NEW ZEALAND SHIPPING COMPANY.

New Zealand Mail, Issue 753, 6 August 1886, Page 25

NEW ZEALAND SHIPPING COMPANY.

The following is the thirteenth annual report of the Directors of the New Zealand Shipping Company (Limited) to be presented to the shareholders at the general meeting to be held at Christchurch, on the 12fch of August. Your Directors beg to submit herewith the balance-sheet for the year ended 30th June last. The Direct Steam Service—The contract for the conveyance of her Majesty’s mails between the Colony and Great Britain has been satisfactorily performed during the past year. The amount earned outside the mail money for the period commencing Ist April, 1885, to 31st March, 1886, for delivery of mails under csntract time, was L 10.100, and this without any undue pressure on boilers and engines- The reputation already gained by the Company for punctual despatch, freedom from casualty, and excellent passages of its steamers has been well maintained, resulting in a large increase in the number of passengers carried. The steamers are in a good and efficient condition. The Company’s fleet of sailing vessels has been fully employed, and with fair results. Capital—lu response to the circular issued in February _ last, giving the option to shareholders of paying up in full, your Directors have the pleasure to state that shareholders holding 5039 shares availed of the same : the amount thus obtained, however, was insufficient to meet the requirements of the Company, and your Directors were reluctantly compelled to make a call on shareholders of 20s per share, payable Ist July last. Reference to the balance-sheet will show that the liability of the Company to builders and others has been materially reduced. The proceeds of the call referred to will still further diminish that indebtedness, and in view of present prospects it is anticipated that the Company will be able to meet the liabilities incurred in connection with the building and equipment of the steamers as they mature, without calling again upon shareholders. Your Directors take this opportunity of acknowledging the support they have received from shareholders in the prompt response to the option circular and to the call recently made. The insurance account has now L 12.007 6s 5d at its credit. Profit and Loss Account—Your directors are glad to be able to state that considerable saving has been effected in the working expenses in connection with the steamers, and this, with the increase in the Company's business, has met to a great extent the lossoccasioned by the reduction in freights to

which the Company liad to submit during the past year. Your Directors do not consider it prudent to recommend to shareholders the payment of a dividend on this occasion. Ih® balance at credit of profit and loss account is 1,42,059 11s 9d, and it is proposed to place to the reserve depreciation account LoO.UUU, and to carry forward the sum of L 12,009 11s 9d—L 42.059 11s 9d. And the Directors rely with confidence on the support of shareholders m this appropriation. The balance sheet shows the result of the Company’s operations for the year to be L 37,808 14s Bd.