COMPANY MEETINGS.

New Zealand Herald, Volume XLVI, Issue 14070, 26 May 1909, Page 5

COMPANY MEETINGS.

WILSONS PORTLAND CEMENT COMPANY. The annual general meeting of Wilsons Portland Cement Company, Limited, was held at the company's office, i" ; hortland-street, yesterday, Mr. Geo. Elliot (chairman, of directors) presiding. The annual report stated that the profit earned for the year, including the balance (£7072 7s lid) brought forvard, amounted to £i 7,708 4s 9d. From this the directors recommended the following appropriations :—To payment of a dividend of 12£ per cent., for the year ended .March 31, 1909, on the. amounts paid up on the preference and ordinary shares (6i per cent, of which was paid on November 23 Mast), £9382 7s 9d; to de. prestation of buildings, plant, machinery, and vessels, £4627; to creation of an insurance fund for vessels, £1000; to creation of a reserve fund, £10,000; to depreciation of ofhee furniture and fittings. £56 19*: 6d ; to directors' honoraria, £250; to carry forward, £2391 17s 6d : total. £27,708 4s 9d. The machinery, plant, vessels, and buildings were in first-class "order, the sum of £5704 3s 7<l having been ■ spent on repairs, renewals, and maintenance during the yr*» 'Hie wear, and tear on cement-making machinery biting particularly heavy, the directors had..-"recommended a lcrge amount.beta;? written Off. In moving their adoption the chairman reviewed ti;e report and balance-sheet. Referring to an item of £4000, calls outstanding, he pointed out that shareholders had the .right to pay tip in full or wait until the calls were made. 'The'assets,' .totaling £'25,732 7s 9d, were absolutely clean. Not an item had ever been inflated or written up. The amount standing in the balancesheet represented exactly what the assets cost, less generous writing down. The item " stock, £16.630 2s 2d,'' had been commented upon as being large, but this wag not really the case. Bags, spare parts, ironwork, engineering, and fitting, etc., came to £12,000, leaving only £4000 to cove* cement made or in course of manufacture and coal and coke. Few people were aware hew much money had to be put up, to equip a thoroughly up-to-date cement-making plant. Mr. Elliot mentioned further that the company commenced 39 years ago, being the first in Australasia to make csment in a marketable foiT;'! To-day it was the largest concern of the kind in tile Dominion. . • Mr. .J. Thorne3 seconded the motion, which Was carried . - ' . Messrs. James Smith and John Wilson (retiring directors) and E. L. Jonas (auditor) were reappointed. On the motion of Mr. W. R. Wilson a vote of thanks was accorded to the directors and to the company's staff. The Chairman closed the meeting with an intimation that, the dividend would be payable on Thursday next. ._.--.

NORTHERN STEAMSHIP COMPANY.

The annual meeting of the Northern Steamship Company was held yesterday, . Mr. John Brown (chairman of directors) presiding.

In moving the adoption of the- report and balance-sheet (which have alreadv been published in the Herald), the Chairman said he wag pleased to report a satisfactory result lor the past year, notwithstanding ii.o fact that trade in the staple products ' c. the province had not been so active as in previous years. Settlement, however, continued to progress, and in several districts served by the company there was evidence of increased trade. During the past year the company had extended its operations on tne Bast Coast, by th« acquisition of the vessels and trade of the "Settlers' Steamship Company. The consideration was partly cash and the balance in fully-paid shares, the business having been transferred in October last. It was believed that the change had proved satisfactory to the settlers in the districts served by that company, and that this would become a "profitable branch of the Northern Steamship Company's luisinesK. Having taken this step it, was found that it would be necessary to increase the capital of the company, and in November last shareholders were offered 25,000 of the'unallotted shares. The issue met with a hearty response.'. Considering the monetary conditions that had prevailed throughout the Dominion for some time past the board considered the result satisfactory and a. gratifying evidence of the confidence of the shareholders in the future of the compmy. At tha, company's last annual meeting it'was stated that a larger vestel would be required for the Wliakatane trade, and for this purpose the Tasman was purchased and had proved suitable in every respect. The Mangapapa, formerly in'that trade, had been sold to a Wellington company, and a portion of the purchase money was still 1 npnid. and was secured by jfiortgaße, whlc 1 fell due in December next. The-, Waiotahi had undergone an extensive overhaul and' renovation, having been fitted with electric light and other improvements, making her a well appointed and up-to-date vessel. This work involved a rather heavy charge on the repairs account, lor whic"i provision had been made. It would be necessary shortly to lay up the Ngapuhi for a few weeks, when a new boiler, which had been built in Scotland! and was now ready for shipment, would be placed in the vessel. In iWs \ connection the proposal to fit up an engineering \ workshop, which was intimated at last' meeting, j had been carried into effect. Negotiations were entered into with the Union Steam Ship Company to Join the company in the scheme, which had resulted in the formation of a private company— the Unite! Repairing Company, Limited—which would control the workshop. The capital required hid been provided by\the Northern Company and the s Union Company in equal shares, and it was hoped as a result of this enterprise to effect, tin economy in the company's accounts for repairs. In January last a dispute among the coal. miners threatened to cause -'he company much inconvenience, as all work at the mines ceased for several weeks. Fortunately the. company was able to obtain supplies of coal from outside* sources, and was also able to maintain its services without interruption, although at a considerable additional cost in working expenses. .The company was approached by representatives of the masters and engineers as to the scale of wages,, and- after several conferences agreements were arrived at without the necessity of referring the points at issue for decision by the Court of Arbitration. "The balance-sheet showed a consider- ' able increase in the value -of the company s snipping property This was accounted for by the large number, of additions during the year, chief among which were the Daphne, Ttimu, Tasman, and six. vessels of the Settlers'-,Steamship Company. : In the accounts the directors had provided, a* usual, for insurance, depreciation, and renewals." - .'-■■■.- ' ' • ; Mr. Thomas Russell seconded the adoption of the report, and balance-sheet, which was carried. j Messrs. J. H. Upton, M. A. Clark, and N. A. Nathan (retiring directors) and Messrs. - 0. O'Halloran, jun., and W. Wallace Bruce (auditors) were rc-e'ected. -,:-. '■ '. Votes of thanks were accorded - to the directors, the manger and the staff, the chairman and Mr. 0. Ransoa responding.