The Northern Steamship Company.

Evening Post, Volume XXXVII, Issue 129, 1 June 1889, Page 2

The Northern Steamship Company.

|_By Telegraph.] [united tress association.l Auckland, 31st May. Tbe Northern Steamship Company held their annual meeting to-day. The'balancesheet showed a net profit on the working account for the year of .£5417 7s Bd, to be appropriated as followB : — £2000 each written to the credit of depreciation and insurance accounts, leaving a balance of £1417 7s 8d to be carried to the credit of tho profit and loss account. Tho report stated that there was a deficiency of £30,000 between the present valuation of the company's steamers and that shown in tho previous balance-sheets. This matter should be dealt wrth before they conld resume the position of a dividend-paying company, and the directors recommended that an equivalent amount be written off the capital account, but that the Homo shareholders be consulted in tho matter. The Chairman, when moving the adoption of tho report and balance-sheet, said tho prospects of the company were genorally more hopeful than in past years. Thoy attributed their success to the reforms inaugurated undor tho now management. Tho roport and balance-sheet were adopted. Messrs. Cruickshanks, Macfarlane, and Greon were ro-elected directors.