THE NORTHERN STEAMSHIP COMPANY (LIMITED.)

New Zealand Herald, Volume XXI, Issue 7003, 28 April 1884, Page 1 (Supplement)

THE NORTHERN STEAMSHIP COMPANY (LIMITED.)

The annual meetiag of the Northern Steam-' ship Company {Limited) was held on April 25, at the Chamber of Commerce rooms. There was a good attendance of shareholders, and Mr. D. B. Cruickshank, Chairman of Directors, presided. The notice convening the meeting and the minutes of last general meeting were read and confirmed,. The Secbetaky then read the annual report of the directors and the balance-sheet' as follows :— The Net Profit for the year ended 31st March, 1884, after foil' appropriation for all known bad or doubtful debts, amounts to £6,747 10 8 To which has to be added— Balance from year ending March 31,1883 .. £1,053 19 9 Less Honorarium paid Directors — .. 250 0 0 803 IB 9 Leaving a total, available for division of.. .. „ £7,65119 5 The following appropriation of which is now recommended:— To payment of Divi- . denrl for six months ending March 31st, 18S4, at the rate'of 10 per cent per annum £2,833 12 0 To Amount written off for Depreciation. .. 3,000 0 0 To Amount carried to Insurance Fund .. 1,600 0 0 To Balance carried to Profit and Loss (New Account) .. .. 218 7 6 — £7.851 IB W Tho Dividend will be payable at the Company's Office, Queen-street, on Monday next, April 28th inst. For the Board of Directors. D. B. Cbijiokshavk, Chairman. BALANCE-SHEET. Liabilitiib.—Capital paid up, £56,672 ; premiums on shares sold, £265 2s 9d ; insurance fund, £6000 ; depreciation account, £2000; outstanding accounts owing by Company, £7472 Is 4-i; balance, £755119s Sd : total, £79.961 3s 6<L Assets.-Stock as schedule, £74,375 6s lOd; cash in hand, £114 19s 3d ; outstanding accounts owing to company, £5470 18s 5d : total, 179,961 3s 6d. rKOFIT AND LO»S ACCOOST. •Bit.—Dividend payable, £2833 12s; depreciation written off, £3000; insurance fund, £1500; balance, £218 7s Sd : total, £7551 19s sd. Cb.—Balance from year ending 31st Maroh, 1883, £1053 19s 9(1 ; less honorarinm, £250; net profit for the year ending 31st March, 1884, £6747 19i 8d : total, £7551 19s sd. April 1, 1834—Balance to new account, £218 7s sd.

There was also a half-yearly balance-sheet issued, which uhowed the net profits far the last half-year to be £4772 14s Bd. * The Chairman said: It now devolves apon me to propose the adoption of the report and balance-sheet as 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. 1 may 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 1833 spent larga sums of money on several of our steamers, a considerable amount of which has 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 months, for the purpose of being fitted with her new maobinery, &c., I think the aocounts as submitted must be deemed very satisfactory. As you are aware, since. our last annual meeting, Captain McGregor has been home arranging for the building of a new steamer to replace the Gienelg in the Tauranga, Russell, and Auckland trade, which will be launched from the Clyde this month. An order has also been sent for a light-draft twin-screw 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 have been plaoed upon the home market and have been taken up at par, so that the value of these new boats 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 j boats, 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 intents and 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. Tho motion was seconded by Mr. Mxnetti, and carried unanimously. The Chairman added that the half-yearly : balance-sheet which had been published was issued principally for the information of the home proprietors. directors' honorarium. Gn the motion of Mr. Alkxander, seconded by Mr. B. Tanner, the usual honorarium of £250 was voted for the directors. DIRECTORS. 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 Fraser and Thomas Melville had given notice of th<sir intention, te offer themselves for election as directors, and the directors themselves nominated Mr. Arthnr Bull. The artioles of association provided for seven directors, and they were desirous to have the number filled up. There were, therefore, four ""ajrectora to be elected, and five were proposed, and it was, therefore, necessary to take a ballot. Mr. L. D. Nathan and Mr. .Reynolds were appointed somtineers, and on handing in their roturns, the Chairman declared Messrs. J. M. Clark, Bull, Melville, and Bell eleotecL 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. Maojarlane 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 Buohanan be appointed joint auditor with Mr. Milne, their remuneration to be thirty guineas." The amendment was lost, and the motion carried. Votes of thanks were aocorded to Captain McGregor (the Managing Director) and to the Chairman, and the meeting terminated.