KAIPARA STEAMSHIP COMPANY.

New Zealand Herald, Volume XVII, Issue 5760, 4 May 1880, Page 6

KAIPARA STEAMSHIP COMPANY.

The half-yearly meeting of the above company was held yesterday at 3 o'clock, p.m., at the office of Mr. Tothill, Shortlaud-street. There were about a dozen shareholders present ; Captain Colbeck (Chairman of directors) presided. The Chairman called upon the Secretary (Mr. Lodder), to read the following report and balance-sheet:— The directors, in presenting the balance-sheet to March 31st last, are glad to report a decided improvement in the company's affairs. The balance-sheet made up to September 30th, 1579, showed a debit in profit and loss of £1379 9 3 lOd, to which should have been added £333 10s Id, being amounts for accounts paid this halfyear, but which were not rendered in time for previous balance, thus making a total of £1717 19s lid. The net earnings of steamers as shown for this half year is £1363 4s Sd, to which are added profits from other sources, £365 Is 6d amounting to a total of £1728 Gs 2d. After paying interest on overdraft and insurance on £6750, it leaves a debit in profit and loss of £1306 13s 9J. The directors have used their best efforts to dispose of the Tangariro, but at auction only £2700 was bid for her, which sum was then considered insufficient in the face of the value put on the vessel by the valuators appointed to give their report on the whole of the steamers, as per resolution at the last general meeting. The following is the result of the working of the several boats during the six months ending March 31, 1830:—P.s. City of Cork : Receipts, £143118s 6d; disbursements, £862 7s 4d; balance at credit, £569 lis 2d. S.s. Gemini, s.s. Lily : Receipts, £940 163 2d ; disbursements, £897 lis 3d ; balance at credit, £43 4s lid. S.s. Durham : Receipts, £1405 19a lOd ; disbursements, £847 Gs 6d; balance at credit, £358 13s 4d. S.s. Minnie Casey : Receipts, £1353 13s 2d; disbursements, £819 16s 9d ; balanee at credit, £538 IGj sd. S.s. Kina : Receipts, £888 8s 2d; disbursements, £1045 2s lid ; balance at debit, £156 14s 9d. P.s. Tongariro : Receipts, £9615s lOd; disbursemants, £287 2s 3d ; balance at debit, £190 6s sd.

Liabilities.—To capital, viz. : 510 shares fully paid up at £5, £2550 ; 2823 shares partly paid up at £5, £14,115 ; to overdraft at bank, No. 2 account, £10,347 8s lOd; Bank of New Zealand, £352 Gs 6d ; accounts owing by company, £368 2s Id : total, £27,7*32 17s sd. 266/ unallotted shares at £5, £13,335. Assets. —By steamers as per schedule, £21,649 ; punt, £62; coal on hand, £55 ; office, buildings, furniture, &c., £168 7s 7d ; suspense, £51 2s ; accounts owing to company, £1008 19s ; ships' stores on hand, £65; preliminary expenses, £1419 0s lOd ; National Insurance, £171 lis; boat —Riverhead, £19 19s ; bills receivable, £100 ; calls unpaid as per schedule, £1586 163 ; cash in hand, £69 8s 3d; balance, profit and £1306 13a 9d : total, £27,732 17s sd. PROFIT. —To balance September 30, 1579, £1379 9s lOd; additional accounts due, but not rendered previous to balance, £338 10s Id; interest - Bank of New Zeiland, £231 15a 3d; interest —National Bank of New Zealand, £504 13s 6d ; claims and allowances, £24 14s 7d; manager's salary, £150; printing, stationery, advertising, office expenses, and miscellaneous charges, £172 0s Sd; auditing, and special survey of company's property, £169 3s Pd; Kaipara—providore account, £26 13s 2d; Kiipara railway, £46 19s Id : total, £3034 19s lid. Loss. —By steamers' earnings, £1363 4s 8d ; storage, £4 17s 2d; commission, 5s ; wines and spirits, &a., £9 19s 4d ; shares forfeited, £150 ; balance, £1306 13s 9d : total, £3034 19s lid.

The Ch\irma>-, in moving the adoption of the report and balance-sheet, said that he did not deem it necessary to make any lengthy remarks. The company's boats had been re-valued by men capable of judging, and were good value for the amounts set against them. What had retarded the progress of the company was the large overdraft and the items of interest and insurance. He had no doubt of their success by fighting the battle through, as pluck and perseverance would ultimately win. The enterprise could scarcely be called a speculation, but was simply legitimate business.

Mr. Ll D. Nathan seconded the motion, which waß carried uuanimonsly. The Chairman said it was desirable that the directors bs empowered to dispose of the Kina and Tongariro. Would the shareholders indicate their wishes in that respect ? Mr. A. Buckland moved that the directors be authorized to sell the Tongariro and Kina at the best obtainable price. Mr. Hull seconded the motion. Mr. Brett was of opinion tint the steamers should be sold by public auction immediately. Mr. Bcckland said from his experience as an auctioneer they would not of necessity get a better price by disposing of the boat 3 by auction. Everything depended on the season of the year, and the special demand. Mr. Nathan understood that £2700 had been already offered for the Tongariro, and that the offer was still good. Experts valued the vessel, as she now stood, at £3500. Mr. Lodder said that negotiations had been opened up regarding her sale, but no bargain had been closed. Mr. Brett moved the following addition to Mr. Buckland's motion, "That the steamers be sold by public auction, six months hence, unless previously disposed of," which, in its amended form, was carried unanimously. On the motion of Mr. Buckland, seconded by Mr. Brett, a vote of thanks to the Chairman and Directors was carried unanimously.