A GOOD YEAR

Evening Post, Volume CXIX, Issue 128, 1 June 1935, Page 12

A GOOD YEAR

NORTHERN STEAM SHIP CO

"It is, perhaps, a sign of the times that your directors should this year recommend the payment of a dividend. Normal times are apparently slowly but surely returning. Confidence is being regained, and psychological fear is being lost. In the immediate outlook there is a note of cheerfulness and expectancy which for some years has been silent. The effect of Great ! Britain's remarkable recovery should I ultimately reach New Zealand." In these words the chairman of directors, Mr. Ernest Davis, addressed shareholders yesterday at the annual meeting of the Northern Steamship 'Company, Limited,., Auckland. Mr. Davis said that in spite of the keenest competition from the railways and other forms of transport, the company's trade had been maintained, inasmuch as the company during the period under review handled 175,604 tons of cargo, representing an incrase on last year of 4987 tons, and in addition 90,572 passengers and excursionists, an increase of 10,309. These figures were materially reflected in the company's returns, but not to the full extent they should have been, because of the prevalent drastic rate-cutting. To supplement and improve the fleet, the directors during the year purchased the new motor-ship Atua. As this vessel was of particularly shallow draught, she had been engaged successfully in the Opotiki trade. "A GOOD YEAR." "I am pleased to say we have been free from any serious accident to either our employees or our vessels," continued the chairman. "Our fleet has been well maintained, a sum of £10,000 having been spent on reconditioning and keepii\T our vessels up to an Al standard. The company is a large employer of labour. During the year we have paid out £78,230 in wages to our employees. "Following the action of the Government in restoring portion of the wages reduction to public servants, shipowners made similar concessions to their employees, with the result that additional expense in carrying on our business is incurred. "We have a very efficient staff, both in the manning of our ships and ashore, and it is due in no small measure to their efforts that we have succeeded in meeting the many problems of modern transport." The balance-sheet disclosed a net balance, after providing for all repairs, maintenance, bad debts, and depreciation, of £7645 6s 6d, out of which the directors recommend a payment of a dividend of 5 per cent., with the balance of £1994 15s lid carried forward.

Mr. Davis formally moved the adoption of the report and balance-sheet which was carried.