DEVONPORT FERRY CO.

New Zealand Herald, Volume LIV, Issue 16620, 17 August 1917, Page 6

DEVONPORT FERRY CO.

SHAREHOLDERS' MEETING

A SATISFACTORY YEAR.

The 22nd annual meeting of shareholders in the Devonport Steam Ferry Company was held yesterday afternoon in the Devonport Council Chambers. The chairman of directors, Mr. E. W. Alison, presided, and there were about 20 shareholders present.

The chairman, in moving the adoption of the annual report and balance-sheet, a summary of which appeared in yesterday's Heratd, said:—"From the report and balance-sheet you will see that the net profit for the year, after making allowance for depreciation on steamers and plant, is £4579 3s lid. This profit is slightly less than the previous year. You will also observe that no addition has been made' to reserve, insurance, or boiler renewal accounts, which remain at the same amounts as last year, and that the profit on the year's working only warrants the payment of a dividend atthe rate of 7£ per cent., as recommended ] by the directors. Shareholders will fully realise that when so many men resident in the several places to which the company runs ferry services, combined with the large numbers from the city and surrounding districts, who have gone to the war, it naturally follows the passenger traffic is proportionately reduced. Then again the company's working expenses have increased, owing to the cost of materials and central requisites having substantially advanced. In addition, during the year there was a continuity of bad weather, which seriously affected the excursion traffic. Taking into consideration the whole of the adverse conditions referred to, shareholders will readily understand why the year's operations do not warrant the payment of a dividend than 7$ per cent, being recommended. Continuance Services. " A few shareholders have suggested to me that as the New Zealand Railways and most other important pas-senger-carrying undertakings have reduced their services, there should be a -'curtailment of - trips by our company. Whilst this suggestion, if given effect to, would tend to economy, it would assuredly inconvenience the travelling public; and the endeavour of the directors is to continue, as far as possible, the existing services, and not to cut off any trips which*would cause public inconvenience. Only one slight alteration has been made in the ferry time-table, viz., the discontinuance of the last trip at week nights on the Xorthcote and Birkenhead service, a trip on which only about two passengers were carried on an average. It was recently deemed advisable to leduce the number of trips on the company's motor-'bus services at Devonport, the reason for this reduction being the difficulty in obtaining supplies of oil and the necessity for conserving the company's present stocks. The trips which have been curtailed do not materially affect the convenience of the residents, as the busy morning and evening trips remain unaltered. I am pleased to inform you that the comt pany's steamers and plant are generally in good order, and that during the year there has been a freedom from accident, which reflects credit upon the- responsible officers and men in the company's service. During the year three of the company's captains enlisted, and have gone to the front, and I might say that it is a most difficult matter to secure the services of certificated officers who are fitted and have the qualifications to capably and reliably run the ferry services Of the employees of~wie company who have gone to the front, I most sincerely regret to have to inform you that the lives of two have been sacrificed; others have been wounded, but not seriously. Effect of the War.

" I would again impress upon shareholders that they should not be disappointed with the result of the year's operations, or with the dividend recommended for payment. We must bear in mind that we are passing through a time &f- stress and trial unprecedented in the history of our country and of our Empire, a time in which there never was so great and imperative a crisis. The issues at stake are so vital that the fate not only of our Empire, but of the whole world, hangs upon them. It is a time in which we must all practice self-denial and self-sacrifice. The necessity for thi§ is forced upon us when we compare what is demanded from us with what is demanded from our men at the front, many of whom are daily making the supreme sacrifice. New Zealanders have nobly responded to the call of duty, and have proved themselves to be courageous, resourceful, gallant soldiers— full of dash and determination, whose deeds have been splendid and inspiring. Our cause is just and right, and I have the fullest confidence we shall win, but to achieve victory we must not falter, nor arrive at an inconclusive peace. We shall never face Germany and her allies under such favourable circumstances, or with such strong support from the great nations of the world. If we cannot win now it is not likely we should win again. When peace is made it must be on terms which will ensure lasting and absolute peace. Whatever happens we must not be pessimistic; we must maintain a spirit of cheerfulness and confidence that we are going to carry a riehtecus cause to a triumphant dndine. I hope when next we meet that we shall be able to congratulate ourselves that the war is over, and that we may look, forward with confidence to a time of lasting peace and prosperity." The motion was seconded by Mr. J. Mays. In reply to a question, the chairman stated that the Devonport motor-'bus service was a profitable one, and would have been much more so had the wear and tear on the vehicles not been so heavy on account of the weather and bad roads. Mr. J. Clare pointed out that in the new incidence of taxation small shareholders in a company, with limited means, would be called upon to pay the same proportion of taxation as a laree and wealthy shareholder. It was not right that a man who was deriving an income of less than £300 a yearf from various investments should be required to pay taxation along with the wealthy shareholders in the enterprises from which they drew their incomes.

The motion was carried unanimouslv without further discission. j " , The Hon. Seymour-Thorne George, retiring director, was re-elected. Messrs. Thomson and Gray, auditors, were also reelected.

On the motion of "Mr. E. Davis a hearty vote of thanks was extended to the officers and staff of the company for their servicesduring the past year. The chairman, in reply, said that the companv, notwithstanding war conditions, was fortunate in possessing a loyal and efficient staff of officials in its offices and on its steamers. To this fact was largely due the smooth working of the company's services and the freedom from accident during the past year. ° 1 "