NORTHERN STEAM COMPANY

New Zealand Herald, Volume XLIX, Issue 15004, 28 May 1912, Page 4

NORTHERN STEAM COMPANY

GROWING WHANGAREI TRADE

BETTER EAST COAS? SERVICES.

The annual meeting of shareholders in the Northern Steamship Company was held in the company's office, Quay-street, yesterday afternoon. Mr. J. Brown, chairman of directors, presided over a good attendance. The report of the operations of the company for the past year presented by the directors stated that the net profit on working account for the year ended March 31, after making provision for insurance, depreciation, and boiler and repairs account, was £11,607 2s. The transfer fees amounted to £19 12s 6d, and the balance brought forward on April 1, 1911, after deducting dividend, was £1440 19s 6d, making a total of £13,067 14s. The following appropriation of this amount was recommended by the directors :To payment of a dividend at the rate of 77 per cent, per annum, half of which was paid to shareholders on November 22, 1911, £11,298 17s, leaving a balance to be carried to the credit of profit and loss account of £1768 17s. Tho directors recommended that in future the honorarium bo £100 per annum for each member of the board, and an additional £50 for the chairman. The dividend will bo payable on and after to-morrow. Among the liabilities included in the balance-sheet were £161,412 2s 6d, capital subscribed; insurance account, £33,291 15s 3d; insurance account No. 2, £6597 ss; sundry liabilities, £18,201 6s 4d. The assets include vessels, wharves, sheds, and sundry gear, less amount at credit of depreciation account, £201,168; Quaystreet premises, £4923 8s lid; United Repairing Company investment, £4600; coal and stores on hand, £6254 8s 3d: accounts owing to the company, including agents' balances, £15,252 2s 8d; unexpired insurance premiums, £1287; the total being £233,863. The profit and loss account showed a net profit for twelve months after making provision for in surance, depreciation, and boiler repairs' account, of £11,607 2s. Higher Wages and Rates. The Chairman, in moving tho adoption of the report and balance said he was pleased to be able to meet shareholders with a favourable report of the cc»ipany's operations during the year. '' We have shared," he said, "in l£a general prosperity prevailing throughout the Do minion. Our revenue has been well maintained, and tho result of our trading is equal to that of tho previous year. "Our vessels, I am glad to say, have" been free from serious accident, the charges to our insurance account having been merely nominal. These satisfactory conditions, however, liave been accompanied by successive demands on the part of officers and men for higher wages, demands to which all other shipping companies in common with ourselves, have been subjected. The meetings and conferences arising out of these have required much time and attention from the manager, no less than fivo agreements with different sections of our employees having been concluded within the past few months. As the concessions granted have increased the working cost of our steamers by some thousands of pounds per annum questions have arisen which required very careful consideration by the directors. With this heavy additional outlay we foresaw that it would be impossible to continue our operations profitably, so we had no alternative but to follow tho example of other shipping companies by making a slight increase in freights and, in some cases, in passenger rates. Wo were very reluctant to take tin's step, as the desire of the | company has always been to, maintain I fares and freights at tho lowest possible level, so as to promote the interests of the I districts served by its vessels. As the I agreements referred to have a currency ', of from two to three years we may now look for a respite from the difficult, and sometimes harassing problems connected with labour. *" "The Hauiti," ho continued, "the new steamer for tlie Warkworth trade, referred to at last annual meeting, commenced her service in December last, and is proving satisfactory in every way. Designed oy the superintendent-engineer, and built by Mr. George Niccol, tho vessel is a credit to all concerned. A contract has been entered into with Messrs. Thorneycroft and Company, of London, for a small passenger steamer for the service between Onehunga and Waiuku, and delivery is expected within six months:. As the vessel will have very light draught it will bo sent out in sections and constructed in Manukau Harbour. An auxiliary scow for cargo purposes is also being constructed for tho same service. Increasing East Coast Traffic. " The increasing traffic in our East Coast services has engaged the attention of the Board for some months past, and tho directors have seen that provision would soon have to be made to meet the altered conditions. The growth in the passenger traffic with Whangarei has received an impetus during the past year by the opening of railway communication between that town and Kawakawa. A portion of the traffic of the Bay of Islands route has by this means been diverted to Whangarei. It is gratifying to know that these districts so intimately associated with the prosperity of our city are developing rapidly, and we feel that the time- has now arrived when it is necessary to give them the increased facilities that are required. To effect this it has been decided to transfer tho Ngapulu to the Tauranga trade and to place a much larger vessel in the service to Whangarei. These changes will require several adjustments in our services, but we hope to be able to carry them out without unduo delay. "The outlook for the coming year is promising, and should the alterations I have mentioned work out well, wo hope to be able to report an equally good result at our next meeting.'' Miscellaneous. Mr. W. S. Commons seconded the motion for the adoption of the report and balance-sheet, which was carried unanimously. Messrs. M. A. Clark, C. Rhodes, and J. H. Upton wore re-elected to tho directorate, on the motion of Messrs. G. Elliot and G. B. Buddie. The retiring auditors, Messrs. G. O'Halloran and W. Wallace Bruce, were reappointed On the motion of Messrs. Commons and R. Burns, a vote of thanks was passed to the chairman and directors, and to tho manager (Mr. Chas. Ranson), and the staffs both ashore and afloat.