N.Z. SHIPPING COMPANY

Evening Post, Volume LXXXVIII, Issue 150, 22 December 1914, Page 4

N.Z. SHIPPING COMPANY

ANNUAL MEETING. „ (BY TELEGRAPH— PRESS ASSOCIATION) CHRISTCHURCH, 21st December. The annual meeting of the New Zealand Shipping Company was held today, Mi-. A. E. Rhodes presiding. The report of the London Board stated that a dividend of 16s per share (free of income tax), was recommended, of which 8s per share was paid on 7th April. The sum of £27,770 2s 3d was carried forward. During the year a scheme for _ a rearrangement of the company's capital was adopted. The steamer Hororata, referred to in the last report, had been delivered and was now on her first voyage. Delivery of steamers building for the company and for the Federal 1 Steam Navigation Company, Limited, had been delayed. The steamer Kaipara had been lost since the close of the financial year, but was covered by insurance. The company had suffered a very severe loss by the death of Mr. Isaac Gibbs, general manager in New Zealand, and the directors wished to place on record their appreciation of his invaluable services extending oVer a period of thirty-eight years. The Chairman, in moving the adoption of the report and balance-sheet, said one reason for the shortage of ordinary cargo space for 'the last few months was that in other years there was Very little frozeh meat or dairy produce in the spring, and during that time they were able to carry a good deal of ordinary cargo in the insulated holds. But this year, from Ist Septem* ber Up till 31st December, judging from their bookings, they would carry equal to 148,000 sheep, 92,700 boxes of butter, and 24,500 crates of cheese in excess of the frozen cargo, of the same period last year, and he was glad to say that up to ,date they had beeA able to get away all the frozen meat and dairy produce that had been offering. Three spacially chartered steapiers were shortly due, which should carry about 60,000 bales of wool and would meet all requirements up to February of those who ship by the company. Although freights had advanced all over the world, they had not gone up so much here as in Australia. Freights on wool, tallow, frozen meat, and dairy produce wer all higher there than in New Zealand. During the past year the company arranged tor direct steamers to go to Hull and Southampton, and though tire 'East Coast trade, like many others, was at present stopped on account of the war, they hoped to be able to Tesume it before long. The people of New Zealand were undertaking their share of responsibility in the defence of the~ Empire. The company had given £1000 to various funds and had given free carriage of about 200 tons of goods. The company did not have a large staff in New Zealand, but the positions of officers who had gone to the war were being kept open for them, and they hoped to see them back. The company realised that their very existence depended on the British fleet and the action of the Imperial Government. The report and balance-sheet were adopted.