THE KAIPARA STEAMSHIP COMPANY.

New Zealand Herald, Volume XLIX, Issue 15048, 18 July 1912, Page 5

THE KAIPARA STEAMSHIP COMPANY.

WINDING UP FAVOURED.

SERVICE NOT APPRECIATED.

A SUCCESSFUL YEAR'S WORK.

Ar,THoroH the operations of the Kaipara j Steamship Company were satisfactory, during the past year, - and enabled a dividend at the rate of 7i per cent, to be declared, the shareholders, at the annual meeting of the company held yesterday, decided to recommend that the company should be wound up, on the grounds that it was difficult to please the people on the river. The Chairman (Mb. D. L. Nathan) in moving the adoption of the report and balance-sheet, said :—"Your directors have pleasure in presenting to you, the share holders, the company's balance-sheet for the year ended May 31, 1912. The operations of the company for the'year have been successful, and resulted in a gross profit on' the working of the steamers of £5994 16s 6d; interest and transfer fees, £198 6a 7d; making a total of £6193 3s Id. The repairs to steamers, general expenses, honorarium and income-tax expenditure, cost £2702 lis 2d, ; leaving a net profit on the year's operations of £3490 lis lid. Out of this profit the directors recommend the payment of a dividend of 7£ per cent, per annum, which will absorb £1793 5s 9d (2£ per cent. of which you have already received) the writing off of 7£ per cent, depreciation amounts to £788 4s" 4d on the company's plant and stock, and carrying forward of the balance of £909 Is lOd to the credit of profit and locs account." v

Tho report and balance-sheet were adopted, and Mr. A. E. Harding was reelected as a director and Mr. R. E. Isaacs was appointed auditor. The payment ,of the dividend at the rate of 7i per cent, was authorised by the shareholders, and it was agreed to wipe off 7£ per cent, from the assets to allow for depreciation. Mr. 0. Nicholson, in referring to a circular issued _by the directors calling a general meeting to consider the advisability of winding up the company, caid that on behalf of the email shareholders he wished to state that the proposal was One which they considered should be adoptedThe shareholders had come to the -conclusion that it was (pute impossible to .please people on the river, who were seething with discontent. There were also indications that there would soon bo another steamer placed in the trade, and as the coippany had now a fairly large sum of money available, " the small - shareholders were of opinion that it would be wise to wind up the company and let the river people run., their own.service.' He moved : —"That this meeting recommend to the one called by circular that it is desirable, m the interests of (shareholders, that this company should be wound up voluntarily." Sir. Nicholson added that th© company ,»ad always found that as noon as it had a good year an opposition boat was put on. Ho felt that as the company would probably never be able to give "satisfaction to the river people, it would be much wiser to wind up while they, were in a good position. . tMr A Stewart, in seconding the motion. said that he believed it would be in tlft interests of shareholders to wind up. as the people on the river were always discontented.

The Chairman remarked that the company would have liked to carry on tho service in the interest* of the district. They found, however, that they never could 'please the river people, although thev had tried to do so, for 35 years. Eventually the motion was carried. The necessary extra-ordinary general meeting for giving effect- to the proposal for wind-" ing up has been called for Wednesday next. \ \