NORTHERN STEAMSHIP COMPANY.

New Zealand Herald, Volume XXXIII, Issue 10133, 16 May 1896, Page 6

NORTHERN STEAMSHIP COMPANY.

■ ./• ♦— — lM- ANNUAL MEETING. •■ ' (he fifteenth annual meeting of the Northern Steamship Company (Limited) vat held in the Company's office on Friday, May 15th, at three p.m. Mr. James Macfarlane presided, and there was a large attendance of shareholders. The manager read the notice from the New Zealand Herald of May 2nd calling the meeting, after which the minutes of last annual meeting were read and confirmed.

REPORT AND BALANCE-SHEET. The report and balance-sheet, which had been in the hands of the shareholders for a few days, was taken as read. They were as follow :—

The directors beg to submit their report of the operations of the Company for the past year :— The net profit on working accounts for the year ending March 81, after making provision for insurance, depreciation, and boiler accounts, etc., is £3,204 12 2 Transfer fees 7 15 0 Balance brought forward April 1, 1695 - - - - «1 8 3

£3,673 4 The following appropriation of this amount is flew recommended :— To payment of a dividend at the ■ rate of 6 per cent. _ - 2,733 12 0

Leaving a balance to be carried to the credit of profit and loss newAoeount £940 3 4 It is with deep regret that your directors hare to teport the death of their late chairman, Mr. D. B. Cruickshank, who hi i been identified with the Company since its for ution, and was always most assiduous in his duties -o promote its welfare. The Tacancy on the Board thus caused will now require to be filled. The directors retiring by rotation are Captain H. F. Anderson and Mr. Thos. Melville, who are eligible and offer themselves for re-election. The directors respectfully recommend that for the past year a sum of £300 be voted to them.by the shareholders as honorarium for their services. Mr. Charles A. Jonas, auditor, retires, and is eligible for reelection. the dividend will be payable at the Company's office, Palmerstoa Buildings, Queen-street, Auckland, on and after Monday, the ISth day of May. For the Kurd of Directors, James Macfarlane. ■ Chairman.

I have examined the abore balance-sheet and profit and loss account, together with the books and Touchers, and hereby certify that they are correct, and exhibit a full and true statement of the Company's affairs, as required by the articles of association. Charles A. Jonas, F.S.A.A., Eng., Auditor. Auckland, May 1, 1898. THE CHAIRMAN'S ADDRESS.

The Chairman, in moving the adoption of the foregoing, said Gentlemen,— moving the adoption of the report and balance-sheet, before making any remarks upon the affairs of the company, it becomes my poinful duty to refer to the death of our late chairman (Mr. Cruickshank), who, as most of you are aware, was connected with this company from its formation, and held the office of chairman continuously up to the time of his death. He took great interest in the company's welfare, and actively contributed at all times to its success; and, having been associated with him during the whole of the time, I am in a position to bear testimony to his fidelity to our interests. The report and accounts submitted by our manager show plainly our position, and I have pleasure in congratulating you on the improved condition of the company, as shown by the operations. The earnings of most of our steamers have increased, especially of those trading to mining ports, and it is satisfactory to note the depression so long overshadowing the efforts of the company gradually passing away. It has been our aim to see that all ports served by the company's steamers are well supplied with frequent communication, also to lose no time in providing new and improved boats as soon as indications of improving trade warrant the expenditure. In conformity with that policy a new steamer the Waimarie, has been built during the year for the Paeroa trade, and is now running most successfully. The new steamer, the Wakatere, for the Thames trade, is nearing completion, and during iast month our senior commander and superindendent engineer went to' Scotland to bring her out. She may be expected to arrive about August, in good time for the next summer, and should she answer all expectations a similar boat will shortly follow for Coromandel. With the addition of the Wakatere aud the Waimarie to your fleet and the fact that we can without delay secure another Wakatere for any trade requiring such accommodation, your directors feel quite satisfied of their ability to meet all requirements. The purchase of the Coromandel steamer and her trade has proved remunerative to the Com-' pany. The whole of the Company's fleet nave been maintained and are now in firstclass order. The s.s. Gairloch has been much improved, and thoroughly repaired at considerable cost, but no alteration has been made in her valuation, part of the expenditure being charged to boiler account, and the balance to profit aud loss. Fortunately, we have been free from accident, the only one of any consequence being a fire on board the Kanieri, the damage amounting to £300, which sum is charged to insurance account. The necessity of our increasing trade compelled us to enlarge our offices. You will notice the improvements since last meetiug. Additions to the wharf at Coromandel are being made, which when completed will greatly add to the wharfage accommodation there, and enable the Company to run an improved time-table. Before the arrival of the Wakatere it is to hoped that the much needed improvements will have been made in the wharfage accommodation at the Thames. That harbour has so silted up that it is with difficulty any vessel can get to the present wharf, and it would be dangerous for a steamer like the Wakatere to remain there aground. The financial position of the company has improved during the past year, but' not to such an extent as to warrant in the opinion of your directors an increased dividend; the outlook, however, is brighter and appearances point to a better coming year than the past. The company is well nerved both ashore and afloat, and great credit is due to our staff for their exertions and the interest they all take in the welfare of the company. I now beg to move the adoption of the report and balance-sheet. Should this be carried, a dividend at the rate of six per cent, will be payable at the company's office on Monday next. lV Mr. A. H. Nathan congratulated the company on their successful operations, and had much pleasure in seconding the motion for trie adoption of the report, etc. The proposition was unanimously agreed to. On the motion of Mr. J. R. Gray, seconded by Mr. Cairns, Captaiu H. F. Anderson and • Mr. Thomas Melville were re-appointed directors, and Mr. Arthur H. Nathan was elected a new director, to fill the vacant seat. Mr. A. H. Nathan thanked the shareholders for electing him, and Captain Anderson did likewise, for-himself and Mr. Melville. Mr. Gray said he was glad to see these three gentlemen elected, as he thought it would be difficult to find any better qualified to fill the positions. Mr. Minetti proposed, and Mr. H. Green seconded, "That Mr. Charles A. Jonas be re-elected auditor." This was car* ried unanimously. ~ •. . M . r - A - Cairns proposed a vote of thanks to the chairman and management of the company, saying he was pleased to do this, as he could look back with pleasure on the progress the company had made under the present management. He had been connected with • it for fourteen years, and could assure the ': shareholders that the management was no ". sinecure; great credit was due to all for the • present prosperous position of the company. -. The vote having been duly seconded, and carried unanimously the proceedings terminated.' '■ ' ;■'."■

BALAXCE-SHEET. The balance-sheet for the year ending March 31,1896, was as follows .— LIABILITIES. 4 id Capita], £108,750, in 150,000 shares of 14s6deach Colonial shares. 104.2S9. 7s paid .. 36.501 3 0 British shares, 12,495 fully paid „ 9.05S 17 6 45,560 0 6 Insurance account ..... .. 20,690 0 1 Boiler and repairs account .. .. 5,634 1 0 Accounts owing by Company .. .. 5,50111 6 Balance of proht and loss account .. 3,673 15 4 £61,359 S 4 ASSETS. £ 8 d Company's vessels, gear, etc., less amount at credit of depreciation account 71,606 11 3 Stores and coal on hand..' .. .. 7S3 3 0 Accounts owing to Company, including agents' balances 5,187 14 0 Cash in Bank of Sew Zealand.. .. 3,776 19 7 ££1,359 8 4 M0FIT AND LOSS ACCOUNT. I March 31, IS96. Dr. £ s. d. Balance ..„..- .. 3,673 15 4 April 1,1S95. CB. £ s. d. reliance brought forward .. .. 3,495 0 2 Less dividend declared May 3, 1895, and directors' honorarium, toted May 3 3,033 0 461 8 2 March 31,1S96. (iet profit for 12 months, after providin; for insurance, depreciation, and boiler accouBts 3,201 12 2 Transfer fees .. „ 716 0 £3,673 16 4 April 1, 1896. Available balance brought down .. 3,673 15 4