at the rate of 10 per cent, per annum. The cash for this purpose has been withdrawn from the fund invested. . "6. No tender was sent in on behalf of the Company for the steam postal services advertised for on the Bth instant, as they are of so fragmentary and inconvenient a charaoter as to be undesirable. Besides which the Company's transactions with the present Government have latterly been extremely unsatisfactory, on account of the arbitrary and unreasonable construction placed by the Government upon the reading of the contracts. "7. In accordance with the resolution adopted at the last half yearly meeting, tbe Directors applied to the Government to have an Act introduced during the session of the Assembly just concluded, of the same purport as the English Companies Amendment Act of 1867. The Government having intimated that they were not prepared to do so this session, the Directors had such an Act prepared and introduced by tbe Company's solicitor. This has been passed by the Assembly, and it is now competent to the Company under its provisions to reduce the amount of its capital and shares. "8. The Directors recommend that advantage be taken of the passing of the Joint Stock Companies Amendment Act to reduce tbe amount of the capital, with the view of continuing the operations of the Company. . "Wiluam Bishop, " Chairman. " Wellington, New Zealand, '•October 22, 1868." A report of the inspectors was read, which entered at some length into the condition of the company, concluding as follows : — "It only remains for the Inspectors to state that, after considering all the circumstances, both of the past and the present, and after giving due weight to the report of the surveyor?, they have come — reluctantly but decidedly— to the conclusion that the business of the Company will not be even self-sup-porting, unless some very large increase oan be made in its receipts, without materially adding at the same time to its expenditure." It was agreed that the consideration of the matter be adjourned until Tuesday, the 10th of November instant.

A telegram was received at the Police Depfib, Chriatchurcb, on the 28th October, stating that a man bad been ohot at Craigieburn, by a cook on one Btatipus. No names or particulars have been received^ bub the cook has been arrested, and the sergeant of police is now on his way to Chriatchurob, and will arrive to«dav with the prisoner,