Shaw, Savill & Albion Company
Nothing very sensational turned up at the annual meeting of the Shaw, Savill and Albion Company on Tuesday (12th April) last, writes the London correspondent of the Christohurch Press. It is, however, of moment that Mr. Savill has resigned Mb position of Managing 1 Director, and that he has been succeeded by Mr. Temple, one oE tho Joint Managers, who will now rank as Genoral Manager. Mr. Savill retires throueh impaired health, but tho company will still have the benefit of his experience and abilities as a director. Owing to tho abiutdonmont of tho old cnt-tliroat rivalry with tho New Zealand Shipping Company, Mr. Toniple's task will not be nearly so onerous as Mr. Savill's was aforetimo. At Tuesday's meeting the chair was taken by Mr. J. Park, who said that two years ago ho told the shareholders that the enormous increase of shipping then in progross, and the increase in tho production of tonnage, then going on, was the cause of no little anxioty in shipping cirulos. That increase had still continued, though in not quite so great a ratio. During the past year 1,073 000 steam tonnage had been added to tho shipping of the United Kingdom over and above tho loss from shipwrecks, sales to foreigners, and othor causes of loss. At the end of 1889 they had a steam tonnage on the rogidtry of 4,400,000, and during the past two years the increase had been onefourth ; or, to put it in another way, one-fifth part of tho tonnage had been contributed within the past ten years, but to that must be added tho considerable increaao in tho sailing tonnage before they could properly gange the situation. It was natural under these circumstances that freights could not be kept up, and consequently tho company's earnings during the past year had not been sufficient to pay a 10 •per cent, dividend as in previous years, and the dirootors had to ask the shareholders to accept 7J- 'per cent. After paying 1 that dividond, and making the usual allowance for depreciation and otherwise paying their way, they carried forward a balance to the next yoar's account of .£5964. If there had been somo drawbacks, ho waß pleased to say they had had some consolations. Tho principal carrying trade of the company was wool and frozon mutton from New Zealand. Both these articles had ruled very low in price, but the recent sales of wool had realised firmer prices, and a considerable rise had taken place in the price of frozen mutton during the past two or three months, and with the increased homeward froights, he had no doubt the result would bo an improvement outwards. Tho coal contract had beon securod at lower prices for the company^ than in the previous year. From the last information from New Zealand an improvement in tho internal trade of the oolony had taken place, and he hoped that the improvement would continue. They had five cargo-going steamers whioh had been fitted up with refrigerators, &0., whioh had been paid for without calling upon the shareholders, though the debenture issue had been slightly increased. Their ships were in good order and doing good work, they had had no accident of any moment during tho year, whilst the insurance account had increased, and now stood at something like £3000. The roport was then adopted, and the dividend, though somewhat of a disappointment, agreed to. The net profits of tho year amounted to £35,270 16s 2d, of which 16s 2d is distributed in dividends, and the balance of £5964, is carried forward. The gross profit for the year was 42116,729.