NEW ZEALAND SHIPPING COMPANY.

Lyttelton Times, Volume C, Issue 11750, 30 November 1898, Page 3

NEW ZEALAND SHIPPING COMPANY.

ANNUAL MEETING.

The annual meeting of the local shareholders of the New Zealand Shipping Company was held at noon yesterday at the company’s offices, Hereford Street. The chairman, Mr H. P. MurrayAynsley, presided. Including thirty-two proxies, there were 2578 shares represented. Tho annual report of the London Board of Directors was as follows : The directors submit the audited accounts of the company for the year ending June 30, 1898, which, after providing for depreciation, insurance, London and colony charges, admit of a dividend of 4 per cent, free of Income lax, and carrying forward £BIB6 Is Id. The directors regret having to report the wreck of tho Company’s steamer Mataura in January last. The Board, of Trade inquiry exonerated the master and owners from ail blame. Contracts have been made with Messrs W. Donny and Brothers, of Dumbarton, for two new steamers of about 7000 tons each, with aepommodation for eighty first and second saloon passengers and increased insulated space for frozen produce, the first to ho delivered in December; and with Messrs Hawthorn, Leslie and Co., for two steamers similar to the Rakaia and Waimate. Tho first of these will also he delivered in December. The directors retiring by rotation are Mr Johnson, Mr Maolver and Mr Westray, who are eligible for re-election. Tho auditors, Mr T. A. Welton and Mr Edward Jones, of the firm of Welton, Jones and Co., chartered accountants, also retire, and offer themselves for re-appointment. The balance-sheet at June 30, 1898, showed: —To capital paid up—59,230 shares at ,£8 each, .£473,840; debenture stock, £1300,000; sundry liabilities London £145,071 Is lid, colony £314,(195 15s sd; bills payable, £16232 9s lid) balances of incomplete!! voyages, £52,935, •, 13s lOd ; profit and loss account—amount of proposed dividend at 4 per cent .£18,953 12s, balance carried forward .£BIB6 is Id. Total, £1809,914 14s 2d. By twelve steamships, 50,805 tons gross register, £483,013 Is 9d; four sailing ships (4581 tons register) and one coal huik, £13102; refrigerating machinery (twelve steamers and one sailing ship), £43,84.3 149; investments, £80,625 ls7d; property account—Offices and stores at Auckland, Christchurch, Lyttelton and Invercargill, stores and wool presses at Napier, Lyttelton and Waitara, office furniture (London and colony), £22,620 10s 2d; coals and consumable stores, ashore and afloat, £4IOB 17s Sd; sundry amounts due to the company, chiefly freights covered by insurance, £93,557 19s 6d; bills receivable, £29,822 18s; cash at bankers and deposits, London and colony, including proceeds of insurance of Mataura, in hands of Debenture Trustees, £133,160 11s 6d; t0ta1,.£803,014 14s-2d. The profit and loss account at June 30, 1898, showed: —To balance of interest account, £9603 13s 9d; amount of proposed dividend at 4 per cent, £18,953 12s; balance carried forward, £BIB6 Is Id; total, £36,743 6s lOd. By balance brought forward from June 30, 1897, £5798 14s 9d; net profit affer deducting depreciation to June 30, 1898, insurance, London and colony charges, and directors’ fees, £30,944 12s Id; total, £36,743 6s lOd. The Chairman moved the adoption of the report and accounts. Reviewing the past year, ho referred to the loss of the Mataura, which had occurred at the season she was most required. The negotiations for the sale of the Ruapehu had fallen through. The company was building four new steamers, two of which might be termed improved Ruahines. One of these, the Papanui, had been launched, and was expected to be ready to leave London in January. The proposed sorting-sheds for frozen meat in London would be of great benefit to the company, and the directors were assisting the scheme as much as possible. The unfortunate ships usually got all tho discredit for damaged meat, *but by the use of sorting-sheds they could detect at once who was to blame. In consequence of the increase in charter money demanded by owners of sailing ships, in many cases 20 to 25 per cent above rates paid last year, they had been obliged to raise the rates of freight on wool l-16th of a penny per lb. It was generally admitted throughout the colony that this increase had been warranted under the circumstances. The rates fixed for sailing vessels from New Zealand were about l-16th of a penny higher than the rates ruling in Australia, and when it was "borne in mind that they had supplied tonnage to all ports in New Zealand at the same rate of freight, the difference was not unreasonable. Some shippers in the North Island, liowever, thought differently, and several sailing ships had been chartered to load in opposition during the season. The directors felt that this attack on the trade of the Company, and the forcing of a reduction in freight, was most unwarranted. The effect was that the Shipping Companies were called upon to provide tonnage at non-paying rates in the height of the wool season when cargo was plentiful, and were then left to find ships in the off season when cargo was not so plentiful, and when it was not always possible to obtain full cargoes The organisers of the opposition in the North Island were careful not to put on vessels in the off season. They would notice that the vessels of the fleet had been heavily written down. Since the issue of the balance-sheet the Rangatira had been sold at a price which cleared her book value. They were getting rid of the sailers as fast as possible, there being only three left as against twelve in 1892. At that time they had only eight steamers, as against twelve now running between’, the colony and London, and four building, including the one just launched. The writing down of the steamers was necessitated by steamships getting out of date so quickly nowadays, and the fact that large vessels were now required for their trade. The value cf the steamers in the open market was the basis they went on. A few years ago their steam tonnage was only 35,000, while now it aggregated 50,800. In Auckland they had erected a handsome building on the land leased some years ago from the Harbour Board. At Napier they had put up a woolshed and dumping-press, which would greatly facilitate their trade. He regretted that Captain Rose, a very old and valued servant of the company, and late manager at Wellington, had left the service, but they could congratulate him on being in a position to retire independently. The company was in a sound position, and the shares had been working up lately. The Hon C. C, Bowen, in seconding the motion, alluded to the position as satisfactory and sound, viewed from all aspects. The new ships would be of especial value,

being of a paying model. The first steamers were extremely handsome vessels, but had been built before the meat export radically, altered the conditicps of the trade. V' . . The motion was carried. Messrs P. J. Fryer, A. E. G. Rhodes and C. C. Bowen were re-elected as Directors. Messrs E. S. Harley and A. Garrick wore re-elected as auditors. Mr A. H. Turnbull moved a vote of thanks to the Directors for their services during the year. It would be admitted that they had had exceptional difficulties to contend with.’ He regretted that it had been found necessary to increase the wool rate. When, however, /the very large amount of crops south of the line to be transported this year, and the low rates which had obtained for sometime past for charter parties, were taken into account,, the increase would not he called an undue one. With regard to the slack season and half-empty boats, he asked whether the rates could not at that time be increased, to average up the returns of. the busy season, when they were subject to competition. None of them would complain of competition if the rates, were high, but considering the low rates ruling, he thought the action taken in certain quarters very unfair. The Chairman, in acknowledging the vote of thanks, said the Directors werekeeping a good watch on the shareholders’ interests, and the London Board had done very good work. The Chairman moved a vote of thanks to ■ all the officers of the Company, ashore and* afloat, alluding in complimentary terms to - the work of the staff.

The General Manager suitably acknow- , edged the compliment. At a subsequent meeting of the Board,.. Mr Murray-Aynaley was re-elected Chairman,