NORTHERN S.S. COMPANY.

New Zealand Herald, Volume XLVIII, Issue 14691, 27 May 1911, Page 8

NORTHERN S.S. COMPANY.

PROFIT FOR THE YEAR, £i 1i673 .

DIVIDEND OF SEVEN PER CENT,

The annual meeting of the Northern Steam Ship Company was held vested day. There was a. representative gather! ing of shareholders, which was presided over by Mr. C. Rhodes, chairman 0 f directors.

; The annual report of the directors | stated that the rut profit on working ac . j count for the year ending March 31, a ft e j i making provision for insurances, d C p. : ciation, and boiler and repairs accounts 1 was £11,673 is lid; transfer f eC g j amounted to £29 7s Cd. The balance ' brought forward April 1, 1910, after dei ducting dividend was £1037 7s Id; making | a total of £12,739 16s 6d. The follow? I ing appropriation of this amount was rei commended : —Payment of a dividend at j the rate of seven per cent, per annum j half of which was paid to shareholders on I November 18, 1910, £11,293 17s; l eav . i ing a balance to be, carried to the credit' i of profit and loss account of £1,440 19 j 6d. j A Favourable Year. j The Chairman, in moving the adoption j of the report, said the company had l la( ] i a. favourable year's operations, a (onse. i quencc of the continued development of I the districts served by their steamers, ami , they hoped the progress would be steadily : maintained. While the volume of trade , had increased, the running expenses of the 1 company's steamers were much higher ; than formerly, owing to the advance in j the price of coal and almost all other sun- ! plies. Indeed, it was feared at one time j that they would be compelled to raise the i rates of freight and passage money owim? I to the reduced margin of profit in working ! many of the steamers, but. a. more buov? | ant revenue had rendered that course un- ; necessary. One gratifying feature of ! the period now under review was the i absence of accidents, with lie exception jof a minor affair with a. launch. .Consid'. • ering the large number of vessels of j which the fleet was now composed (sav I 37 in all, including tenders and launches) j they could congratulate themselves 0 a | their good fortune. A New Steamer. j Mr. Rhodes referred to the lengthenI ing of the Claymore as having greatly I improved the vessel, and stated that the ! company recently entered into a contract with Mr. George Niccol for building a steamer of similar size and construction 1 to the Kapanui, but more modern in her | equipments. The boiler and machinery j of the Kapanui would be placed in this { vessel, which it was expected would bo I completed by December next. The WaiI tangi. one of the older boats, which had been out of commission for some time has been sold to the Kauri Timber Company. Effect of New Railways. The increased activity in railway construct ion within the company's northern sphere of operations had resulted in the completion of the line between Kawakawa and Whangarei and it was expected that, it would be the means of diverting some of the Northern passenger traffic to the latter port. Whatever might be the re. I suit, the company would endeavour adequately to provide for the requirements of the trade by suitable adjustments to the new conditions. The construction of a railway from Tauranga to Te Puke, and from there through other Bay of Plenty districts, would, in due time, bring the produce of large and fertile areas to Tauranga port for shipment. A Promising Outlook. The accounts showed that from various causes the company's liabilities had been reduced, and that normal additions had been made to insurance and other reserve accounts. As the company insured greater part of their ships in their own accounts, it was imperative that such appropriations would be made for inevitable contingencies. The vessels had all been efficiently maintained, and the usual appropriation made for their writing down. Mr. Rhodes referred to the satisfactory relations of the company with its employees, and to the deaths o'f Capj tains W. Farquhar and G. McLeod, two of the company's oldest and most faithful masters, who were connected with the company since its formation. The outlook for the coming year, he said, was promising, and while they believe the company's present tonnage could cope with a much larger business, they would take such steps as might be necessary from time to time to keep abreast of the growing requirements of the various districts served, with the belief that such a policy would not only help to develop the country, but would prove of benefit also to the company. The motion was seconded by Mr. J. H, Upton and carried. Directors Re-elected. The retiring directors, Messrs. D. L. Nathan, J. Brown and J. H. Upton were, on the motion of Mr. G. Elliott, re-elected; and Messrs. G. O'Halloran, junr., and W. W. Bruce were re-elected as auditors.

A vote of thanks to the directors and staff was moved by Mr. C. V. Houghton, and carried. Mr. Rhodes responded on behalf of the Board, and Mr. Ranson on behalf of the staff.