MEETINGS.

New Zealand Herald, Volume XXV, Issue 8987, 27 February 1888, Page 1 (Supplement)

MEETINGS.

UNION STEAM -SAW, MOULDING, SASH, AND DOOR COMPANY.

The annual meeting of this company was held on the 31st January at the head office, Mechanics' Bay, Auckland. There was a good attendance, and Mr. W. Ware, chairman of directors, presided. The. Secretary read the advertisement convening tho meeting, and tho minutes of the last, general meeting and of special meetings held subsequently, which were confirmed. directors' report and balance-sheet. The balance-sheet was read as follows :— Balance-sheet tor Year ended 31st December, ISS7. llß.Capital, 40,000 shares at £5, £200.000; loss unallotted shares, £51,125 ; less unpaid calls. £S0 — £01,2t>j—£148,705 ; debentures, £15,000; bills payable, .2470 12s 2d; creditors, £97,11S Is 1d—£201,383 13s 3ft. — Mills, plant, properties, booms,dams, timber righ'vS, vessels, etc., £131,040 12s yd ; stock, logs, sawn timber, stores, etc., £76,000 £s Id ; debtors, £15, 461 3s 7d ; less discounts,- £536 fis 9d—£14,924 10s lOd ; bills receivable in hand, £5363 Is Id ; cash in hand, £177 17s Id; profit and loss account, £33,187 0s 5d —£201,383 los 3d. Profit and Loss Account Dr.—December 31, 1SS0: Balance from last year, £10,029 12s 4d ; December 31, 1887 : Re-valuation account, £2010 16s ; rents and taxes, £1516 lis lOd ; salaries, bail debts, oftice expense#, etc., £4840 12s ; law expenses, etc., £104 16s (3d ; interest, £5053 16s M ; less charged log account, £3212 lis fld—£4B4l -Is 8d; insurance premiums, £560 ns 5d ; logs lost by fire and otherwise, £611 4s lOd ; lost on Australian consignments, £4433 10s «d ; cost of valuations and surveys, £614 10s 4d ; Total, £35,572 10s 6d. Cr.—December 31, 1&37 : Amount recovered from bad debts, £48 Is 5d ; gross profits, £1020 17s lid; transfer fees, £1 10s ; commissions and rents, £715 0s Sd ; balance— £33,187 0s &d ; Total, £35,572 10s &d.

The Chairman", in moving the adoption of the balance-sheet, said : It is with verygreat regret that your directors have again to meet you with a balance-sheet showing' a heavy loss on tho year's transactions. But when you consider the depressed state of the timber trade, and the ruinously low prices that have beon ruling during the past year, you will, I am sure, feel satisfied that no other result should have been expected. During the first ten months of the year the demand for kauri in this colony may be said to have entirely collapsed, while in Australia the prices offering were so much below co»t that your directors found it necessary to suspend shipping on consignment to Melbourne, and to hold their stocks for a better market. The result of this policy is that we have increased our indebtedness by accumulating a large stock of well-seasoned sawn timber, which is now being disposed of to advantage. The demand for kauri in Sydney and Melbourne has increased rapidly during the last two months, and prices there have already risen to a figure which leaves a small margin for profit. With the view of taking full advantage of the demand for our timber in Melbourne, your directors have opened a yard there, and have appointed Mr. Andrew Stenhouse their agent, to sell to the timber merchants only, and to tako orders from the trade throughout Australia. The English market, I am sorry to say, will nob offer the opening for kauri that your directors anticipated, though there is a limited demand at a fair price for first-class well-seasoned timber. Atthe last annual meeting you were told that a careful examination and valuation of your forests was being made by a commission of competent and disinterested persons, with a view, if possible, to bring about some concentration of interests both in the manufacture and selling of timber. This object, I regret to say, has not yet been attained, but negotiations are still pending, and your directors have hopes that they may yet terminate successfully. The examination of your forests has proved that they contain 328,000,000 feet of standing timber, of which 286,(XX), are available at an average cost of 2s o.j,d per 100 feet. Taking the value of logs at the present low figure of 4s at the mill, the difference between the cost and value, Is 6£d, on 256,000,000, would give tho sum of £220,458 as the total value of your forests. This might be taken as a correct estimate if the whole of the timber were required immediately, but as the consumption of so large a quantity would naturally extend over many years, during which interest and other charges would accrue, and the destruction by bush fires would bo considerable, it is evident that the above estimate is subject to a very liberal discount. The value of your forests as fixed by the previous valuation, was £76,375, and this estimate, your directors are of opinion, allowed a sufficient margin to cover all the contingencies above mentioned. The previous valuation has therefore been carried forward in the present balance-sheet. Log stocks have again been taken, and the previous quantities verified. There is one item on the Dr. side of the profit and loss account which requires an explanation, that is the loss on Australian consignments. Nearly the whole of this loss was made on shipments of the previous year, which were held over in Melbourne in hopes of a rise in prices. The rise, however, was so long in coming that the timber deteriorated, and had to be disposed of at a great sacrifice. Mr. S. Thorne George seconded the motion.

(jnlonel Haultain asked, in regard to the item creditors £97,000, who were their creditors principally ? The Chairman explained that they were principally debentures unpaid, overdraft, &c., and special deposit to pay charges. He read a list of the principal items making up the amount.

Colonel Haultain also asked with regard to the debtors, item £15,000? The Chairman gave particulars. They were trade accounts, and discounts ware allowed for payments up to a certain date. In regard to the shipments to England, they had no closing account sales for any of the four cargoes forwarded, and one cargo had not yet been disposed of. The Chairman gave further explanations of the balance-sheet, regarding unpaid calls, &c. The unpaid calls were due by gentlemen in England and Australia, who had been written to frequently, but the company gob nothing. They had given up falling trees, and had reduced their log stock during the last year very considerably, bub had increased their sawn timber stock. In regard to the yard in Melbourne, the Chairman said they found it was necessary to lease a yard there for trade purposes.

Mr. P. H. Mason asked to hear an expression of opinion of the directors as to whether it was desirable to carry on or bo wound up ? , The Chairman said that it was proposed to reduce their capital by the deficit, but that which was now under the consideration of the directors would require to be dealt with by a special meeting. It would only improve their position in this way, that if times improved they would not require to meet this deficit before paying dividends, and at would reduce their taxation. Mr. Mason said that was not an answer to his question, as to whether it was desirable to wind up or continue ? The Chairman said they expected to sell out to a syndicate now 'being formed in Melbourne, and with whom negotiations were in progress. The motion was put and carried. DIIIECTOUS. There being no person, proposod in opposition to Mr. McLachlan, ho was declared elected. There was another vacancy caused by the retirement of Mr. P. Comiskey. Several shaveholders declined to tako office, and it way agreed to leave tho vacancy open, to bo filled by the directors. auditors. Messrs. A. Boardman and «T. IT. Upton were re-elected auditors, and their :teo was fixed at £30, the same as last year. thanks. Mr. McLachlan returned thanks for his re-election, and although the honour might bo barren, he had a sentimental regard for kauri. Ho was in Wellington recently, and found that the reason for the falling off of their trade there was that the railways had opened up their own bushes, and thoy were able to get in pine and rimu cheaply. On the motion of Mr. Mason, seconded by Mr. Boardman, a vote of thanks was accorded to the chairman.

NORTH NEW ZEALAND WOOLLEN

COMPANY.

Tho second annual meeting of the North New Zealand Woollen Manufacturing Company was held on tho 6th February at the office of the Secretary, Mr. A. D. Bennett, I'almerston Buildings. About '20 shareholders were present, including Sir G. Maurice O'Rorke. Mr. Barstow occupied • the chair. Tho minutes of the last meeting were read and confirmed.

KEI'ORT AND BALANCE-SHEET. The directors' report Was read as follows : —

Gentlemen,—You will find that the company's balance-sheet to 31st December, 1887, shows an actual balanco of profit of £190 7s 4d on the first three months' output of material from the company's mill. You will also observe that we have reduced tho preliminary espouses of last year's balancesheet by writing off £439 7s. It is, I presume, unnecessary to observe that tho starting of this industry into practical work was beset with many difficulties and much expense. Tho quality of the company's manufacture has beon niglily commended, and the sale attended with great success. The future prosperity of tho company now rests in the hands 01 the large number oi its shareholders in advocating the use of tho company's material, and the strong public feeling growing in favour of supporting local institutions, thereby circulating money in our own country and affording employment "to tho people. The directors have completed their last twelve months work without fee, ami trust that their exertions will bo rewarded by seeing the unallotted shares subscribed for by those citizens who are interested in tho future prosperity of the district, the fact that this is a profitable industry having been now satisfactorily established. The balance-sheet, which was taken as read, was as follows : — Balance-sheet, December 31, ISS7. Dr. £ »• d. £ t>. d. Capital —100,000 shares at £1 100,000 0 0 Unsubscribed, 78,707 shares at £1.. .. 78,797 0 0 Subscribed, 21,203 shares at £1.. .. 21,203 0 0 100,000 0 0 Called capital .. „ 20,130 17 0 Less calls due., _ 0,271 17 3 13,859 0 3 Calls paid in advance 38 10 0 Accounts owing by company .. 4,911 6 Bills payable 2,5U9 7 7 Bank balance, secured by mortgage for £7,000 .. .. „ ... 7,388 8 1 Balance profit and loss *. — 100 7 4 £29,197 9 Cr. & B. d. £ s. d. Stock on hand .. .. 5,214 6 0 Oftice furniture and stationery at mill .. 12 4 0 Freehold property, buildings, and plant .. 21,775 4 8 Accounts owing to com* pany .. .. .. 083 5 5 Cash in hand .... 43 17 5 Preliminary expenses From last balance .. 1,937 19 2 Less amount received for forfeited shares 4G9 7 0 1,403 12 2 £20,107 9 8 PROFIT AND LOSS ACCOUNT. CU. £ S. d. Wool, drysalteries, and coal ~ .. 1731 2 1 Legal oxpenses 70 2 11 Printing, advertising, .stamps, telegrams, and general expenses 181 15 1 Interest, discount, and iuyiranco .. 635 19 8 Wages and salaries 919 2 6 1/jss by fire 64 7 4 Balance, being profit for three months' working .. „ 190 7 4

£3742 16 11 DR. £ 8. d. Transfer fees .. .. .. — .. 1 If' 0 Amount of sales ' 1524 3 7 Goods manufactured and in process .. 2216 18 4

£3742 16 11 The Chairman said it was a great pleasure to him in those times to find that they had made a profit instead of a loss. He had closely scrutinized the various items in the balance-sheet, and had reduced some items which would have made it, in his opinion, a too-flattering balance-sheet. lie thought it better not to take anticipated profits into account. There were a few matters on which he would like to make some remarks. There seemed to be a very large amount due for calls, bub it happened that the last call had been made in December, but was not payable until January. The auditors, however, were obliged to reckon it as due when made, still it would relieve the company of a very great difficulty if the shareholders would at once pay up thoir calls. Their overdraft seemed a heavy one, but they had just finished buying their stock of wool for the whole year's work. Almost the whole of £5200 had been spent in buying wool. Since then wool had gone up from a to a Id a pound, and they could now make a profit of several hundred pounds on their purchases. There were sundry expenses, legal and others, which lie hoped would not be incurred again. Legal exsenses had been incurred to compel shareholders to pay up their calls. At first it was supposed that 10s would bo sufficient to call up, but they had underestimated the cost, chiefly because they had determined to have the finest obtainable machinery and the best factory in New Zealand. One gentleman, who had made a large fortune as a woollen manufacturer in England, had told him, after having gone through their works last Saturday, that he was surprised at the beauty of their machinery. It was the most compact and perfect little mill lie had ever seen in hie life. Its only fault was that it should be twice as large as at present. That gentleman had had a life-long experience at home in making tweeds, and his good opinion was worth more than all the praise outsiders could give them. There was a very heavy and serious item, that of unpaid calls. He would like to see the shareholders pay up more punctually as the interest had to be paid by those who had paid up on the deficiency caused by those who had not. This crippled the exertions of the directors to a very great extent, and he hoped the shareholders would pay up readily and cheerfully, so that they might never have that item on their balance-sheet again. He then referred to the loss by fire, to which there were attached many suspicious circumstances. They had made a profit of £190 after losing £90 by this fire. Their real profit should have been £270 for the first quarter. All their hands except four were new and inexperienced. They had been teaching the Onehunga population to do the work, and he thought the result was magnificent; they had made a grand return. An old manufacturer at Home, whom he hoped shortly to find on the Board of Directors, had told him that for tho first eighteen months after he and his brothers had started, they did not make 6d profit, although they had 350 looms in their mill. Here they had made a profit in the first three months. Their hands, too, were rapidly acquiring skill, and the texture of he cloth and the patterns were greatly improving. Their mill was rapidly becoming a success, and he would guarantee that before long it would be the best in New Zealand. He would say no more, bub simply move the adoption of the report and balance-sheet.

Sir G. Macrice O'Rorke said Rome was not built in a day. They had had to encounter many difficulties, and he thought great credit was due to the chairman ana Ins brother directors for making the business progress, and enabling the Company to turn out a manufactured article appreciated by the public. It was very encouraging, and indicative of the progress of this part of the colony to find that there could now bo,

manufactured by the Company goods which every person in the community should feel proud to wear. He was sure every gentleman there felt that it was the duty of every colonist to encourage to the utmost these local industries. He congratulated them on having so successfuly got the Company through its early difficulties, and thought it was a great work to have turned out goods at such an early date. He hoped they would have the sympathies of all, the support which the energy and perseverance of the directors deserved. (Applause.) He had great pleasure in seconding tho chairman's motion.

The report and balance-sheet were unanimously adopted. The Chairman said the next business was to reduce the number of the directors. There were twelve now. Of these three were disqualified, and one had resigned. He thought the number of directors was too large. Ten would be ample. If this was the wish of the meeting there would be two vacancies to fill. One gentleman had become a shareholder who had been a manufacturer at home. Ho had an intimate knowledge of machinery, and it was therefore very desirable to have him on the Board. Tho other vacancy he thought should be reserved, as it was possible that in the course of the current year a gentleman, who had been a large and prosperous manufacturer at Home, and who had oxpressed a very high opinion of the Oneunga mill, might bo induced to become a shareholder and a director. He would move " That the number of directors be reduced from twelve to ten."

Mr. Lodder seconded the motion, and said he thought it very desirable to have men with home experience on the Board. The motion was unanimously carried. On the motion of the Chairman, Mr. J. Russell Grey, a woollen manufacturer, was elected a director. Mr. D. B. Cruickshank was elected a director to get over the difficulty of leaving a vacancy in the board of directors. It was stated that he would resign, and thus create a " casual vacancy," which could then be filled by the Board as they saw fit. Mr. J. Milno and Mr. J. G. Hutchison were re-elected auditors for the current year at a fee of "20 guineas for the audit. A hearty vote of thanks to the chairman, directors, and manager was then passed on the motion of Sir G. Maurice O'Rorke, seconded by Mr. Dilwortii. The Chairman, in returning thanks, said he had at last found a company in which he could get a fair return for his investment, which would be a blessing to all around them.

The Manager (Mr. Ballantyno) also returned thanks, after which the meeting terminated.

BAY OF ISLANDS COAL COMPANY. The half-yearly meeting of the shareholders of the Bay of Islands Coal Company was held on the 6th February, at the offices, 75, Queen-street. Mr. J. C. Firth, chairman of directors, presided, and nine shareholders were present.

REPORT AND BALANCE-SHEET. The advertisement convening the meeting was read, and tho minutes of tho last half yearly meeting were read and confirmed. The following report of the directors was taken as read :—

Tho directors have to report that the sales of coal for tho past half-year have been 17,1% tons; being an increase of 1814 tons as compared with those of the previous six months. In No. 2 level tho workings have been almost extended to their practicable limit. No. 3 level, which was for some time in faulty ground, has improved of late; the seam being again of a fair thickness. It is possible that this level may produce coal of a profitable nature for some distance yet. and as long as this is the case the directors will continue its extension in the hope of meeting with an improvement in the seam in this direction. The statement of accounts appended shows that the profit and loss account credit balance has been increased from £175 0s Id to £2095 14s Id; and out of this it is proposed to pay a dividend of three per cent, for the past half-year, which will absorb £900, and leave £1195 14s Id to be carried forward to the current half-year. Tho directors retiring by rotation are Mr. Firth and Dr. Campbell, who, being eligible, offer themselves for re-election. An auditor will also have to be appointed for tho current year. For the directors, J. C. Firth, Chairman. Auckland, 24th January, ISBS. The following was the balance-sheet, which was also taken as read :— Liabilities. £ 6. d. £ b. d. Capital— 2000 shares, paid up.. 20,000 0 0 OjH new shares, Ist issue, paid up .. 0,000 0 0 331 new shares, 2nd isatio, paid up .. 3,340 0 0 — 30,000 0 . 0 Debts and Liabilities— Money orders issued, but not presented for payment.. .. 097 0 11 Amount credited to Government for royalty 7,241 7 0 Bills payable .. .. 109 17 0 Debts duo by the company .. .. 253 19 4 8,722 4 0 Profit and Lossßalance .. .. -2,095 14 1 £10,817 18 10 Assets. £ s. d. £ s. d. Property held by tho Company— , Lease of coal mine .. 4,505 0 0 Land 2,059 6 7 Building* — Manager's house, engine houses, stables, cottages, etc. 3,426 11 2 riant— Steamer, horses, pumping, winding, and other engines, diamond drill, machinery, tools, etc. .. 17,000 710 27,021 5 "7 Permanent works 10,324 2 .'ll Cash in Bank of New Zealand.. .. 132 7 0 Cash in hand—head office and colliery 19 15 10 Debts due to the Company .. .. 2,185 J f> Office furniture .. .. 149 ii 8 Coeds and timber at colliery .. .. 296 2 6 Coal on hand at colliery and Opua .. 89 19 11 £40,817 IS 10 Profit and Loss Account. Ph. £ s. d. £ s. d. Winning coal, pumpiiiKexlicnses, stores, and labour at colliery.. .. 0,420 17 4 Carriage of coal by railway I.C7S 10 1 8,105 13 5 Forajio 237 7 1 Freight on goods to colliery .. 02 7 4 General charges and expenses .. 322 17 10 Interest and discount 39 ;i 4 Royalty feo 2S»i 12 0 Salaries 400 0 0 Balance .. .. .. 2,00, 14 1 Total .. .. .. .. £11,649 15 1 Cr. £ s. d. Balance profit and loss account, June 30th 175 0 1 Sales of 17,100 tons coal .. .. 11,131 6 5 Rent of cottages and land .. .. 55 5 0 Profit on stores and timber sold, and work done at colliery .. .. 109 15 ') Scrap iron sold 73 2 8 P. s. Black Diamond 5 6 7 Total £11,549 15 "l By balance £2,095 14 1 The Chairman said : Gentlemen,— is now my duty to move the adoption of Olie report and balance-sheet, and 1 will do so very shortly, and I may say more pleasantly than for some time past, for on this occasion we shall have the pleasure of declar with your consent, a small dividend at the rate of six per cent, per annum, or &■> per share for the half-year. We should have been very glad to have paid a larger dividend, but looking at the uncertain conditions which attend the Bay of Islands coai mining enterprise, we thought it be tter to carry forward a large amount. It r 3 not necessary that I should take up your time on this occasion. I have only to a,'/ that the shareholders are probably awa/re that when we pay a dividend we also pay at the rate of 25 per cent, to the Government on royalty account, and so we shall do now. After accounting for what wiU thus be paid, with the dividend, wo ha ve a very considerable surplus left to prov ide against the contingencies of the coming half-year. You will see from the report that the mine is looking moderately well; and we shall endeavour, as wo have endeavoured before, to do the best wo can for th e shareholders. Gentlemen, I move the adaption of the report and balance-sheet.

Mr. T. Peacock, M.I-1.R., seconded the motion.

Mr. J. M. McLachlaf. : I have the impression that it would haw been almost better not to have paid a dividend. Of course, the directors have probably considered this, but taking into account the long time that the Company 'has been in difficulties, and now that it if, beginning to see its way out of them, I th ank that retrenchment and economy should ' have been the lines upon which wo rfhop .ld work. It seems to me that there is f ,ome object in declaring this dividend. /

The Chairman (interrupting): I do not think then 3 is any object in it, Mr. McLachlan. Thf j shareholders have been for a long time without dividends, and we felt justified in declaring this, which we have made very rmall. Mr. McLachlan : Of course there are conf ,ingent liabilities. J...'he Chairman : What are they ? / Mr. McLachlan : Well, the royalty for >ne thing. ( TheC'HAiRMAN: But that hasbeen provided 1 for, and with respect to royalties, I may

as well say that that question is one which we propose to deal with according to an arrangement that when we get any profits the Government get 25 per cent. I think it would be well u the question of royalties were put on a more proper and a more fair basis than they generally are in this colony, and especially with regard to this company. In England the question has been a very crucial —the mine owners, the royalty owners, and the mine workers, have all been making heavy losses, and readjusts ments have had to be made. I think the percentage adjustment of the interest of the mine owners and mine workers is a fair ore. If the mine worker does well, it is right the mine owners should have a good percentage of the profits; if the mine owners have lost, such a result very frequently brings ruin nob only to themselves but to the workers, and perhaps to a large district round about. If, with Shylock persistency, the mine owner insists upon having his pound of flesh, a great many industries will be closed, and this amongst the number would have had to stop working had this course been adopted. I think the arrangement which has been in force in respect to this company for many years is a reasonable and proper one — that when any dividends are paid to the shareholders the Government receive 25 per cent. We propose to continue this system, and I hope we shall have to pay a great many 25 per cents. After further discussion, the report and balance-sheet were adopted.

DIRECTORS. On the motion of Mr. Ralph Kkesincj, seconded by Mr. J. L. Wilson, Mr. J. C. Firth and Dr. Campbell were re-appointed directors.

AUDITORS. Mr. W. S. Wilson moved, "That Mr. A. Boardman be appointed auditor for the company, and that tne fee be ten guineas." The motion was seconded by Mr. R. Keesing.

The Chairman said that Mr. T. L. White had fulfilled his duties as auditor for many years, with great credit to himself and the utmost satisfaction to the Board and to the company. Mr. Firth read a letter received from. Mr. Boardman, who intimated that he resigned the position of director of the corpipanv. The motion was carried, and on the proposition of Mr. J. M. McLachlan, seconded by Mr. Randall, a vote of thanks was passed to Mr. White for his services as auditor.

THANES. Mi-. R. Kkesing moved a vote of 'thanks to the chairman, directors, and officers of the company. The directors received no honoraria, and they had work'ed very hard in the interests of the compa/.iy. Mr. McLachlan seconded the /.notion.

Mr. Firth briefly returned thinks. The duties of the directors were very thankless, but they were supported by the shareholders, and were it not fo/r this, they would have thrown up the business altogether. It was a source of reat pleasure to the directors that they had been enabled to declare a dividend in thg present times of depression.

NEW ZEALAND TIMBER COMPANY,

LIMITED. The adjourned annual iv eeting of the shareholders of the New Zealand Timber Company (Limited) was held on February ■23, at the offices, Oastoms-street West. Mr. C. A. Harris, chairman of directors, presided. DIRECTORS' RKPOR'C AND BALANCE-SHEET.

The directors' ro'port and balance-sheet, as follows, were taken as read

The directors recon'.mend that the sum of £437 5s lOd be carried to tJie debit account of "Accrued Profits Re-invested in the Business," which will leave £26,167 10s (xf. at credit of this account. Mr. Thomas T. Maseflf Id's terra of office as director expires, but he is qf.igiblo, and offers himself for reelection. Mr. Hermann Brown having retired, it will be necessary for the shareholders to olect a director in his place. Mr. T. L. White and Mr. John Weymouth, auditors, retire, and offer themselves for re-election.—By order of the Board, C. A. Harris, Chairman; Auckland, Ist February, ISBB. BALANCE-,',UEET FOR THE YEAR ENDED 31ST DECEMBER, 1887. Dn. £ 3. d. £ s. d. £ 8. d. Creditors ~ 7,673 0 2 Outstandiu 5 pay or (".era 54 2 4 ,— _ 7,782 3 6 Bank of New South'.Vales 19,504 9 5 Accrued interest .. 457 19 10 —19,992 9 3 Bills payable 1,569 5 7 Balance of Purchase 1,780 0 0 31,073 17 4 Capital — 10,000 shares at £6 SO,OOO 0 0 Lees unallotted 5,016 „ .. 25,080 0 0 64,920 0 0 Vessf its insurance fund .. 1,124 17 3 Accrued profits account, re- invested in tho business 26,604 16 8 Ley i profit and loss .. 437 510 „ (26,107 10 5 £118,286 4 11 'Or. £ s. d. £ a. d Sundry debtors .. .. 7,494 5 1 /iills receivable .. .. 61 9 6 7,555 14 7 Freeholds, leasehold/), forests, plant, . railway, machinery, dams, brickf yards, Ac. .. 68,458 6 6 Vessels .. 2,400 0 0 Stocks .. .. . 34,763 9 6 Cash in hand .. «, „ 88 14 4 £113, 4 11 PROIV. AND LOSS ACCOUNT. Dr. £ s. d. Wages, depreciations, vents, insurance, taxes, bad depots, Ac 20,305 7 11 £20,306 7 11 Cr. £ s. d Gross profits -. 19,803 2 1 Accrued profits account 437 510 £20,305 7 11 The Chairman moved the adoption of the re port and balance-sheet, and said that though the company had had a very trying year.,' they had come off with a very small loss. The Kaipara property had been pur-clia-sed in full, and only £1780 was now ow'nig upon it. The company's liabilities ha d considerably decreased during the year ; arid ho trusted that the tide had now turned, and that they were about to have a r un of prosperity. The motion was seconded by Mr. Her mann Brown, and carried.

ELECTION OF OFFICERS. Mr. C. A. Harris, Jun., proposed the re election of Mr. T. T. Masebeld as a director.

Mr. G. Harper seconded the motion, re marking that Mr. Masefield had proved a most energetic director, and had rendered a great deal of service to the company. The motion was carried, and Messrs. T. L. White and J, Waymouth were re-ap-pointed auditors. The Chairman stated that as certain negotiations were now proceeding, it might be necessary to again call the shareholders together shortly. The negotiations which he referred to were at present in the hands of the manager.

THANKS. The proceedings closed with a vole of thanks to the Chairman and officers of_the company. AUCKLAND GAS COMPANY (LIMITED). The twenty-sixth annual meeting of the Auckland Gas Company was held on Feb. 6 at the company's office. Sir Frederick Whitaker (Chairman of Directors) presided. There was a large attendance of share* holders. The advertisement convening the meeting was read, and the minutes of the last general meeting of shareholders were read and confirmed.

directors' report. The Secretary (Mr. Parsons) read the report, which was as follows :—

The directors present the shareholders with the twenty-sixth annual report, together with the usual statement of accounts for the year 1887 as follows :-rThe net revenue for the year amounts to £18,723 Cat 4d ; the balance brought forward from last year was £12,627 Is Id ; making a total to the credit of profit and loss account of £31,850 Is fid ; dividends were declared in February and July last amounting to £18,761 5s ; 1 eaving a balance of £12,588 16s 5d., which the directors propose to deal with as follows : Dividend on 15,500 paid-up shares at 8s 6d, £0587 10s; dividend on 13,743 £2 10s paid-up shares at 4s 3d, £2920 7s 9d—£9507 17s 9d. leaving a balance to be carried forward to profit and loss new account of £8080 18s Bd. At the last annual meeting held on the 7th February, 1887, the ' directors expressed their opinion that it was not to be expected that the business of tho last year would be much in excess of that of the preceding year, vie., 1880, but they expressed satisfaction than notwithstanding the general depression the business' of the company at that time was not decreasing,' However, the continuing and increased depression has had the effect of placing the company in a, position which it has not occupied since 1868. In that year there was a falling on in the company's business to the extent of 17 J per cent., but sipc« . that year till 1887 there has been an annual increase ; in the latter year there has been a falling: off of 4 per cent. The directors hone, but hardily expect, that the current year will show much im provement. The directors have for some time desired to be able to announce a reduction in the price of gas, but they do not find themselves In a position to do so on the present occasion. They feel, bowever, justified in saying that they hope to be able to make a reduction in the current year if the new arrangements for the supply of coal answer ,their expectations in reducing too cost of the supply.

The Honorable Mr. Dignan and Mr. Reader Wood are the two directors who retire by rotation, but oner themselves for re-election, as also do the present auditors, Mr. G. P. Pierce and Mr. T. L. White. The dividend will be payable on and after Wednesday, the Bth February, 1888, at the company's office. — (Signed) Fredk. Whitaker, Chairman of Directors. * BALANCE SHEET. The statement of accounts, which in printed form was in the hands of the shareholders, was as follows :— Capital Account, 31st December, 1887. Dr. £ s. d. Freehold and leasehold land, buildings, manufacturing and distributing plant and meters, etc. .. .. 181,703 8 5 £181,703 8 6 Cr. £ s. d. £ s. d 50,000 shares of £6 each 250,000 0 0 Paid up capital on 15,500 shares at £5 each .. 77,500 0 0 Paid up capital, sth issue, 13,743 shares at £2 10s. each 24,357 10 0 111,857 10 0 Premium on shares ... .. 55,740 8 6 Balance carried to general balance sheet .« .. „'. .. 14,105 011 £181,703 8 5 Revenue Account, !31st December, 18S7, Dr. & 8. d. £ s. d. Coals .. „ ... 15,816 17 11 Stokers'wages .. .. 2,357 13 6 Purification of gas „ 207 13 9 Distribution of gas ~ 1,005 8 6 Water at works .... 31 12 10 Maintenance of \torks, renewals, labourers' wages, etc. .. .. 3,765 13 General Expense— Directors and. auditors 200 0 0 Salaries .. .. .. 2,087 0 0 1 Stationery, printing, advertising and stamps.,. _ .. 829 13 2 Survey fe/js «. „ 4 4 0 Kent .. „ „ 27 8 0 Petty c?„sli .. _ 71 I 4 Office furniture.. „ 7 9 7 Rates a/id Taxes— Local .. £330 10 11 Gen eral GoVernment 415 610 745 17 9 Insurance .. .. 67 1 10 7_,egal expenses .. „ 75 16 8 4,265 12 4 liad and doubtful debts 123 13 0 '.'interest .. .. 310 6 5 , Balance carried to net revenue account .. m. » M M 18,723 0 4 £40,757 10 11 Cr. £ s. d. Gas _ .. «, 43,672 1 0 Residual products.. ~ ... _ 3,104 14 11 Scrip and transfer fees _ « 20 15 0 £46,787 10 11 Net Revenue Account, 3lst December, 1887. Dr. £ s. d. £ 8. d. Dividend declared 7th February, 1887 .. .. 9,263 7 6 Dividend declared 28th July, 1887 .... 0,407 17 6 —. —— 18,761 5 0 Balance of net profits transferred to general balance-sheet .. ... 12,588 16 5 £31,360 1 5 Cr. £ s. d. Balance of net profits, 31st December, 1856.. .. 12,627 I 1 Balance of revenue account for the year 1887 .. «. 18,723 0 4 £31,350 1 5 General Balance-sheet, 3lst December, 1887. Dr. £ s. d. Bills payable .. ~ .. .. 487 15 2 Sundry tradesmen 232 14 11 Deposits as security for current accounts .. .. .. .. .. 034 14 10 Cash on deposit for payment of calls and interest thereon 7,034 13 9 Dividend unclaimed 08 4 4 Reserve Fund—balance at credit thereof 12,420 0 0 Renewal of meters account— at credit thereof 3,000 0 0 Net Revenue Account-*-balance at credit thereof .. ~ ~ *. 12,688 16 5 £36,706 19 5 Cr. £ s. d. Stock of coal, shale, and residual products 2,015 0 2 Stock of gas fittings, including gas enpines in stock and on hire -. ~ 8,112 710 Horses and carts .. ~ .. ~ 149 0 0 Bills receivable 282 5 5 Cash at Bank of New Zealand .. 6,526 3 9 Debts owing to company .. ~ 2,706 12 4 Investments on reserve fund account, 20 debentures of £100 each, bearing interest at 7 per cent, per annum .. 2,900 0 0 Capital account— at debit thereof .. ~ ~ „ ~ 14,105 911

£36,706 19 5 Sir F. Whitaker, in moving the adoption ) of the report and balance-sheet, said the shareholders would see that there was very little to be said- On the whole the year'/j operations had not been so unsatisfactory as he expected. Looking at the depression which prevailed in every industry, it must be expected that they must suflfer, but tfaey had not suffered to the extent he expected, It was a curious fact that this was the first year since IS6S that they had.no Incvease. They would recollect that at that time (1S68) a large number of people had migrated to the Thames, ana engaged in new business, and a reduced mini ber was left to engage in business pursuits in Auckland, and that of course created a diminution in the gas consumption. Since then, and up to the presei it, there had been no decrease to record, ; ind that was only to be expected, for Auckland and its suburbs were increasing in, size. But although this year there hud been additional nouses, there had been no addition to the number of gas consumers. The general statement showed that the number of consumers and the quantity of ;gas consumed had fallen off, and the consequence was that this was the first yew since IS6B in which there had not been an increase in the gas consumption. Looking, however, at the amount carried forward from tJie previous year, the director?; felt themselves enabled to declare a divid end similar to the previous year. It was 'not all from, the year's profits, but the d'.rectors felt themselves justified in giving the same dividend as last year. There ha d been a question about the reduction of ' the price of gas, bnt the directors did not el justified in making a reduction at present, but he thought that by the arrangements now made for the supply of coal and tb a reduced freight, and that their supply would be as good as it had been, ana at) lesji cost, next year, even if there was no increase in consumption of gas, they would he able to declare the same dividend, and that the directors would be able to announce to them that they had been able to mak« a reduction in the price of gas. They nw st bear in mind that they had now consider able competition from the electric light and petroleum. He did not think that for some years the electric light would seriously affect them, but the discovery of petrol eum in New Zealand would be calculated to make a difference, and he mentioned thene facts to prevent the shareholders from being too sanguine. As regards the dividends, he did not think that, looking at the way in which their consumption was thy eatened, the shareholders now received mcire than they were entitled to, and he hopf;d that next year, if results were not more satisfactory, they would be at least as good as they now were. Whether the depression had passed away or not was a matter of opinion. He did not think so, but he hoped matters would improve, and of cctursa when they did the consumption of gas wo? ild improve also. There was no doubfc tb.at at present every one considered the qfuef tion of economy, and amongst other things economised in the consumption of gas, and it was quite right they should do so, but he saw no reason for believing that -en if there was no great improvement they v/ould not be able to meet the shareholders with a dividend similar to the present, and an announcement that they had reduced the charges. He concluded by proposing the adoption of the report and nce-sheet. Tbe motion was seconded by Mr. Peacock, M.H.R., and carried without discussion.

7Fhe Hon. P. Dignan and Mr. Reader G. Wood were re-elected directors. Mr. Boardman raised the question of the directors' remuneration. He considered the fee paid to the directors was exceedingly small for the amount of work they had to do. He thought the chairman should have an increased honorarium, (although at present he was on the same •footing as the other directors. He had been particularly called on in the interests of the company, and had always given his assistance and advioe ip the company's interestWhat he (Mr. Boardman) would move was, "That the directors' honorarium for the year be increased by £100, the £100 tog' 9 to the chairman, and the balance to be divided amongst the directors. Mr. G. P. Pierce seconded the resolution, and endorsed the remarks of Mr. Boardman. Mr. R. G. Woqp said he thought the rules of the company prohibited putting such a resolution unless three days notice of it had been given (cheers), and that he considered reasonable, so thati shareholders might have an opportunity of considering the question before being asked to vote for The Chairman said that Mr. Wood was right. Their rules required -that three days' notice should be given of any resolution affecting any considerable matter, aoclj

this was a considerable matter, as it proposed to vote away the shareholders* money. He suggested that Mr. Boardnum, should withdraw nis motion and give notice of it for the meeting to be held in July. In the meantime he ruled that the motion could not be put. • • AUDITORS. Mr. C. B. Stoke moved the re-election of Mr. G. P. Pierce and Mr. T. L. White as auditors, and that their remuneration be £20 each, instead of £10 each as hitherto. Mr. Battlky seconded the motion. Mr. McLachlan raised the question as to whether the ruling in the case of the directors did not apply in this case also. The Chairman ruled that it did, and the gentlemen proposed were then elected at the same remuneration aa formerly.

AUCKLAND INSTITUTE. The annual meeting of the Auckland Institute was held on Feb. 20 in the Museum Buildings. There were present:—Professor Thomas, president (in the chair), Mr. Justice Gillies, Mr. E. A. Msckechnie, Mr. T. Peacock, M.H.R.; Dr. J. Murray - Moore, Messrs. Herapath (sen. and jun.); Mr. Jas. Stewart, Colonel Haultain, Mr. S. TercySmith, Mr. W. R. Waddel, Rev. W. Tebba, Mr. Fidler, Mr. Jas. Baber, Mr. J. Reid, Mr. E. Bartley, Mr. A. Brock, Mr. J. H. Upton, Captain Clayton, Dr. Leger-Erson, Mr. Henry Percival, Mr. T. G. Davy, and one or two others, — there was a total . absence of lady members of the Institute, i The President read the rule under which ; the meeting was to be held and the business ' to be transacted.

Minutes.--The minutes of the last annual meeting were read, and confirmed on the motion of Mr. Justice Gillies, seconded by Dr. Murray-Moore. Annual Report. — The Secretary, Mr. Cheeseman, F.R.S., then, on the invitation of the president, read the annual report and balance-sheet. We extract the following from the report of the Council: — Members.-Seven new members have been adder £ to the roll since the last annual meeting. This is an unusually small number; the elections in l/jse being 14, and in 1885, 20. On the other ham? ,n< less than 30 names have been withdrawn; 2 frott death, 16 from resignation, and 12 from no\i-pay> ment of subscription for two consecutive years. The total number of members is thus re# .need by 23, and now stands at 355, instead of 27S'-asat the commencement of the year. The Com? ,il regret; that they have to record this decrease ; but considering the wide-spread commercial dejr session now passing over the colony, and which has more or less injuriously affected all its institutior ,s, the loss is perhaps not more serious than mi/ ; ht have been anticipated. No doubt, with a revival in trade, anil the restoration of confidence in cor nmercial circles, the roll of the Institute will soon regain its former position. Finance.—The balance-sheet?, appended to the report will give full informat ion respecting the financial position of the Institute. The total revenue of the general accouj ,t has been £962 5s Id. In 18S6 the amount was £942 9s lid. The members' subscriptions have yielded £'184 ios, being a decrease of over £40 ; but of coursf ; this follows as a necessary consequence of the voi iuction in the number of members. The receipts it t>m the invested funds of the Costley bequest have been £625 lis Id, as against £631 Us for If M. The bequest of £100 made by the late Mr. D . Nathan, which was alluded to in the last reixjrt, has been received from his executors, and place? L in the Savings Bank until a permanent investing it can be found. The total expenditure, which has amounted to £958 2s lOd, has been kept as lo' *■ as possible, and includes not only the current expenses of the Institute and Museum, but alf o the overdraft of nearly £120 outstanding at 'che commencement of the year, there being n<y a small credit balance in the Bank of 'New Zealand. With respect to the Museum endowment Accounts, the Council have only quit*; lately received the purchase money from the last t ,ales of lands. From some unexplained reason, ther» 'has been considerable delay in handing over thu amount to the Institute, the greater portion of th ie sales having taken place more than eighteen in/ inths ago. The total amount placed to the credit •of the endowment during the year has been £399 8s 4d. Most of this is capital, and will be invested ,g soon as possible; but a small portion comes uj derthe head of "rents and profits," and can be tfdrectly applied to the maintenance of the Museum,

Meetings.Ten meetings have been held during the yC-ir. [The secretary read a list of the papers read.?, Most of the above papers have been sent to Wellington, and a selection from them will appear in-the next volume of " Transactions."

M useum.—ln June last it was decided to make a, chj.nge in the hours of admission to the Museum, an d to open the doors at ten a.m. instead of at 110011. Up to the present time the attendance during tho a dditionai hours has been very small. The total 1 lumber of visitors it is difficult to estimate with an approach to accuracy, there being no recording mechanism, and the attendance fluctuating considerably, according to the weather and other circumstances. The result of a few countings would seem to plafe the daily average at about 75, which would make a total of 23,475 for the week days. On Sunday afternoons the attendant has kopt a register, which shows the number of visitors for the year to have been 8392, or an average of 171 for each Sunday. The estimated total yearly attendance is thus 32,307,"being an increase of 6757 on the estimated number for the previous year. During the winter the Council received a petition from some working men of Auckland, asking that the .Museum might be opened occasionally during the evenings, representing that from the nature of their avocations it was impossible for them to attend in the daytime, and that consequently they were debarred from making full use of the collections. Although there are serious objections to the opening of museums at night as long as the illuminating agent is composed of gas, from the deteriorating effect it has on some classes of specimens, the Council resolved, as an experiment, to open the museum for two hours on every Friday evening for the space of three monUas. With the view of popularising the institution as much as possible, the President! (Professor Thomas) engaged to be present on each evening, and to give a series of short "talks" on various objects of interest in the collections. The attendance was, on the whole, satisfactory, anil much interest was evinced in the " talks but tho Council regret to say that the proportion of working men present was very small indeed. The crowded state of the Museum renders it difficult to make any changes of importance, either in the classification of the specimens, or in the exhibition of fresh ones. No taxidermist has been employed during the year, and consequently no additions have been made to the stuffed specimens on exhibition. New cases have been erected on the main floor of the hall for the foreign and New Zealand shells, the space formerly occupied by them on the gallery being intended for a series of New Zealand minerals, ores, rocks, &c., which will be placed on exhibition in a short time. A few minor changes in other portions of the collections have also, been made, but it is hardly necessary to mention them in detail here. A considerable number of donations have been received during the year, all of which 'Will be found mentioned in the appended list. The Council would direct special attention to the valuable collection of Maori articles presented by the late Mr. C. O. Davis shortly before his death. It includes a very large number of mats of different kinds, dog-skin, feather, and flax, several elegantly carved wooden and whalebone meres, carved boxes, ornaments, weapons, and a variety of other articles. Altogether it is one of the most acceptable donations received for some years. The Institute is also indebted to Mr. Corkhill for depositing in the Museum his valuable Maori collection, which includes several articles nob previously represented in the Museum. ' It is obvious that the enlargement of the museum is a question that must soon engage the attention of the Institute. In the present building there is nob space to properly arrange and classify the exhibits; and, as pointed out in tne report for last year, the general appearance of the Museum, and its value aa an educational institution, consequently suffer, The Council are in hopes that it may soon be possible to realise a sufficiently large portion of tho capital amount of the Museum endowment to afford a yearly revenue for the maintenance of the Museum, for the falling-off in the members' subscriptions proves that it would he unsafe to expend any considerable part of the Costley bequest in erecting a building until its place is thus supplied. Any suggestions that the members may have to make on this important matter will have .the full consideration of the Council. Library.—Few additions have been made to tho library during the year, beyond the usual exchanges and presentations from foreign societies. It is pro-. Eosed, however, to forward a considerable order to ondOn before long. In order to ascertain the wishes of members as to the purchase of books, a. suggestion-book has been placed in the curator's office. Members are invited to enter therein the titled, of books which they consider it desirable to add to the library, and such suggestions will be carefully considered by the Library Committee. The scientific magazines and periodicals subscribed'to by/the Institute, a list of which will be found on another page, have been regularly received, and have' been to some extent circulated amongst the members. Thanks.—As in many previous years, the thanks of the Institute are tendered to the Numerous donors to the Museum and Library whose names are mentioned in the appended list. Similar acknowledgments are also due to' Messrs. W. K. Graham and Co., and Mr. Hugh Craig, for their valued services as agents of the Institute in London and San Francisco.

The Secretary then read the balancesheets, the substance of which are embodied in the report. The President said tbey would gather from the report that the Institute had come to the end of the year fiucceesfully, more especially in a financial point .of view, for they had got rid of thejr overdraft and were in the proud position of having a credit balance. Owing to the policy of retrenchment, or rather, he should say, of economy, .the additions to the fittings of the Museum, or to the Museum itself, had not been so large as in previous years, but they had received some vary valuable gifts, including those from Mr. C. O. Davis and others. la the future the Institute would no longer be hampered by an overdraft and the payment of interest, and they would be able to add t 9 the accommodation and classification of the Museum, He moved "That the report and balance-sheet be received gild printed for circulation' Mr. J. A. Pokd, in seconding the resolution, concurred in the remarks of the President as to the advance of the Institute in its various phases. j s Tjje motion was pub and carried, PRESIDENT.

The n§xb business was the election ot President. • »

Mr. T. Peacock proposed Mr. S. Percy Smith. In doing so he said it was quite unnecessary for him to say much to com. mend Mr. Smith. He had been connected with . the Institute for 16 years, and had always taken a lively and intelligent inter* est in its' welfare, and had during that time contributed a number of valuable

bapers, including his papers on the Taratvera eruption, and on the Kermadec group of islands, and he felt sure that as president Mr. Percy Smith would perform his duties to the satisfaction of all the members of the Institute. " • Mr. Mackechnie seconded the resolution. The motion was then put, and carried With applause. COUNCIL. " The next business was to elect three members of Council, instead of those who retired. Mr. Justice Gillies was proposed by the Chairman, and seconded by Mr. Peacock. Mr. J. B. Russell was proposed by Mr. Percy Smith, and seconded by Mr. J as. Stewart: and Mr. J. A. Pond was proposed by Colonel Haultain, and seconded by the Rev. W. Tebbs. Mr. Mackechnie proposed Mr. Graves Aickin ; but it was stated that this gentleman declined to take office, and the other three were unanimously elected to fill the vacancies.

auditor. Mr. J. Reid having declined to act as Ruditor, as ho had already served for three years and thought it. desirable that there Should be a change, Mr. Jas. Stewart was, On tho motion of Colonel Haultain, seconded by Mr. Reid, elected auditor. This brought the ordinary business to a Close.

i rorri-AR lectures. Dr. J. Murray-Moore referred to the steps that had been taken during the three years he had been a member of the Council to popularise the Museum. He referred to the steps taken by Professor Thomas, by his popular natural history talks, and these had been well attended, but he regretted that the working classes had not availed themselves as they should of these opportunities. He was not, however, inclined to £*ive up the effort, and he proposed that the Curator should on Saturday afternoons give an explanation of objects in the Museum for general information. _ , Mr. Waddel seconded the motion. 1 The motion was then put and carried. • Dr. Ekson suggested that they should, k; in the Dublin Royal Society, of which he liad the honour to 'bo a member, have tea -1 coffee prior to the monthly meetings, as a means of having them better attended and mora popular. VOTE OF THANKS. J Mr. Justice Gillies said if there was no ether business he would ask leave to propose ti resolution which he did not think out* of course, and in which he was sure all tho members would join, and that teas in giving to their President a cordial vote of thanks for what he had done for the Institute and" Museum, and the interest he had ever shows in its welfare. \\ hen he thought of their first meeting 20 years ago in that room across the road, which was then the Government buildings, and the commencement thevn made, he thought they might congratulate themselves on having lived so long and grown so well. He ■thought this was duo to the various presidents whom they had, and who had invariably taken an intense interest in the welfare of tie Institute, and on t his, their 20th anniversary, they had good reason to be thankful that they had sri ch a president as Professor Thomas. (Applause.) He had great pleasure in moving a vote of thanks to the President for his services during the past year. (Applause.) Mr. Peacock seconded the motion, and put it to the meeting. It wat carried by acclamation. Professor Thomas returned t hanks for the manner in which the resolution had been proposed and carried. He thought if they wanted to popularise ti ie Institute more they must give up st arching for original papers, or take them a s read, and take more to the generalisation t.'f facts and sciences, and place them befoi e the inembers generally. He again returned thanks. On the motion of Colonel Haultain a •cote of thanks was accorded to Mr. J. R cid for his services as auditor for the past thi ee years.

„ AUCKLAND AND NORTH SHORE \ [-• FERRY COMPANY. An extraordinary general meeting of the shareholders was held on February 2 for the purpose of passing resolutions for winding up the company, and other business. There was a quorum of shareholders present. After some delay. Captain Webster was called to the chair. The minutes of the meeting held on the 24th January were read. Captain Clark raised a question as to why the Eagle went to the regatta contrary to the instructions of the last meeting. Captain Webster explained that there Was an understanding that the boat should make money on the regatta day if possible. They made about £15 by the trip. After fome further discussion, the minutes were confirmed. The following extraordinary resolutions, passed at the last meeting, were confirmed on the motion of Mr. Morton :—l. That it has been proved to the satisfaction of this meeting that the company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same. 2. That for the purpose of winding up the company, J. P. Clark and John Milne, both of Auckland, be appointed liquidators. Special tenders had been called for the purchase in one lot of the ferry steamers Eagle and Osprey, including all the gear and furniture belonging thereto, now on board; the Company's interest in the lease of ship-yard, shed, and wharf, at the 'forth Shore ; the tools and material in the yard, and the steamers' mooorings laid down in the harbour. Only one tender was received. The tenderer was Mr. C. G. Quick, and the amount was £9000. The secretary explained that the tenders were called for at the express wish of Mr. Ivey, as there were rumours around that several private parties wished to buy the boats, but no tender had been received other than that submitted by Mr. Quick, and that was not sufficient to cover the mortgage. No action was taken on the tender and there being no other business the meeting terminated.

DEVONPORT FERRY COMPANY (LIMITED). The adjourned annual meeting of the Devonport Ferry Company was held on the 15th February at the Public Hall, Clarencegtreet, Mr. E. W. Alison presided, and twelve shareholders were present.

REPORT AND BALANCE-SHEET. \ The Chairman* remarked that, owing to ,the mysterious disappearance of the secretary of the company, Mr. Gabriel Hedley, ?he (Mr. Alison) nad of necessity to act in (the dual position of chairman and secretary, and he then read the following report for the year : — ' The directors have much pleasure in presenting the seventh report and balance-sheet, for, although they do not I eel justified in recommending the paytnent of any dividend, because of the opposition which has existed and may still arise, they are of opinion that, taking the whole of the circumstances fit the oast year's operations into consideration, shareholders have every reason to be well pleased xt the complete success which has attended the 'Company's business. Tho almost unanimous support Uc«orded to the company, especially by the people *»f Devonport during the time the opposition feteauers were running, is a matter for hearty congratulation, and affords most complete evidence that t«e constant endeavours of the company to promote a thoroughly efficient ferry service, combined wfch cheap fares, has met with the united approval and support of the travelling public. The profit and Joss account for the past year shows a net profit of £857 3s 7d, which your directors recommend shall be considered a reserve fund. It will Devolve on the meeting to elect a director in the place of R. M. Stark, Esq., who retires in accordance with the articles of association, but, being eligible, offers himself for re-election. The auditors, Messrs. White and Melville, retire by effluxion of time, and offer themselves for re-election.—For the Board of Directors: Ewe.x W. Alison, Chairpian.

Mr. Alison also read the balance-sheet at December 31 ae follows :—

■ Liabilities.— account, 10,000 shares at £1, £10,000; sundry creditors, £CU 3s 5d ; balance, £557 Bs 7d : total, £11,501 7s. , , , , . Assets.—Steamers and plant (as per schedule), C 10,307 17s lOd; sundry debtors, £470 2s 7d; fixed deposit, £700; cash in hand, £23 6s 7d; total, £11,50173. PROFIT AND LOSS ACCOUNT. • Dr.—General expenses, repairs, depreciation, allowance for bad debts, &c., £7856 ss; balance, £357 3s 7d : total, £8713 8s 7d. —Balance profit and loss, eld account, £1061 Jlos 9d ; less dividend paid, £750£311 10s 9d ; fares ■and freight, £8399 7s lOd; transfer fees, <tc., £2 IDs: jotal, £8713 8s 7d. , The Chairman moved the adoption of the report and balance-sheet. He said that the shareholders would observe, on reference to the report, that the Directors did hot consider themselves justified in recommending the payment of a dividend, owing to the opposition that had existed, and still jntehb arise ; bub he was sure that while 4 Each shareholder might regret that a dividenb could not be judiciously declared, no one who was familar with the existing circumstances would urge the payment of a dividend to the possible detriment of the Immediate future of the company. The complete and disastrous defeat of the opposition Auckland • and North Shore ;• Ferry Company, now in liquidation, and .the consistent) and hearty support) Accorded

the Devonport Ferry Company during that opposition, must cause a feeling of satisfaction and pleasure to each shareholder, and would doubtless in a measure compensate for the nonpayment of a dividend. During the opposition, fares were reduced to absurd rates—ld each way— but at the present the return ticket was 4d. It was the intention of the directors to endeavour to continue the existing tariff, and if it could be fairly maintained there would be no alteration, but they feared that during the winter months at existing rates the receipts would fall short of the expenditure. Since the inauguration, it had been the aim of the directors and management to provide efficiency of service at tho lowest possible rate, believing that a liberal policy was the best; and there was no doubt that it was for these reasons chiefly that the verdict of the Devonport and Auckland people had been so pronounced and unanimous in favour of the company, and that the receipts of the opposition steamers, while running on the ferry service, were not sufficient to pay even the cost of the coals consumed. Continuing this liberal policy, if the present rates could consistently be maintained, the directors would propose no immediate alteration. The chairman remarked that the new ferry tee at Acckland provided by tho Harbour Board was in a most convenient position, being within a stone's throw both of the railway and tramway stations, and should tend to materially assist in promoting the traffic of the company. He was glad to state that the whole of the company's steamers and plant were in first-class order, and that tho future outlook of the company was highly satisfactory. The report and balance-sheet were then adopted. OFFICERS RE-ELECTED. On the motion of the Chairman, seconded by Mr. Winter, Mr. R. M. Stark was re-elected a director of the company. Messrs. T. L. White and Thos. Melville were, on the motion of the Chairman,, seconded by Mr. E. Coleman, re-appointed auditors at a fee of 7 guineas. HONORARIA. Mr. Patrick moved, "That when the directors consider it advisable to declare adividend, an honorarium of £75 be paid to the directors." The motion was seconded by Mr. White, and carried. Mr. E. Coleman moved, " That the sum of 100 guineas be awarded to Mr. E. W. Alison, chairman of directors, for his ser-; vices during the past' year." He pointed out that Mr. Alison had done his utmost in the interests of the shareholders, and whilst the recent opposition existed, he had neglected his private business in order that he might give the fullest attention to the working of the company's affairs. The motion was seconded by Mr. F. Wells, and unanimously adopted. Mr. Alison returned thanks for the passing of the motion, which had taken him completely by surprise. It had been his endeavour to give the most careful attention to the interests of the company, and during the existence of the opposition it became absolutely necessary that he should give his whole attention to the business of the company. His efforts, he was glad to say, had been attended with success, and he was pleased to find that they had met with the approval of the shareholders. A vote of thanks was passed to the chairman, directors, and officers of the company, and the meeting terminated.

SAXON GOLD MINING COMPANY. The annual general meeting of the shareholders of the Saxon Gold Mining Company was held on the 31st January at Mr. D. G. MacDonnell's office, New Zealand Insurance Buildings, Mr. Charles Alexander, chairman of the Board of Directors, presiding. There was a good attendance. Mr. MacDonnell, secretary, read the directors'report, which stated "That the profress of the company for the past year has een satisfactory is best attested by the fact ! that we have been enabled to declare ! dividends to the extent of £3333 6s Sd, and ! we have much reason to hope, judging from the mine manager's report, that the dividends for the current year will largely exceed those of the past. The assets are largely in excess of the liabilities, whilst the late Mr. Graham's interest in allotment, lor which we were bound to pay £100 ay ear for a term of five years, and at the ex piration of which time we might possibly have had to pay £200 a year or more, owing to the improved prospects of the mine, has been purchased for a sum of £450." A re port forwarded by the mine manager reviewed exhaustively the working of the mine \ since his taking charge in August, 1886, a. nd concluded as follows:—"I will now lay before you my proposals for the near future. No. 1 level should be opened from the shaft to test the reef nearer the surface. \ If the reef could be picked up here, of vrhioh I have very little doubt, a winze could be sunk to No. 3 level, thus dispensing with No.'2 level altogether. At No. 4 level *i crosscut was put in from No. 2 reef to cat; No. 1. It was cut and a winze sunk from No. 3 level to meet it, but very little wt,>rk done on the reef. I now propose dx-ivii ig on the reef seaward about 150 feet, to get under the gold worked here about 18 mont\hs ago ; this would also prospect a part in which some good ground was worked during \ the time Mr. Coutts was in charge. These; are the most important works, and I wo uld recommend that they be commenced at'., once."

The balance-sheet for the year is as follow :— \

Receipts.—Balance\ from last year's balancesheet, £110 las s<!; £. ">1(1, £10,101 Is 8(1 ; calls, £2-13 Itis lid ; amount received in excess of calls on forfeited shares sold, £15 USs 5d ; amount received on sale of reserve shares, \ £50 ; amount received per tributes, £138 lis 4d ; 'per tailings, £73 Os (id ; per winding, £27 is 4d ; per Trenton Co., £IS4 ISs 4d : total, £10,945 0s lid. \ Expenditure.—Wages; and contracts, £3447 lCs Sd ; crushing, £97015s 3d ;\ ironmongery, £656 3s Sd ; cartage, coal, and timber, A,' 403 2d ; drainage and borough water supply, £3S<A'; salaries, law expenses, survey, and Board fees, £1110 5s 2d ; rent of licensed holding and Graham's freeltiold, £100; advertising, printing, stationery, insurance, and interest, £55 19s lOd ; miscellaneous accounts, £52 13s 6d ; purchase of Graham's freehold. \C4SO ; dividends, £3333 6s Sd ; balance, £066 3s: total,', £10,945 0s lid. The profit and loss account showed a credit balance of £4321 14 2d. The report and balance-sheet were adopted, and Messrs. Kissling and Alexander were reelected directors ; Mr. T. A • Menzies being also re-appointed auditor. \ LAW SOCIETY". Tho adjourned annual meeting of the Auckland Law Society was Mild on the 10th February at the Police Court.- Sir Frederick Whitaker, president, occupied the chair, and Messrs. James Russd\ll,A. Devore, Thomas Buddie, A. Brock, W.\ J. Hill, W. Coleman, -S. Hesketh, Theo. Cwoper, C. R. Tylden, and E. W. Burton wtlre present. The Secretary, Mr. Bassett, read- the report for the past year, which stated that the library had been supplied with a s\mall number of new books, chiefly current reports and digests. Complaints had been made of persons practising as solicitors without being properly qualified ; but the charges made against them had been abandoned,some of the persons referred to having left the colkmy. The Incorporated Law Society in England and the Law Society of Brisbane and Queensland had been communicated with, with reference to the case of Mr. llligby, and a reply had been received from the secretary of the last-named association. The question of employing a short! hand reporter to take verbatim notes of Supreme Court judgments had been allowed to lapse, owing to the departure for the South of Mr. Justice Ward, who had first mo ved in the matter. The council had written to Judge Ward in reference to a complaint made by Mr. O'Meagher of the remarks of His Honor in a case in which Mr. O'Meagher appeared at tho Supreme Court; and a reply which had been received from the Judge had been forwarded v.o the solicitor referred to. On the motion of Mr. Devore, seconded by Mr. Hill, the report was adopted. \

HAURAKI SAWMILL COMPANY (LIMITED). \ Theadjourned annual meeting of the share-! holders of the above Company was held at Mr. L. D. Nathan's office, Shortland-street, on Tuesday, 14th February, at three p.m. The shareholders present and represented were: Messrs. L. D. Nathan, C. J. Taylor, L. J. Bagnall, W. S. Laurie, Geo. Bagnall, A. E. Bagnall, and R. N. Bagnall. Mr. Nathan took the chair. The Secretary (Mr. Griffiths, solicitor) read the minutes of the last annual meeting, and the same were confirmed. The secretary then banded to the meeting the balance-sheet of the company's accounts made up to the 31ab December, 1887, together with the auditor's report annexed thereto, and stated thab the valuations of the company's property described on the balance-sheet bad been adjusted in accordance with the resolutions to that effect. After the same had been perused anjj considered by the shareholders, a resolution was passed adopt-

ing the balance-sheet. Mr. L. D. Nathan retired from the directory in accordance with the rules, and was re-elected a director of the company. Mr. W. S. Laurie was also elected a director of the company. Mr. S. T.-Whitehouse, accountant, Thames, was appointed auditor of the company. The meeting throughout was of a formal character, and terminated with a vote of thanks to the Chairman, the Chairman himself remarking that he was well satisfied with the secretory and the manner in which he had discharged his duties.

WELLINGTON CHAMBER OF COM-

MERGE.

The annual meeting of the Wellington Chamber of Commerce took place on the Kith Feb. ,—Mr. J. Duthie, president, in the chair. His report showed a decrease in imports and nnincreaso in exports. Tho increase in the case of wool is very marked, over 30 per cent, on the period of five years, although by decline in price increase in value is only 10 per cent. Tho export of meat has risen from £211,."01 in ISS3 to £532,515 Inst. year. He urged legislation in the direction of all native land being surveyed, and titles determined, thus enabling owners to turn it to profitable use. As a contributory cause to the depression that has hung over the colony, tho decre; 150 in the export of cereals, flour, &c., has largely assisted. Tho value in ISS7 was less by £907,317 than in ISS3. Count Jouffray d'Abbans, the French consul, warmly advocated the establishment of the sugar industry, and combated the argument that it would suffer by competition with cane sugar production in the sister colonies. He had written to France in connection with the matter, and he was glad to be able to say that very shortly French experts would bo here, and the Chamber would have an opportunity of discussing tho matter with him. Mr. .1. Dransfield was elected to represent the Chamber on the Harbour Board.

The annual meeting of the Institute of Architects was held at the old Council Chambers on February 0, when tho following officers were elected for the ensuing year:— T. Mahoney, president ; E. Bartley, vicepresident ; H. G. Wade, hon. treasurer ; W. F. Hammond, hon. secretary ; Horace Hammond, secretary ; and Messrs. R. J. Roberts, E. Bell, and R. M. \\ att, members of the Council.

A preliminary meeting of thoso interested in holding an exhibition in Dunedin next year was held on February 2. It was stated that tho whole of the Belgian exhibits at the Adelaide Exhibition, and some from other parts would be sent to Dunedin. The idea was to form a company to givo a guarantee which would bo available to defray any loss, which would not exceed from £500 to £1000. The manufacturers present resolved themselves into a commitfee to ascertain the views of oti'ier manufacturers.

The annual mooting of the Christchurch Gas Company was held on Feb. 1. The balance to the credit of profit and loss was reported as £i' 6,46*2, out of which £8000 ha.-*' been paid. i«o interim dividend further than the dividend of £SOOO has been paid. Three Wellington companies held very satisfactory annual meetings last week. The Gas Company paid a dividend of If) cent., the Equitable Building and Investment Company 10 per cent., and the Wellington Trust, Loan and Investment Company 9 per cent., all carrying satisfactory balances to rest i ve or forward. The annual meeting of the Onchutign Public Library subscribers was held last week, the Rev. W. R Mulgan occupying the chair. The treasurer, Mr. I*. Clark, read a balance-sheet tor the past year, which showed that the receipts were £61 lis Id, and the expenditure £60 Oh (id, leaving a credit balance oi 10s 7d. A discussion ensued on the financial position of the library, the opinion being unanimous that unless some effort was m.ide to increase the income and make up _ the loss of the Government subsidy, it would be necessary to wind up the institution. The election of officers and committee of management for the ensuing yi\ir was next proceeded with : —President, W,. E. Mulgan (re-elected): secretary, F. W. Green (re-elected) ; treasurer, P. Clark (re -elected); auditor, W. Stevenson (re-electec'); committee, Revs. Adams and Bavin, Messrs. L). Hills, J. G. Browne, S. J. BrO oktiold, J. .1. Austin, R. D. Steward, M. H. Rowe, J. Mclntyre, J. Lundon, J. I). Jackson, ami C. A. Bruford.

The annual meeting of the Duncdin Tramway Company was held Feb. 15. The pi "ofits for the lust half-year were stated to amount to £334. No dividend was declared.

On February 1(3, in the Imperial Hotel, a special general meeting of the Auckland Rugby Union was held, for the purnos of considering the advisability of atrifint ing themselves to the English Rugby Union. There was a large attendance, and Mr. T. Henderson was in the chair. After so/no promiscuous discussion, Mr. R. Crowe proposed, " That this Union join the English Rugby Union." Mr. A. Burgess seconded. Mr. J. J. Poland, then moved, as an amendment, "That steps be at once taken to form a New Zealand Rugby Union." Mr. A. H. Cotter, in seconding this proposal, pointed out that it was inadvisable to bind the local Union down to any rules projected by the English Union, as that body was unable to come to an amicable agreement with tho sister Unions of Wales and Scotland concerning the method of scoring, and that any advantages that might acme to Auckland from being connected with the English Union, would also bo gained by the formation of an association of the various Unions of the colony. The amendment was then put and carried. It was decided that during the campaign of tiie English team that the English system of scoring should be adopted. A number of slight alterations to various regulations was then gone through, and after fixing the date of the annual meeting of the Union for the 2'Jnd March, the meeting dispersed.