AUCKLAND AND NORTH SHORE STEAM FERRY CO. (LIMITED).

New Zealand Herald, Volume XII, Issue 4125, 2 February 1875, Page 3

AUCKLAND AND NORTH SHORE STEAM FERRY CO. (LIMITED).

Tub second annual meeting of shareholders in this company was held yesterday afternoon in the company's office, Vailc's Buildings,—Mr. Johu Hay in the chair. The minutes were read and confirmed. The report aud balance-sheet were taken as read. : They are as follow :— I The directors submit to the shareholders thoir annual statement of accounts, it- ect forth in tht; an* nexed b.ilanco-sh. ct. It will he remembered that the company suffered s< vere loss--* in the month of Feb* ruary: but. by careful management and personal efforts, your dir-ctnrs re-or<uiised the service as speedily as possible. I o meot farther contingencies, depreciation, .tc , the nec«:s«ity of a rcscivt* fun f is admitted, and the director* rrcuunwDil the for ration of a special fund for that purp st\ The directors congratulate the .shareholders on tho increasing prosperity of the company, and r<comrv.eud the payment of a dividend at th« rate of 5 per ceot. Messrs (J. 51. •Kec3 and John Leek retire from the directory, and do not offer themselves for re-election. Mtssrs. W. C Wilson and Willitm Aitken being eligible, offer themselves for election, f-or the directors.—John Hay, chairman. January 27, 1575. Protttand Los* Account, Juiuary27,lS74 —Debtor: To wages, £1501 17 ; coils, supplies for engineer, aud water. £035 14s .Oil; repairs aud depreciation. £12!*j 93 -id ; amount* due for c<ia ; s, repairs, «fco , £200; wharfage, £100 9s :M: inspector's fens, tIS ISs; contribution to l)ev«n}'ort wharf, £15; advertising printing and stationery, UG3 13-; '2d; mi-.coUaneous expenses, C7C Os 2d; intere.it, •.35 0s: capital account, £75 Jig; amount written off for doubtful debts, £(J0; balance, £3o<j Is: total, £4MI 5-s 4d. Creditor: Imbalance, 39th January, 1574, £ll>o 4■* 41; passage money and freight, £4451 5s !>d; subsidy from Provincial Government, .els* lfnl»d; discounts, kc , £9 IDs 6d : total, £4*41 ys 4d. lJalanee->hcct, 27th January, IS7.V —Debtor : Liabilities—To creditor-, £200: balance, £4000 0s — .CIO2O Gs : to capital, viz. —431*9 allotted shares, calls paid, £4330 ss; 431)0 a'totted share*, calls unpaid, £tH 15s; 001 unallotted shares, £001; profit and loss and balance, C 330 Is: total, £4000 o*. Creditor: A-S ts —By steamers, as per schedule, £4100: coals on hand, £20: mooriDgs and plant. £127 Is sd; cash in bank and in hand, £32G lis 3d; debtor, £310 13» 4-1; balance, £4000 Gi. I have examined the accounts of the Auckland and North Shore steam Ferry Company (Limited), and 1 hare to report that the above balance-sheet exhibits a full and fair sUtemeut of the affaire of the company. OEOIIfSE PHASER, Public Accountant, Auditor. Auckland, 30th January, 1575. —The Chairman, in moving the adoption of the report and balance-sheet, said he and the directors had much pleasure in being able to meet the shareholders with a dividend. It was a small dividend certainly ; but looking at everything, the state of the company was very encouraging. There was every reason to anticipate that the prosperity of the company would increase. The Chairman concluded by moving the adoption of the report.—Mr. G. S. Graham seconded the motion, which was carried nem. con. Election of Directors.—Mr. Cr. M. Reed said it was not necessary to inform the meeting that he had taken great interest in the development of the company. He congratulated the shareholders upon the high state of prosperity at which they had arrived. He had on many occasions thought of retiring ; but he would not take any resolution in that direction until the prosperity of the company was assured beyond a doubt. He therefore moved, 41 That Messrs. W, C. Wilson and \V« Aitken be elected directors I '' Ho believed the election of these gentlemen would add greatly to the strength of the company.—Mr. Aitken seconded the motion, which was carried unanimously.— Mr. fieorgc Fraser was elected auditor.— Mr. G. M. Reed thought there ought to be some qualification for a seat at the Board of Directors. He was not bound as to the amount of qualification; It might be 30 shares or 40 shares, or 50 shares. He thought 50 shares would be a very fair qualification. —Mr. Aitken thought a special meeting should be called for this purpose. He thought it a right thing to do, but the question was whether it could be done at an ordinary meeting.—Mr. G. S. Graham was of the same opinion.—Question put, that the qnaliiication bo the holding of 50 shares. —Mr. Harris moved an amendment, that the qualification should be 25 shares.—Mr. Hall enquired how many shareholders there were holding over 50 .shares.—The Secretary said there were 32 shareholders of 50 shares and upwards.—The Chairman said that in regard to the matter whether the question could be put, there was no rule on the subject. His itnpreesion was that only three days' notice of the motion was requisite. Mr. lleed, he believed, had given three days' notice (Mr. Heed : Yes). —The amendment was withdrawn, and Mr. Heed's motion carried unanimously.—A vote of thauks was passed to Mr. Keed and Mr. Leek, the retiring directors. A vote of thanks was passed also to the chairman and directors and to the manager of the company. This concluded the business of the meetiug.