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

At Kawakawa on the 23rd April, the halfyearly meeting of the shareholders in the Bay of Islands Steam Navigation Company was held. Mr. T. P. Moody in the chair. The directors' report, which was made up to 29th February last, stated that up to that dat« the directors had the satisfactiou of believing that the result of the half-year's work would have been as successful as the last half-year, the net profits of the s.s. ' Ida' having been to 29th Feb., £174 7s 2d. They would, had matters remained mnaltered, have been in a position to declare a dividend at the rate of 20 per cent, per annum, to place a further sum of fifty pouud3 to Reserve Fund, and again carry forward a balance to credit of current accounts for working expenses. Uhfortunately, as you are all aware, these expectations have been disappointed by the accident of the sinking of the goods barge, and, in place of a surplus, your directors are compelled to report that the claims on the company for losses sustained in that accident will not only swamp the profits of the half-year and the present reserve fund, but will leave a deficit of £107 43 Sd to come out of the profits of the current halfyear. In view of this, your directors are giving their earnest attention to securing the utmost economy consistent with the profitable working of the traffic, and they have confidence that by the end of the halfyear they will again be able to report a surplus to the credit of the company. The report also showed that the total amount of claims for loss was £676 9s. The net proceeds of the salvage were £344 17s 2d, leaving a deficiency of £331 lis lOd. This loss the directors proposed to meet as follows : —Reserve fund, £50 ; profits of halfyear, £174 7s 2d; to come out of next halfyear's profits, £107 4? Bd. The capital of the company was shown to be £3000, of which £1000 was called up. The chairman stated, in moving the adoption of the report, that the accounts showed an increase of about £43 on account of passage money, and about £4 on account of freight. In reply to a question, the chairman said the amount received for passenger money during the half-year was £237, as [against £194 last half-year. The report and balance-sheet were adopted. A vote of thanks to the directors and chairman brought the business of the meeting to a close.