NORTHERN STEAMSHIP COMPANY (LIMITED).

New Zealand Herald, Volume XIX, Issue 6394, 16 May 1882, Page 4

NORTHERN STEAMSHIP COMPANY (LIMITED).

Thh annual general meeting of shareholders in. thin company was held yesterday, in their offices, for the purpose of receiving the report of the directors for the year ending 31st of March, to elect directors and auditors, and other business, —Mr. D. B. Cruickshank in the chair. The minutes of the last general meeting were read and confirmed. The following is the first annual report and balance-sheet laid before the shareholders : — Tho directors have much satisfaction In meeting tho shareholders with a favourable report, as exhibited in the following statement of the result of tho past year's operations :—The net profit for the year ended 31st March, 1882, after full appropriation for all known bad or doubtful debts, amounts to £8550 6s Id. From which has been paid: Dividend at the rate of 10 per cent, per annum for six months ending September 30, 1881, £2433 7s ; dividend for throe months ondiDg December 31, 1881, £1358 Is 3d -£3791 5a 3d: leaving a total, available for division, of £475817s 10d. The following appropriation of which is now recommended : —Payment of dividend for quarter ending March 31, 1882, at the rata of 10 per cent, per annum, £1303 123 3d; amount written off for depreciation, £1000; amounts carried to insurance fund, £2000; balance carried to profit and loss (new account), £455 5s 7d— £4758 17s 10d.—For the Board of Directors, D. B. Ckuiokshank, Chairman. BALANCE SHEET. Liabilities. — Capital jwid up, £52,144 10s ; premium Oα shares sold, £26-> 2s 9d : outstanding accounts owing to company, £637 Cs 8d : balance £4758 17s 10d: total, £57,855 17s 3d. Assets.—Stock as valued 31st March, 1882, £50,723 11s ; caah in Bank of New Zealand. £1982 8s lid ; cash in hand, £101 2s; debts outstanding, £5043 15s 4d: total, iJ57,85517a 3d. PROFIT AND LOSS ACCOUNT. 1882.—T0 dividend paid September 30th, 18S1, £2433 7s; to dividend paid December 31aV, 18S1, £1358 Is 3d; March 31.—T0 balance, £4758 17s 10d : total, £8550 6s Id. By not prollt, year ending March 31st, 1882, £8550 Os Id : total, £8550 6s ld.l 1882.—March 31: To dividend paid March 31st, 1882, £130312s 3d : depreciation written off, £1000 ; Insurance Fund, £2000; balance to aew account, £455 5s 7d : total, £4758 17s 10d. 1882.—March 31: By balance, £4758 17s 10d : total, £4758 17s 10d. April Ist, 1832 :By balance new account, £455 53 7d. The Chairman, in moving the adoption of the report, said : Gentlemen, —It now derolves upon me to propose the adoption of the reporb and balance sheet which have just been read, and which hare been printed for circulation among the shareholders. The figures submitted to you speak for themselves, without calling for much comment from me. They show a profit on our opera.tions for the first twelve months which I have no doubt will be deemed satisfactory, and the plan which your directors have adopted in dealing with the balance available after payment of the dividends will, I think, meet with yoar approval. We thought it right at the outset, to inaugurate a system .which we will try to keep up, viz., that of writing off a sum for depreciation, and laying aside an amount towards the compilation of an insurance fund. Gentlemen, to-day's statement proves unmistakably that a really successful steamboat company can be got up in Auckland. It also means that we, who from a very small beginning have associated ourselves together and brought the N.S.S. Co. to what it now is, it may be capable of much greater development. I may go further and say that if we, with our magnificent harbour and seaboard, abundance of coal to our hand, and with many other natural advantages in the North for carrying on steam services, do not grow in strength as we grow in years, the fault will only be our own. We have now a fleet of nine steamers trading out of this port and its vicinity. For Tauranga and Bay of Plenty ports we have a steamer on the stooks, which should be ready for sea in a couple of months; while it is also intended, with a Tiew of keeping pace with the growing requiroments of the trade, to build another boat about the size of the Wellington, for Tauranga, Auckland, and Russell. I am very pleased to be able to add that our managing director reports all our steamers in good working order—indeed, as a whole in better condition than when the company was formed ; that our freight and passenger trade is showing up well for this the dullest season of the year ; and that our prospects generally for the ensuing twelve months are rery hopeful. With these remarks I have much pleasure in proposing the adoption oi the report and balance-sheet. Mr. _ Bull : I have . much pleasure in seconding the adoption of the. report and balance-sheet laid before the meeting, and I concur vrith the remarks which have been made by the chairman. I think there is good reason to congratulate you on the results of your first year's trading. I think the returns show that upon £50,000 odd, there is about 17 per cent. Thefact hardly requires anycomment—it speaks for itself. I think that the course the directors hare adopted of lajing by a sum towards an insurance fund, was very desirable, for until such a fund has attained some magnitude, if we should have the misfortune to lose a boat, that would be an appreciable loss of capital; whereas if we are able to lay by a sufficient sum for this purpose, we are in a position at any moment to replace our loss. As to a better steamer being built for Tauranga and the Bay of Plenty trade, I presume by a regulated method of substitution wo will be able to provide a better steamer for other places also. I think, therefore, the report of the year's operations is very satisfactory. lam sure the shareholders will all agree with me that it is most desirable we should keep up a good feeling with the people in all the places where we trade, and thai; we should be disposed to encourage trade in every possible way, so that the company should share with them the prosperity which is »ure to await the northern districts of New Zealand. The motion for the adoption of the report and balance-sheet was adopted unanimously. election or directors. The Chairman said that this year the directors retired in a body, except Captain McGregor, who was director ex ojich. The directors were :—Messrs. D. B. Cruickshank, J. M. Clark, T. Morrin, William Thomas Ball, and James Macfarlane. On the motion of Mr. Melville, seconded by Mr. Mitchblson, the retiring directors were unanimously re-elected. HLBCTIOir OF AUDITORS. On the motion of Mr. T. Morrin, Messrs. Milne and Molville were unanimously reelected auditors, and the fee was fixed at 15 guineas each. The Chairman : That concludes the ordinary business of tho meeting, REMUNERATION TO DIRECTORS. Captain H. P. Anderson : There is a matter which I should like to bring before the shareholders. I think that after reading this report and balance sheet, taking into account the work and trouble the directors hare to undertake, they ought to be paid. I do not say that they should be paid any great amount, but it is necessary that they should come here often and look after the work to be done I should like to see them encouraged to carry forward the work they have done into the future. I therefore move that a sum of £150 should be paid to them. The Chairman : That is a subject that I should not like to discuss. I think that Captain Anderson is scarcely in order. But I would ask whether he means that the sum should be paid for future or for past services. Mr. Bull : I agree with Captain Anderson, and will second his motion. The Chairman : Looking at the 66th article, I think that the directors should not say what they are to get for themselves, but the meeting should aay what they are entitled to. _ The article is in effect that the "other directors should receive such remuneration as may be sanctioned at th

general meeting, and divided in such manner aa the shareholders think fit." I therefore think this meeting can only decide as to past aerricea. To say they were to be paid for fnture services is very like putting the cart before the horse. Mr. Bull : I certainly think the directors are entitled to be paid for the past year's eerrices. I think it would be perfectly competent for this meeting to say that the sum which the shareholders think them entitled to should be taken out of the balance carried to profit and loss. Captain Andersox : The directors cannot vote anything for themseJ ves, and they cannot take anything out of balance unless this Meeting sanctions it. Mr. Bull : I should ?iko to know whether the sum proposed (£150) is sufficient. The sum wculd be barely £30 a-piece. 1 think they are entitled to more than that for the work they do. "We must have a working body of directors wko will give up a good deal of their time to promoting the interests of the company. Captain Anderson : I agree that the sum is not sufficient, but it might be considered sufficient to start with. It is only a young company. We cannot do all that we could wish all at once. Mr. Melville : I quite agree with those who say that the directors should be paid, and that the sum is scarcely sufficient for the services peiformed. A Shareholder : It is certainly not enough. I think if we are going to vote anything at all, we ought to vote more than that. I think that £250 would bo little enough, and shall support a motion that the directors be paid that sum for their past services. Mr. Bull : I move that the remuneration of the directors be fixed at £250. I think that is the lowest we could offer them. The Chaiubian : But you, Mr. Bull, have seconded the proposition made by Captain Anderson. Mr. T. Ball : Perhaps someone would tell us how many meetings the directors have to attend, and the nature of the work done. The Chairman : The initiation of the operations of the company for the first three or four months after starting gave the greatest trouble. There was a good deal of business i7hich the directors had to attend to. Mr. Melville : I second Mr. Bull's prgposition that the directors should receive £250. 1 think they ought to be paid liberally. My experience is that people who have to do work are of little use unless they are paid. Work done for nothing is seldom worth having. The Chairman : Perhaps it would be the better way, and more in order if Captain Anderson would alter the amount, and Mr. Bull might still second Captain Anderson's motion so amended. Captain Anderson : I am quite agreeable to that. Mr. Bull : I second the amended resolution—that the directors should receive £250 for their services. The motion, as amended, was put and carried unanimously. Vote of Thanks. Mr. W. S. Wilson moved a vote of thanks to the directors, and managing director (Captain McGregor), for the services rendered to the company. Captain Anderson : It may seem not the right thing for one sailor to praise another sailor, but everyone must know that Captain McGregor has spared no pains or trouble that might forward the interests of the company. I second the motion. The motion was put and carried unanimously. The Chaibman : On behalf of the directors and the managing direotor thank you for the compliment the shareholders have paid us. W» shall work in the next year as in the past, and we hope to have even a better report to lay before you ■when we meet again. This concluded the business.