DEVONPORT STEAM FERRY COMPANY.

New Zealand Herald, Volume XXXIII, Issue 10033, 21 January 1896, Page 6

DEVONPORT STEAM FERRY COMPANY.

FIRST MEETING OF SHAREHOLDERS. The first meeting of shareholders of the above company was held yesterday after noon at the Borough Council Chambers, Devonport. The chairman of directorA, Mr. E. W. Alison, presided. • After reading the advertisement convening the meeting, the chairman called upon the secretary to read the report and balance-sheet, which he moved the adoption of, with the follovring remarks The Companies Act provides that a new company shall hold its first general meeting within four months of tho date of its incorporation—that is the reason why you are called together to-day. The report and balance-sheet submitted to you cover a period of two months, from November Ist to 3lst December, 1895. During that timo tho company's business has been quite successful, and its prospects continue favourable. It has been usual to end the financial year of the company on December 31st, but as this is the company's busiest time great inconvenience is thereby caused. The directors aro of opinion that it would bo advisable that tho financial year, lor many reasons, should close on the 30th April of each year, and they therefore suggest, and I shall subsequently propose, that the noxt annual meeting be held on the 14th J uno, 1897. As the Articles of Association empower the directors to pay interim dividends, they intend, if nil goes well, to declare a dividend for the half-year ending 30th April, 1896. The company has commenced its business under most favourable auspices, and tho report and balanco-shoflt presented must be entirely satisfactory to you. I have, therefore, much pleasure in moving their adoption. The report was'as follows :— First Report and Balance-sheet, for period ending December 31, 1895.-The Directors have the honour to present the First Report and Balance-sheet to the shareholders. The Company commenced operations on November 1.-1895, taking over steamers,' plant, and business, in accordance with an agreement entered into between the old company and its liquidator of the one part, and the new Company of the other part. The profit and loss account shows two months' business— the receipts being £3171 2s 7d, and the expenditure £2274 9s 9d, leaving a profit of £896 12s lOd to be carried forward. The steamers and plant, etc., are in good order and well maintained. It will devolve upon the meeting to elect one director in place ot Mr. E. M. Coleman, who retires in accordance with the articles of association, and offers Ihimself for re-election. An auditor will also have to be appointed. Mr. W. H. Churton was appointed by the directors to audit the accounts presouted to you. He offers himself for re-election.—For the Board of Directors, Ewen VVm. Alison, Chairman.

The next business was the election of a director, and tho retiring director, Mr. E. M. Colomnn, was re-elected. Mr. VV. H. Charton was appointed auditor at a fee of eight guineas. In terms of the suggestions made by tho Chairman in his remarks, it was resolved on his motion that the date of the hexb annual genoral meeting of shareholders be fixed for Monday, June 14, 1897. The rough minutes were then read and the chairman authorised to sign them. A vote of thanks iio the chairman concluded the business,