AUCKLAND STEAM PACKET COMPANY (LIMITED).

New Zealand Herald, Volume X, Issue 3623, 21 June 1873, Page 3

AUCKLAND STEAM PACKET COMPANY (LIMITED).

The general meeting of shareholders of tho above company look place yesterday afternoon, at the offices of Captain Dahly, Queenstreet. Mr. Stannus Jones, chairman of tho Board of Directors, presided, and colled upon the Manager (Mr. Lodder) to read the directors' report and balance-sheet. He also read the manager's report on the condition of the steamers owned by the company, and tho expenses and earnings of the several boats, which wa6 of a highiy satisfactory character The following is the directors' report: — The directors, in presenting to the shareholders the balance-sheet of the company for the past year, have the satisfaction to report that the operations of the company commenced with the steamers Golden Crown and Koyal Alfred on tho 10th May, IbT'i. The Golden <*rown has run steadily with ordinary repairs. The Koyal Alfred has received extensive repairs, and was laid up for 3-1 days—the earnings, therefore, show for scarcely eleven months. Finding success attending the efforts of the company, and believing it would be wise to enlarge its operations, an extraordinary general meeting of the shareholders was called on the 13th January, 1873, when it was resolved to increase the capital of the company by the issue of 2,500 additional shares at a premium of 10s each, these, with 251 unallotted shares made *2,7.01; of this number 001 were sold, and 1767 shares are now held by the com- I pany. After the increase of capital thcp.s. Comerang was purchased on the 27th December, 1572, and the s.s. Star of the South on the 2jth February, 1873; the accounts showing for the former less than four months, and for the latter vessel only seventy days' earnings. After paying interest on a large overdraft incurred by purchase of new boats, to say £G'J per month, the balance-sheet presents profits, being net earnings, equal to 23 per cent, on tho paidup capital of the company. The shareholders will bear in mind that in the formation of the new company there were many expenses incurred which in future will be avoided. The directors believe that, with tho assistance of their present manager (Mr. Lodder) they will be enabled to economise in machinery and fuel. Your directors, with the object of reducing the overdraft, advise that the entire profits of the company be retained, and that no dividend for the past year be declared. With the increased number of boats and prospects of employment, the directors are of opinion that the present year will show greater results.—For the Board of Directors, Stannous Jones, Chairman. The Chairman said that after the resignation of Mr. Hugh Craig, Captain Holmes succedcd the management for a short time. Owing to his duties ho was unable to attend to more than the accounts and office work. On Mr. Lodder's appointment ho had given hia attention to various itemß of expenditure, and tho result was, that on one item, oil to steamers, there was a saving alone of £120 a-year. Freight, he was happy to say, was also increasing rapidly. If no shareholders desired to make any observations on the report, he would move iti adoption.—Mr. "Wardrop said he noticed an item in the accounts which required some explanation —" Cattle, loss on adventure, £273 14s 9d."—Captain Daldy Btated that, there being no employment for one of the steamer*, ehe bad been despatched

for a cargo of cattle. In landing them at the Tamaki, the puufc capsized, and a lot of the cattle were lost. But for that mishap, the . speculation would have proved a paying one. ! - Mr. Wardrop understood that tho steamer in question had had a good offer for charter. Captain Daldy replied that the offer was not deemed satisfactory by the directors. He then seconded the adoption of the report, after explaining the steps taken by the directors to ensure the financial prosperity of tho company. Tho motion was carried unanimously. ilr. Watt asked a question as to the premium paid on unallotted shares, which was satisfactorily answered.—The Chairman stated that, by tho rules, Mr. Thomas Russell and Captain Daldy retired from the directorate, but were eligible for re-election. On the motion of Mr. D. 13. Cruickshank, seconded by Mr. Lodder, both gentlemen were re-elected. —Mr. George Fraser was re-elected auditor for the current year, at a fee of twenty guineas.-—Captain Daldy moved a vote of thanks to the Chairman, which was carried by acclamation, and the meeting dissolved.