SHAW, SAVILL, AND ALBION CO.

New Zealand Herald, Volume XLIV, Issue 13456, 5 June 1907, Page 8

SHAW, SAVILL, AND ALBION CO.

SATISFACTORY BALANCE-SHEET.

[FROM OUR OWN ' CORRESPONDENT.]

London, April 26. 1 Me. Edward Pembroke was in the chair at last Tuesday's annual mooting of tho Shaw, Savill, and Albion \ Company, which was held at 34, Leadenhall-sirect. :•.' ~

The accounts lor 1906 showed a profit of £22,54-7 on. tho year's working after paying all; expenses, carrying £10,000, to , renewal, repair, and boiler fund, £2500, to the. insurance fund, 1 and making provision for depreciation. An interim dividend for tho first half of the year had already been paid upon I the 'preferred and ordinary shares, and ;tlife directors recommended that''upon both classes of shares a dividend for tho remaining six months at the rate of 5 per cent, per annum bo paid on May 1, the dividend for the year on :< the ordinary shares '■■■ to'>. bo paid free of' income : tax. The remaining balance of £3009 the directors proposed to carry forward. They decided that the insurance risk on steamers might with advantage be partly run by the company. All insurance fund had, therefore, been opened, and it was deemed advisable to strengthen this by the transfer from revenue of £2500.

| In- moving the adoption of the report the ■ Chairman said ho was glad to bo able to present such'a satisfactory statement of accounts. For sometime during the past year they, had had sever© competition, which disorganised the trade and caused considerable loss all round. Arrangements had, however, been come to, and there was ©very prospect of harmonious working. As usual, they had kept all their ships in the highest state of efficiency and had. spared no pains or expense to ensure delivery of cargo in the best possible condition and also to meet the requirements of shippers in the supply of tonnage and rapid transit, but at the same time they had constantly paid very close attention to minimising the very heavy expenses they had to bear. The company's ships in their regular trade had performed their voyages with safety, and v regularity. Great credit was due to their masters and officers and to all their staff, both here and abroad, for the successful manner in which their work had been done. They had recently despatched : the very fine twin-screw steamer Arawa, built by Messrs.- Swan, Hunter, and Wigham Richardson. She was a very superior vessel, jointly owned withthe Oceanic Steam Navigation Company. She had made a good passage out, and satisfactory results from her were looked for in every respect. ; The company were building a, twin-screw cargo boat; it was in the hands of Messrs. Workman, Clark, and Co. She would tako the lace of tho Pakeha, and Rangatira, which were becoming too small for the trade. Their last sailing ship, the Wcstland, had been sold at more than she stood in the books. She had just arrived Home, and she closed the company's long sailing ship career very creditably. She made the passage-from New Zealand to the docks in 88 days. Drought in some; parts of New Zealand had made it necessary to expedite the shipment of frozen meat, which would probably lessen the later quantity,: but the general trade of the country was verv prosnerous. New Zealand was going ahead with'steady strides, and the visit of the Premier to this country must have a favourable influence in many ways. In reply to a question Mr. J. A. Potter stated that according to the latest reports there were over 20,000,000 sheep in New Zealand at the end of/1906, an increase of over 1,000,000 on the previous year. [ The report was adopted. *•