AUCKLAND STEAM PACKET COMPANY (Limited).

Daily Southern Cross, Volume XXXI, Issue 5543, 29 May 1875, Page 1 (Supplement)

AUCKLAND STEAM PACKET COMPANY (Limited).

The third annual general meeting of the above company was held in the large room in Air. Totlnll's office, tthortland-streut, at 3 j o'clock yosterclay afternoon. There was a laige attendance of shareholders, nearly every seat being occupied. —The minutes of the last meeting having been read and eonfirmed, the chairman, Captain Daldy, called upon the manager to read the engineer's report, annual report, and balance-sheet, as follows : — Auckland, May 27, 1875.— To tho Chairman of tho Director* of the Auckland Steam Paoket Company, Limited Sir, — I have tho honor to hand you the balance-sheet of the above company for the half-year ending April 30th, 1875. Accompanying thU I enclose report from your engineer, giving particular* ns to the •tate of repair and consumption of fuel of the company'* ■teameit for the past year. No. 1 : — ».s. •Southern Crow.' This Vessel has been fully employed, and during the la«t 12 mouths ban made 23 trips between Auckland and Napier, and six trips between Napier and Wellington, besides one trip to Dunedin and back. The total steaming distance done by this vessel during the above named period being 20,500 nautical miles, and the consumption of fuel for tho time and distance steamed is equal to 80*29 tons per month, or 104*91b. per mile, being a total consumption for the year of 963"5 tons, or at the rate of 3*51b. of coal per indicated li.p. per hour. No. 2 :— s.s. ' Star of the South.' Tins vessel lias been kept constantly running, and during the past year has made eight voynges between Auckland and Lcvuka, and seven voyages between Auckland and Dunedin, and one trip to Napier and back, or a total steaming distance of 33,241 nautical miles, being 3,540 miles more than the previous year. The total consumption for tho period has been 839 tons, as against 993 tons 15owt. in the former year, this being at the rate of 09-83 tons per month, or iiG'filb. of coal per mile, thus showing a saving of about 16 per cent. A good portion of this saving is to be accounted for from the fact of working the water at a different density than formerly, thus not only effecting a saving in the consumption, but also in the expenses usually incurred in cleaning and scaling the boilers. The reason why the ' Southern Cross* has consumed 48'41b. per mile more than the ' Star of the South,' is from the f.ict of the former vessel developing more horse power than the 'Star,' aa the consumption of coal, per indicated h.p., in each boat is the same, nearly 3 *51b.; the 'Cross' indicating 204 h.p. as against 100 h.p. in the 'Star, 'giving her an increase in speed of about 2 knots per hour. The fact is, in this department of marine engineering we have much yet to learn, and it will take some experience ami nuoh oareful thought before we can hope to obtain the great desideratum of getting the most possible power with the least possible consumption. No. 3.— S.S. 'Pretty Jane.' Up to the time of the stranding of this vessel, viz., January 4, 1875, she was most successfully employed between Auckland, Gisborne, and Napier, occasionally calling at Tauranga, having made 16 trips between the above-named ports— or a steaming, distance of about 13,000 miles- -from the 30th April, 1874, to 4th January, 1875, being 813 months running. Her consumption for that time and distance has been 84 tons per trip, or HG-91b per mile ; comparing her consumption with the ' Star of the South V we have a dtffeiencc of about 517 per cent, in favor of the ' Star,' allowing both boats to steam the same distance per mile per hour. From diagrams taken, this vessel shows a consumption of neaily 101b. per indicated h.p. per hour. In last year's lepoit I stated that I should bo pro* pared to submit plans to the directors for altering tho machinery of this vessel, whereby a saving of over 40 per cent, would be effected, with an increase of speed. This has been done, and tho directors having approved of the plans, tenders have been accepted, and I hope to have the work completed within a fortnight. This, with the other improvements to the hull, and the enlargement of the saloon, will make her a most suitable and economical steamer for her old trade, and there is no doubt but that she will give [satisfaction to the travelling public. No.. 4:— S.S. 'Go ahead.' This vessel has done good son ice since she camo into the possession of the oompany, having made five return trips between Auckland, Gisboi ne and Napier, and four trips between the Manukau, New Plymouth and Wanganui, besides one round trip to Auckland via Wellington and Napier. Her steaming distance for the three months and twelve days i«o,G44 mile*, and the coal consumed for that time has been 289 tons, being at tho rate of 87 tons per month, or 971b. per mile, thus proving herself a very ooonomical bout. Tho 'Golden Crown' ceased i mining on tho 29th October, having madt 137 trips to tho Thames and back, consuming 110 tons Gcwt. 21b. coal. The total consumption for the past year has been 3.90.V71 tons, at a cost of £5,114 10s. 2d, as against .">,0G8 tons 15cwt., at a cost of £7,518 Oh. 5d., showing a saving in coal for the year of £2,403 10s. 3d., and we may safely calculate that with only the same number of boats, tho consumption will be less. The directors are to be congratulated upon the policy they adopted of getting rid of their wooden steamers, with their heavy consumption, and introducing, as far as means would allow, a different clasf of boats. I need make no further comment, as the balance-sheet w.ill fully explain the business the compmy has done.— I am, &c, "William LoDDEit, Manager and Engineer of the A.S.P. Company. Third annual report of the Auckland Steam Packet Company, Limited (sixth half yearly report, ending April 30, 1875) :— The directors, in presenting to the shareholders the balancesheet of the company for the past half-year, have again the satisfaction of reporting that the business of the company has been good. The balance to profit and loss, after writing! off £l,67714s. 3d. for depreciation, £2,009 Gs? 6d. for loss on sale of the 'Golden Crown,' £4,714 14s. 5d£ ; this amount, with the reserve fund of £5,000, and £27 15s. 7d. balance of insurance fund, shows the accumulated profit of the company, from May 10, 1872. to be, after payment of three half-yearly dividends of finer cent, each, £9,742 9s. lid. The falling off in the Thames trade compelled your direotors to 'sell the ' Golden Crown ' at a neavy loss, sha being unsuitable for any other trade. The direotors are gratified at the result of the provison you approved for forming an insurance fund, as it has more than covered the loss on the s.s. • Prttty Jane,' and prevented this amount being charged against earnings. The steamers ' Southern Cross,' ' Star of th« South,' ' GoAhead,' and 'Pretty Jane,' *re in first-rate order, with the exception of the last-named vessel which is undergoing repairs and improvements, which will be completed in a few days; The directors are glad to report that the increase of capital sanctioned by you, promises to place the company in a position to extend its operations, and meet the daily increasing demand foraafe and rapid communication with our outports and the Pacific Islands. The directors re. commend a dividend at the rate of 12A per cent, per annum. — jFor the Board of Directors William Crush Daldy, Chairman.

£1,158 17 ii I he CiruRM.vx said, before moving the adoption of the report and" balance sheet, he would .allude briefly to one or two of the items in the latter. With reference to the item of £1,131, • Pretty Jane,' the company held that amount, and were now expending it on repair*, the sum being a deposit in the hands of the company. There wm another item which he wished to draw attention to, that was the loss sustained by the sale of the 'Golden Crown,' £2,009 6s. 6d. He hoped that a similar item would not be placed to their debit at any future time. But the vessel, as wm well known, had to be sacrificed, having returned from the Bay of Islands under severe circumstances. Taking all this into account, he was happy to say that the directors were enabled to lay before the shareholders a satisfactory report of the half -year's operations. The figures in the report snowed what the result of the operations during tho last three years which had elapsed had been. The capital of the company three years ago was £1*2,000, and the result of the operations was a profit of £9,000. What position did the company now stand in regard to the future, compared with the time when they had the ' Coomerang ' and • Golden Crown ' ? He contended that the company stood in a far better position now than then. He referred briefly to the fact of the company having ordered » new steamer in Sydney, to be chartered by them, which would prove suitable for any trade and be able to go anywhere. The good condition qf the vessels belonging to the company was the best feature in their prospects in the future. He then adverted to the insurance fund, which at present was certainly only small, but it had proved sufficient, at any rate, to cover the loss on the 'Pretty Jane.' In reference to the hut clause but one in the report of the directors, he would mention in connection therewith thatMr. J. S. Macfarlane, having occasion to go to Sydney on business, had been authorized by the Board to charter a new steamer, about twice the size of tho 'Star of the South,' for 12 months, and the contract time to the Fiji* would then be reduced from six weeks to 30 days. The boat in question was guaranteed to steam ten knots— and probably more— and Mr. Macfarlane would no doubt succeed in obartering iier. The only thing was that the people did not go in for this matter more than they did, for in every country in, the world having" small ports the' success depended upon steam, and if they wanted to mVipfwn their trade, they must keep up steam communication with all the smaller ports. He considered there was no company in connection with thiq province thai was of such general benefit to the community at large as the A-.S.P. Co. (Hear, hear.) If it were not for this company, how would we be for mutton ? If .it were not for their vessels, they would have to pay a largely increased 1 rate' for their meat, every one of the steamers being engaged, until the end of the year, to supply meat for Auckland. There was no other company in existence here that did the amount of public good this company did, by whose operations trade was increased, food cheapened, and intercommunication with other ports kept up. He tnongbt, however, that they should make an exertion to make the company larger than it was at present, so that operations could be extended. He thought, also, it was highly desirable that they should obtain a larger and better boat for the Fijian trade as soon as they could get one suitable. He concluded by saying it would be apparent from the report, that the directors recommend a dividend of 12$ per cent. ; the shares were issued at a premium, and the directors wished to show that, throughout, and on this occasion, the dividend always amounted to 10 per cent., and the extra 2.J per cent, this time, of course, made it a little larger. He Would without further remarks move the adoption of the report and balance-sheet as read. Mr. W^JCLJVilson seconded the resolution, which was cirried unftuiinouoly. Messrs. Morrin, Stevenson, and Wardrop, retiring directors, were re-elected on the motion of Mr. Ward, seconded by Mr. Lodder. Mr. Fraser wrote stating that owing to pressure of business he would be unable to resume the auditorship of the Company's accounts. On the motion of Mr. Wakdbop, seconded by Mr. J. M. Clark, Mr. John Buchanan was elected to fill the vacant office, the salary being £25 per annum. The Chairman announced that the dividend just declared would be payable at the Company's offices from to-morrow (this day). > Mr. W. O. Wilson said he had a resolution to propose which he was sure would meet with the approval of every one present, and would be unanimously adopted. This company started three years ago with a capital of £12.000 which bad increased now £21,000, during which time an amount of £9,000 had been cleared as profit, and 15 per cent. Jiad been paid to shareholders on paidup capital. The Company had always paid a good dividend, aod aO this could not have been done unless there had been good management, and he considered that, great credit was due to the Board of Directors, and to Mr. Lodder. He would, therefore, move "That the sum of £150 be voted to the chairman for his services to the company during the past three years ; and that the remuneration of the directors be £250 per annum, until annulled at ft future meeting of shareholders." Mr. R. Whitson seconded the motion, which was agreed to. On the motion of Mr. McMiliax, a cordial vote of thanks was accorded to the members of the directory, the captains of tho different vessels, and to the manager and employe.es of the company. In doing so (after paying a graceful compliment to the officers) he said that the ability, he might almost say the ingenuity, displayed by the directors in getting rid of the 'Golden Crown' was beyond all praise, for the way in which they did get rid of her was a mystery to the people of Auckland. (Hear, hear.) As for the captains and employes, he was sure that all present could testify to their assiduity and attention to passengers. Mr. Ward seconded the motion, which was agreed to. The Chairman, in returning thanks on behalf of the directors, said he did not anticipate this, although he fully concurred in it, considering the work they had done. The directors were very large shareholders in the company, so that the effect of Mr. Wilson's resolution would almost amount to this, that they put their hands into their own pockets and paid themselves ; but he thought it only right that they should receive something for their trouble and attention to the affairs of the company. He begged to return them his sincere thanks on behalf of the Board of Directors ; but, before resuming his seat, he would like to mention, that, in tho calculations made regarding the depreciation in tho value of their boats, the sums set down wer > considerably below their market price. Mr. Lodder briefly returned thanks on behalf of himself and the employees. • A brief desultory conversation then ensued regarding tho trips of the " Star of the South ' to Southorn ports, which was opened by Mr. Boardman, but the Chairman having pointed out that arrangejients were already in contemplation for the charter of a larger steamer, so that a monthly service to Fiji oould be maintained, tho matter dropped. Mr. Loddxr incidentally stated that tho subsidy at present received from the Government was £350 for a 40 days service, but that £400 had been promised if a 30 days service was kept. Tho minutes of tho mooting having been read and approved, tho business was brought to a close.

CONVULSIONS IN TEETHING.— None but anxious Mothon know the worry of " Toethinjr Time," find th« nurwsry ho» no more Innocent help tlian Mrs John lon'g Soothing Syrun, which, applied to the Infant's t?tima. rvliovM th» PnJn, and prevent* Convulsion!. None gvnutne without the namo of " Barclay and 8ons, Far-riniruon-itreot. London," 1» on tho stamp. Sold by nil ChimtiU at 2l. M. t bottl*. Ag«nU, Y«nn«U and Co,, AuoUand.

PROFIT AND LOSS ACCOUNT. £ >. d. Salaried, stationery, otflc* •xptniM and lnitcellaneoui chargei 504 1 0 IntorMt account 027 5 0 Lononinleof '(Melon Crown* .. 2,000 0 0 Sum writUn off for depreciation . , 1,077 14 3 Balance .. 4,714 14 6 £0,«28 9 6 £ I. d. Balance, 81»t October, 1874 .. .. 9,028 8 10 Not oarntntti of ■teamort per Whedul* 6,838 0 4 Coal account 134 S 8 Premium on •haroi told WOO Comin>Mlo»t,prontonitorM&iundriM 181 6 0 «9,02S 2 6

ASSETS. Steamenperachedule .. ,, ,. Barque ' Albion' Hulk 'Csntero' Office! (Queen-itroet Wharf)) .. Steam Winch StorM on hand, per ichedule .. Coal on hand, per ichtdulo Imwmncw In auvanc* Advance on acoount of repair! to ' Pretty Jane' Account! recelvablo Co»U in hand £ i. d. 37,000 0 0 000 0 0 650 0 0 160 0 0 lfiO 0 0 287 15 4 800 7 3 1,157 10 0 200 10 0 4,330 10 1 G 19 1 £46,232 1 3

C I. (i. £ I. (1. To Capital, viz.! 5,304 uharai allotted, at £4 paid-up] .. .. 21,570 0 0 Leu amount to call up 577 10 0 20,000 10 8 0,000 sharM unallotted, at £4 paid-up . . 38,424 0 0 Total, 15,000 iharei * . . £60,000 0 0 Uncalled capital .. 90,000 0 0 * Total capital . . . . £150,000 0 0 Rosen o Fund 6,000 0 0 Insurance fund v 27 15 7 Loan and fnteroit 19,105 14 4 Amount of Insurance on account of •Pretty Jane* 1,350 0 0 Amount on account ittlvaye goodi .. 3a 19 n Dopoilt on contract 2<H) 0 0 Account! payable 801 7 0 Profit and Ion account , . . . 4,714 14 5

BALANCE-SHEET OF THE AUCKLAND STEAM PACKET COMPANY (LIMITED). Ai'itii. 80th, 1875. LIABILITIES.

INSURANCE FUND. BaLiiiLO, JUt Oitoliur, 1S74 Amount iiLL-u uuilutcU for |«i»t half-,\e.ir C s il 081 I"i 0 47:. 2 .1 Loss on 'PretU Jnnc' Ualanec £ l.lf.S 17 f. t «. .1 1,131 1 10 27 15 7