THE NORTHERN COMPANY.

New Zealand Herald, Volume LXV, Issue 19949, 18 May 1928, Page 9

THE NORTHERN COMPANY.

SOUNDNESS OF POSITION. NEW CARGO BOATS IN FLEET. The 47th annual meeting of the Northern Steamship Company, Limited, was held yesterday, Mr. Charles Rhodes, chairman of directors, presiding. Mr. Rhodes said the year's figures were practically a repetition of those presented at the previous meeting, but the company had carried a reduced total of cargo and passengers. He criticised Government railway competition on what he declared was an uneconomic basis, but declared the future of the company was as sound as ever. Reviewing the report and balance-sheet, as published in the Herald on May 15, Mr. Rhodes said the usual depreciation of 6 per cent, on the standing balance of vessels and plant had been provided, as well as additions to the Nos. 1 and 2 insurance accounts which provided for marine loss and workers' compensation. The working fleet had been well maintained, but the company had several vessels laid up pending better times. Two new cargo boats had been added during the year. The Hauturu, an oil vessel, built in Glasgow of steel, had proved herself capable of carrying a large load on a shallow draught. The Toa. built in Auckland, of wood and fitted with twin crude oil engines, was of excellent design with a good, but economical, turn of speed. _ The company now had nine of this type of vessel afid was daily assured of their valve. Of other assets, it was worthy of note that the company had also acquired the whole interest of the Senior Foundry, Limited, and possessed a thoroughly effective plant for all iron-plat.e work and boiler repairs. The Senior Foundry Company also undertook general work connected with the large oil-tanks for the Shell Oil Company dnd the Atlantic Oil Company. Tribute was paid to the work of the staff, officers, and engineers ashore and afloat. Due to the careful discharge of their duties there had been no serious accident during the year, and accident pay had not been above normal. Regret was expressed at the death of two of the company's senior masters, Captains Wilson and Goertfc. The services of the company's superintendent engineer, Mr. Gow, who had retired after 34 years' service, were recognised. Mr. Paterson, the assistant-superintendent engineer, had been appointed to succeed him. The report and balance-sheet were adopted, and the retiring directors, Messrs. N. A. Nathan, C. Rhodes and A. B. Roberton, were re-elected.