THE NORTHERN STEAMSHIP COMPANY (LIMITED).

New Zealand Herald, Volume XXI, Issue 7002, 26 April 1884, Page 3

THE NORTHERN STEAMSHIP COMPANY (LIMITED).

•'■"■'- —' ■» . |. ANNUAL MEETING. The annual meeting of the Northern Steamship Company (limited) was held yesterday, at the Chamber of Commerce rooms. There was a good attendance of shareholders, and Mr. D. B. Crnickshank, Chairman of Directors, presided. The notice convening the meeting and the minutes of last general meeting were read and confirmed. ' The Secretary then read the annual report of the directors and the balance-sheet as follows :— The Net Profit for the year ended 31st Hatch, 1834, after full appropriation for all known bad or doubtful debts, amounts to .. .. % „ .-. £0,7*719 8 Xo which has to be added— Balance from year ending March 31,1883 .. £1,053 19 9 Leu Honorarium paid Directors _ „ 250 0 0 803 19 .9 Leaving a total, available for division, of.. .. _ .. .. „ £7,55119 5 The following appropriation of which is cow recommended:— To payment of Dividend for hix months ending March 31st, . 1884, at the rate of 10 . per cent per annum £2,833 12 0 To Amor-.t written off . _ for Depreciation .. 3,000 0 0 To Amount carried to ... Insurance Fend' .. 1,600 0 O To Balance carried to Profit and Loss (New Account) _ 218 7 6 £7.65119 6 The.Dividend will be payable at the Company's Otnce, Qaeen-street, on Monday next, April 28th inst. For the Board of Directors. D. B. Cruicxshank, Chairman. SAUHOE-SHEET. LlAßiHTnts.—Capital paid up, £66,672 ; premiums OB shares sold, £265 2s 9d; Insurance fund, £6000; depreclatiou .accouut, £2000; outstanding accounts owing by Company, £7472 Is 4d ; balance. £755119s 5d : total, £79,981 Ss 6d. Assets. -Stock as schedule, £74,375 5s lOd; cash In hand, £114 19a 3d ; outstanding accounts owing to company, £5470 18s 5d : total, . 79,9613s 6d. rßorrr and 10-s acoouxt. Dr.—Dividend payable, £2833 12s; depreciation written off, £3000; Insurance fund. £1500; balance £218 7s 6d : total, £755119s 6d. Cr.—Balance from year ending 81st March, 1883, £1053 19a.91: less honorarium, £250: net profit for the year ending 31st March, 1884, £6747 19i 8d: total, £7551 19s sd. April I,lßß* -Balance to new account, £218 7s sd. There was also a half-yearly balance-sheet issued, which showed the net profits for the last half-year to be £4772 14a Bd. •

The Chairman said: It now devolves upon me to propose the adoption of the report and balance-sheet aa just read. 1 think in doing so I can again fairly congratulate the shareholders on the results of the operations of this, the third year, of our company's existence. After paying a dividend at the rate of ten per cent, for the past six months, we have brought up our insurance fund to £7500, written off nearly five per • cent, for the twelve months on the value of your stock, and carried forward a small balance to profit and loss. 'Imay mention, in passing, that we intend for the future (when we can; to continue making the same allowance annually for depreciation that we have made this year,'so as to keep the company on as sure and sound a basis as possible. Taking into consideration the fact that we have during 1883. spent large sums of money on several of our steamers, a contiderable amount of which baa come out of working expenses instead of -going into stock, while our best boat,- the' Wellington, has been laid up for no fewer than five moaths, for the purpose of being fitted with her new machinery, &c...1 think.the accounts as submitted must be deemed very satisfactory. As you are aware, since our la«t annual meeting, Captain McGregor has been home arranging for the building of a new steamer to replace the Glenelg in the Tanranga, Russell, and; Auckland -trade, which will be launched from the Clyde this month. An order has also been sent for a light-draft twin-sorew steamer for stockcarrying, intended for the Waitara and West Coast, to be thoroughly " wellventilated, and fitted with a chamber for freezing meat. Both steamers are expected here about September.--To meet the cost of this accession to our fleet, already a number of our shares havebeen placed upon the home market and have been taken up at par,' so that the value of these new boatß will, to a large extent, be represented by English capital. When they arrive, or possibly before then, steps will be taken to dispose of some' of our wooden boatei, which we have reason to believe can be sold at fair prioes. I have only further to add that our managing director reports our steamers generally in good working order; that the money expended'on the Wellington has proved a complete success, the vessel being, to all intentaand purposes, as good as. new, and that the freight and passenger trade continues to be well maintained. -With these _ remarks I again beg' to move the adoption of the report and balance-sheet. The motion was seconded by Mr. Minetti, and carried unanimously. The Chairman anded that the half-yearly balance-sheet which had been published was issued principally for the information of the home proprietors. directors' HOiroßAßruar, On the motion of Mr. Alexandeb, seoonded by Mr. B. Tanner, the usual honorarium of £250 was voted for "the directors. DIKECTOBS. Three directors,' Messrs. T. Morrin, Ball, and J. M. Clark, retired from the directorate by rotation. The Chairman explained that Mr. Morrin having sold out his shares was disqualified, but the other two were eligible, and offered themselves for re-eleotion. Messrs. George Eraser and Thomas Melville had given notice of their intention te offer themselves for election as direotors, and the directors themselves nominated Mr. Arthur BnlL The articles of association provided for seven direotors, and they were desirous to have the number filled np. There were, therefore, four directors to be elected, and five were proposed,' arid it was, therefore, necessary tp t»ke a ballot. Mr. L. D. and Mr. Keynolda were appointed scrutineers, and on handing in their returns, the Chairman declared Messrs. J. M. Clark, Bull, Melville, arid Bell eleoted. There were two informal votes. auditor. The Chairman said that hitherto two auditors had been appointed, but it was thought that as Mr. Melville had gone to England, one auditor would be sufficient. Mr. Macfablane proposed and, Mr. Alexander seconded a proposition, "That Mr. Milne should be appointed sole auditor, his remuneration to be twenty guineas." Mr. Nathan moved as an amendment, "That Mr. John Buchanan Bo appointed joint auditor with Mr. Milne, their remuneration to be thirty guineas." The amendment was lost, and the motion carried. Votes of thanks were accorded to Captain McGregor (the Managing Direotor) and to the Chairman, and the meeting terminated.