A GOOD YEAH. NEW ZEALAND SHIPPING COMPANY.

Evening Post, Volume LXXVI, Issue 125, 25 November 1908, Page 10

A GOOD YEAH. NEW ZEALAND SHIPPING COM PAN Y.

'ANNUAL MEETING. {UT TKtiKGRArH. — PKESS ASSOCIATION^ CHRISTCHURCH, 24th Nov. The thirty-fifth annual meeting of the New Zealand Shipping Company was held at the company's offices, Herefordstreet, at noon to-day. The annual report, as issued by the London board, submitted accounts to 30th June, and recommended a dividend of 10s per share for the year, free of income tax, of which 4s per share had been paid on 2nd April, and carrying forward £15,508 15s sd. This distribution was equal to 5 per cent, op the original share capital, which had been written down to 1890 from £10 to £8 a share. I THE CHAIKMAN'S SPEECH. The chairman, in moving that the report and balance-sheet, as passed at tho meeting in London on l<sth October, should bo approved, said that he had pleasure in pointing out that after transferring £20,000 to an insurance fund, the balance at the credit of profit and loss account was £12,583 8s 3d in excess of the profit shown last year. This increase in profit was largely due to the increased earnings of the company's steamers Homewards during the winter months. The quantity of both frozen meat and general cargo carried from June to November was considerably greater than for the corresponding months in previous years. They hardly expected a repetition of such earnings. Indeed, there had been a considerable falling-off for the past four months in th« exports, and there was also sure to be a decrease in the quantity of goods imported. There was, however, every prospect of a large increase in the exports of frozen meat and dairy produce during the summer months, which would, it was hoped, to a large extent, make up for thes3 deficiencies. Shareholders would note that an amount had been placed to the credit of an insurance fund, and it was the intention of the London board to add to that fund, from time to time, whenever the profits would admit, until sufficient funds had been accumulated to warrant the company taking a risk on each of its steamers, thus saving a. portion ot the i premiums at present being paid to underwriters. The accumulations in the insurance fund account would, in the iuture, tend to greatly strengthy the position of the company. An increase of 2s per share' had been made in the amount of dividend, which was now equal to 5 per cent, per annum on the original capital of the company of £10 per share, or 6i per cent, on the reduced capital of £8 per share. This rould not be regarded as an extravagant return on a shipping investment, and the directors were pleased that the company was able to make shareholders a higher return for their money after the many lean years which tljey had experienced in the past. Last yedr he had informed the meeting that a contract had been entered Into for building a large cargo steamer similar to the Opawa and Orari. That steamer had been completed and delivered to tho company, and had been named the Otaßi. The Otaki was fitted with a new combination si'stem, consisting of two sets of triple-expansion engine?, drivingthe screw propellers, and one low pressure turbine driving a centre propeller, and it was estimated that there would be a saving in the consumption of coal of about 8 per cent. The Otaki was now loading at West Coast ports, and would shortly leave on her maiden voyage to New Zealand. With the object of keeping the fleet thoroughly up-to-date, the London board had recently contracted with Messrs. W. Denny Bros, to build a twin-screw passenger steamer of about UOOO tons register, to be delivered next year, to steam thirteen knots when fully loaded, and with passenger accommodation for 56 first, 75 second, and 400 thirdclass passengers,. This steamer would be similar to the Turakina, with greatly improved passengei accommodation. The comfort of the passengers, as regards the music writing, and smoking rooms, had been specially cared for, and the new steamer would, flia board was satisfied, maintain tha high reputation which the company had gained with the travelling public during the past year. The number of passengers carried by tho company both outwards and Homewards had been very satisfactory. The s.s.' Miowera, in March last, had been withdrawn from the Vancouver mail servicefi and had been sold to tho Union Steam Ship Company at a satisfactory figure. The company had the Aorangi ruitning in the Vancouver line, a contract with the Commonwealth and Canadian Governments, which expires hi August next year. WOOL AND FLAX RATES. In view of the low prices ruling in London for wool, the scarcity of cargo, especially flax, and the full supply of tonnage, both in New Zealand and Australian waters, the shipping companies iii New Zealand had decided not to increase the rates of freight on wool which had been ruling during tho off-season, namely 7-16 d for greasy and 9-16 d for washed wool with usual primage ; notwithstanding that the current rate in Australia is 9-16 d for greasy or above tho rates from New Zealand. With reference to flax and tow the directors had fixed the rate on flax at 45s per ton, and on tow at 60s per ton until 31st October next year. This was done with the object of inducing more of the flaxmills to reopen, as they recognised that , id was important in the interests of tho company as carriers, as well as in tha interests of flpxmillcrs, that the export of flax must not be allowed to ceaso; otherwise manufacturers would be forced to turn their attention to other directions for their raw material. He thought it only fair that the producers of the Dominion should know what the shipping companies were doing to meet tho great fall in the price of wool, and also the efforta they were making to a6sist in the development of the flax industry by fixing low rates of freight. In January last Mr. William C. .Dawes, tho chairman of the (London Board, had, paid a vis : t to Christchurch. The directors had nad the pleasure of discussing with him many matters affecting the interests of the company, and they were sure tho information which Mr. Dawes obtained during his visit to the important centres of commerce in the Dominion would be of great assistance to him in dealing with questions connected with the trade and be of great benefit to the company. The Hon. E. Richardson and Messrs. H. P. Murray-Aynsley and F. de C. Malet, the retiring directors, were veelected. At a subsequent meeting of the directors Mr. H P. Murray-Aynsley was reelecfed chairman for the ensuing year. THE LATE MR. STEAD. Before the commencement of the meeting the chairman of directors (Mr. H. P. Murray-Aynsley) said that he regretted to report that since the last annual meeting the board had sustained a heavy loss by the death of the late Mr. G. G. Stead, who had been the nominated member of the London Board to the New Zealand Board, and had been on the local board since 1898. His death was deeply regretted by the directors, both in New Zealand and in London, and he wae sure , ajeo by the ehareholdere.