THE NORTHERN STEAMSHIP COMPANY, LIMITED.

New Zealand Herald, Volume XLII, Issue 12871, 20 May 1905, Page 3

THE NORTHERN STEAMSHIP COMPANY, LIMITED.

.... ANNUAL MEETING. : The 2UIi annual meeting of shareholders, in tho Northern Steamship Company, Limited, was held at the company's offices, Quaystreet, yesterday, at noon. In the unavoidable absence, owing to indisposition, of Captain 11. P. Anderson, chairman of directors, Mr. Matthew A. Clark, a member of the board of directors, presided. There was a fair attendance of shareholders. ' DIKECTOBS' IIEPOKT. The report of the board of directors, touching tho operations for the past year, was as under:The not profit on working accounts for tho year ending March 31. after making provision tor insurance, depreciation, and boiler accounts, is £6685 Is lQd; transfer fees, £14 10s; balance brought forward April 1, 1904. lw, directors' honorarium. £1103 Is Ed: .fc/307 13s Gel. The following appropriation of this amount is now recommended: -To payment of a dividend at the rate of 7 per cent, per annum, half of which was paid to shareholders on November 39, 1904, as an interim dividend, £6904 18s 4d; leaving a balance to bo carried to the credit of profit and loss account of £902 15s 2d. It is with deep regret that, your directors have to report the death of Mr. Arthur 11. Nathan, who has occupied a, seat on the hoard for a period of nine years. They have appointed Mr. John Brown to the vacant seat. In accordance with the articles of association. Mr. M. A. Clark and Mr. C. Rhodes retire, but are eligible and otter themselves for re-election. The directors respectfully recommend that the honorarium to tho directors be lixed at £400 per annum, as heretofore. Mr. Charles A. Jonas and Mr. 0. O'Halloran. jiui.. auditors, retire, ami are eligible for re-election. Tito dividend will be 'paid at the company's otliee. Quay-street. Auckland, on and after Monday, the 22nd day of May. ~„ .. STATEMENT Of ACCOUNTS. The statement . ( of account 1 ! for the 12 months ended March 31, 1905, was as follows:— Balance-sheet,—Liabilities Capital authorised. £217.500, in 300,000 shares of 14s Oil each; capital subscribed. 104,289 shares, 7s paid, £36.501 3s; 33,711 share, 14s 6d paid. £62,140 93 6t1—190,000 shares £58,641 12s 6d; insurance account. £33,134 14s 4d; insurance account No. 2, £1652 13s 3d: boiler ami repairs account, £5185 17s; unclaimed dividends, £6 15s 2d; sundry liabilities of the company, £47,113 14s Id; balance of profit and loss account, £4353 4s 4d: total, £190,070 10s Bd. Assets: Vessels ami gear, less amount at credit of depreciation account, .£160.10-4 advances an steamers tinder construction, £10,094 9s 10(1; Quay-street premises, £5,134 3s 3d; coal and store's on hand. £4462 ISs lid; insurance account No. 2, investment Auckland Harbour Board debentures. £200; accounts owing to the company, including agents" balance.*, £8990 15s lid; unexpired insurance premiums on s.s. llarawa and Ngapulli, £983 10s lOd; bills receivable, £100 11= 9d: .total, £190,070 10s Bd. Profit and Loss Account.—Dr. : Ma 18, 1904 -To directors' honorarium. £400. November 19, 1904—Interim dividend for six months, at the rate of 7 per cent, per annum. £3452 9s 2d; balance. £4355 4s 4d: total. £8207 13s 6(1. Or.: April 1, 1904—8y balance brought torward £4960 10s lOd. lc-.s dividend declared on May 18, 1104 £3452 9s 2d—£l3oß Is Sd. March 31, "1903— profit, for 12 months, after providing lor insurance, depreciation, and boiler accounts. £6685 Is 10d; transfei fees, £14 10s: £8207 13s 6d: available balance brought down, £4353 4s 4d. chairman's SPEECH. In moving the adoption of the report and accounts, the Chairman said:— Gentlemen,— 1 am sure that all present very .much regret that the chairman of directors has been prevented by indisnositipn from presiding over the meeting to-day, as you know he takes a keen interest in the welfare of the company, is seldom or never absent from meetings, and is constantly consulted by the manager. He prepared his address for this meeting, wl-ioh J shall now submit in moving tho adoption of the report and balance-sheet. It is gratifying to me to meet you again, unci to review the progress of the- company during another year, but before discussing our business operations it is my painful duty to refer to the- loss wo have sustained in the death of Air. Arthur H. Nathan. For nine, years lie was a valued member or the board, and always had the interests of tho company at heart. lit-> sterling business qualities and sound judgment earned for him the highest esteem of Ins co-directors. Your directors have appointed Mr. John Brown to the vacant scat. At our last annual meeting I informed you of our intentions to order three new steamers to replace some of our older beat*. ' A contract has accordingly been on-te-cd'iuto with Messrs. Dunlop and Co., of Port Glasgow, and our superintendent engineer, Mr. George Gow, is now in Scotland supervising the construction of the new vessels. •' The Ananui, the smallest of the three, i- to be completed next month, the Attpoun, a, twin-screw steamer, in August, and the third, the Ngatiawa, a duplicate of the Aupouri, will,not be delivered for 12 months. Following the practice hitherto adopted, the names selected aro these of New Zealand native tribes. The cost of these \essels, as you would notice in the circular issued to you "on the Ist inst., will be about £46,000, of » which rat Iter more than £10,000, as is shown in the balance-sheet, has already been paid. For tho purpose of paying lor these steamers, vour directors thought it advisable to issue 05,000 of the unallotted share's, amounting to £25.575. These arc offered m (ho first instance to shareholder* on tho terms set forth in the circular referred to, and we- have every reason .to think they will all lie applied for. This will still leave 75,000 shares in reserve tor future requirement..*., which, with the liability-on contributing shares, brings our uncalled capital up to £93.000. We have sold the Waimana, a vessel that was found unsuitable lor any of our track'*--, and the Glenelg. one of our older steamer.-. The Clansman has undergone an extensive overhaul ami renovation, extending over -ii: mouth-:, during which her passenger accommodation has been enlarged and greatly improved. The steamer has also been provided with an oil launch, which has been "found exceedingly useful in showing tourists and others round the beautiful bar-, bours along the northern coast. The eight days' pleasure cruise initiated last year was repealed with great success in February. Many applications hint to be refused, and it is expected, from the- general satisfaction expressed by all who made the trip, that it will lie necessary to organise two excursions next year. Thanks to the care, and vigilance ot Our captains, 1. have no serious accidents to report, although two or three minor casualties have occurred. The Wellington last year collided with a barque lying at anchor in flic harbour, but, after investigation, the Court exonerated our officers from all blame. Later on another of our steamers collided with a mow at sea, but as the matter will shortly come before the Court this reference to it. will be sufficient in the meantime. In February a lire broke out on the Muritai on her voyage from Hokianga, when some horses, cattle, and other cargo wero destroyed, but having iron decks the vessel fortunately escaped without serious damage. We have carried 112,097 passengers during the year without accident of any kind, a fact which bears evident* to the skill and care of our captains and officers. We have an efficient staff both afloat and ashore, who strive in every way to promote the prosperity of the company. The accounts before you sufficiently explain the position of the company. With the ordinary revenue, we have been able to make ample provision for the depreciation of our fleet, which is well written down. 1 have much pleasure in proposing the adoption of the report and balance-sheet, and, if approved, the dividend' will be payable on Monday next, tho 22nd insl. Mr. .1. H. Upton seconded, and Air. L. "J. Hag-nail, speaking in support,-, congratulated Did shareholder- on the progress made by (he company, and also on the- appointment of Air. John Brown to the board of directors, to till the vacancy created by the death of the late Mr. Arthur H. Nathan. 'Tlie report; and accounts were then unanimously adopted. ELECTION OF DIRECTORS. On the motion of Mr. 11. Green, seconded by Air. W. Boryer, Messrs. M. A. Clark and Chas'. Rhodes, the retiring director:-, were re-elected unopposed to the board of directors. .Messrs;. Citric and Rhodes having returned thanks, the Hon. S. Thome George moved a vote, of thanks to the directors for their services; during the patt 12 months, and congratulated the members of the board on the policy adopted in issuing the new shares. Mr. Sidney Nathan seconded', and tho motion was unanimously adopted. Messrs. Chas. A. Julias and G. O'llalloran, jun., were re-appointed auditors to the company. THANKS TO STAFF. Mr. L. J. Bagnall moved, and the Hon. S. Thorne George seconded, a vote of thank:-; to" the manager (Mr. Chas. Bauson), officers, and staff of the company. The mover said that the shareholders had reason to fed gratified that they had such a capablo 'manager, backed tin by an efficient and hardworking staff, the. general desire among the officer and staff being clearly to do their utmost to further the progress of the company. . Air. Rar.son returned thanks, and after assuring the share-holders that the officers under his control had worked faithfully and efficiently in tho interests of the company, intimated that he would be pleauod to convey the expression of thanks to those concerned. The dividend, at the rate of 7 per cent, per annum, will be payable at the company 3 office on and after Monday next, May 22. . A. vote of thanks to-the chairman terminated the business..