MEETINGS.

New Zealand Mail, Issue 931, 3 January 1890, Page 21

MEETINGS.

NEW ZEA.LA.ND SHIPPING COMPANY.

<r - THE ANNUAL MEETING. The annual meeting of the shareholders of the above Company was held in Christchurch on December 24. There was a fairly good attendance of shareholders, Tha Directors present were Messrs L. Harper (chairman), A. Cracroft vVilson, J. Studholme, Percy J. Fryer, John Anderson, senr., H. P. Murray Ayusley, C. C. Bowen. Mr George Harper was present as representing Messrs Harper and Go., the solicitors of the Company. After the usual formal business the# balance-sheet and report, which have already been published, were taken as read. Gentlemen —The report and balance-sheets submitted to you this year will, we hope, be considered satisfactory, although the Directors in London have not seen their* way to recommend the declaration of a dividend. The actual position, however, or the Company is much improved. The total indebtedness has been reduced by tha sum of £111,572, and you will find that ss. much larger sum than at first glance appeared has been written off the Company’s fleet of steamers aud sailers. The actual amount written off since the last balancesheet was published is about £76,000, and had this sum been reduced to the amount which is usually considered sufficient for depreciation, viz., at the rate of fiv» per cent on sailers and six per cent on steamers, tho so - called deficit would have been reduced from £82,336 to £51,000. which would have been covered by this year's net earnings and have still left s. handsome balance for division amongst tha shareholders after providing the above* amount for depreciation. However, as the: Directors in London appear to have considered it wiser to write down the values <zk our fleet and other property in order to put the Company into a thoroughly sowndf position, we must wait patiently for a> dividend till next year, unless the earningsx for this season warrant the declaration of am interim dividend. As far as we can Judge, thers* appears to be every prospect of our beim.? able, out of thi3 year’s earnings, to pay off the so-oalled deficit of £fi2,336 and provide for t»te payment of a, dividend. The business of the Coaapany continues to impyova in every way,. The enormous increase ita the meat trade and last season’a wheats coming forward so late for shipment havs taxed our carrying powers to tha utmost, and we have been obliged to put on four large cargo steamers fitted with refrigerating machines and capable of carrying 35,000 sheep each, beside 150 tons of; dairy produce, and with this additions to our fleet: we hope to be able to> satisfy the requirements of the trade. Shareholders must, however, bear ia salad that, although it is an. easy matter to fill so many steamers with cargo from New Zealand, it is a difficult matter to find cargoes for the outward-bound steamers, and therefore there is considerable risk, in the large outlay required to provide tonnage to meet the demand for howaward freights. I need not remind you that New Zealand is peculiar in this respect* that her exports far exceed her imports, and that the increase in the production of frozen meat, wool, flax, wheat, and dairy produce is so rapid that it takes all our resources to urovide the necessary carrying power. Reasonable allowance should, therefore, be made for difficulty experienced in keeping pace with the increased demands of our constituents. We have, however, proved ourability to do so, and claim therefore th» loyal support of shippers of produce of alls kinds, especially since we have been able tn» carry their produQß at reasonable rates aS freight and with great regularity and safety. It is is a noteworthy fact that since the Company commenced their steam service in 1883, to date, their steamers have completed soma seventy-five voyages round the world without accident or loss of life, and the length of voyage homeward has been under forty? days, ineluding stoppages at way ports, anci about forty-two days and a half outwards The above facts reflect the greatest credit on the commanders and officers engaged in tho navigation of our fleet. I may add, that ins order to meet the requirements ©I the greatly increased trade, we and tha Shaw, Savill* and Albion Company have arranged to provide tonnagefand spaoe for meat and wool and other at rates which I think even the themselves are bound t© recognise as fair and reasonable. Gentlemen, I only to add that we reel satisfied that Ibq. Company is now- in a thoroughly sound condition, and that its prospects never were brighter, and we hope that the .time ia approaching for the payment of satisfactory dividends.. I will now ask some shareholderto> move the adoption of the report and! balance-sheet. Mr E. Green would like to ask whether* the Directors had any information aa to the reason which had led the London Board to make such a large appropriation! toward the reduction of the deposit as they had done. The amount thus appropriated and carried forward amounted tc» no less a sum than £114,000 quite aufficient to pay a dividend of 24 per cent. Ha would like to know from the Chairman whether the Directors had any information on the subjeet. ... ’ The Chairman said they were without any detailed information on the subjects spoken of by Mr Green from the London Board. They had nothing but cable messages and the figures of the balancesheet. They presumed that the London. Board had made these appropriations with a, view of putting the Company in a thoroughly sound position. , , „ Mr J. B. Harrison moved tne adoption or the report and balance-sheet. Mr Green seconded the motion, which was carried unanimously. The Chairman said that the next business was to proceed to the election of three Directors, The three retiring Directors ha^.

given the requisite notice, and were candidates. In addition to these, Messrs Joseph Gould and W. Acton Adams were also candidates. He should first call for a show of bands separately for each candidate, and then, if required, a poll could be demanded. Mr E. Green said that he had at the last annual meeting given notice of a motion for the reduction of the number of New Zealand directors. Would it not be better to take the discussion on that before the election of the Directors. The Chairman said it was quite open to Me Green to move his motion then if he desired to do so. Mr E. Green said that he did not think it was necessary for having ten directors in the Colony, as they had a London Board. He thought it would be better for the Company if they still further curtailed the number of the New Zealand Directors. Some time ago ho suggested that the capital should be called up, and his opinion was backed up by .the action of the London Board. If they called up the capital they would find that they would get out of the payment of interest, which this year amounted to £20,'631 8s 3d. The shareholders, he thought, would be glad to get some of this amount. He might point out that the Directors cost the shareholders £lO 8s 6d per day for every day in the year. Ho also wished to point out that the Directors should forfeit the shares on which the galls had not been paid up. If this had been done there would have been a vacancy on the New Zealand Board. He now moved—- “ That clause 23 of the articles of association should read, ‘That the number of Directors acting in New Zealand shall not be more than five nor less than three.’ ?’ Mr W. Pratt seconded the motion pro forma, for the purpose of eliciting discussion.

The Chairman said that there had been some six hundred shares declared to be forfeifced. He had pointed out that the New Zealand Board had no pover to forfeit the shares, but it was done by the London Board.

In answer to a question from a shareholder,

The Chairman said that the remuneration to the Directors was fixed by tho Articles of Association. It was, he might say, nothing like £3OOO per annum as stated by Mr Green.

Mr Green pointed out that the remuneration to the Loncuon Board was £2OOO per annum, and that to the New Zealand Board some £1250.

The Chairman said that they had nothing to do with the London Board 7 *: remuneration.

Mr Green said that might so, but he wanted to reduce the number ef. the Now Zealand Directors.

The motion was then put and lost fey A very large majority. The following gentlemen were nominated ■as Directors :—Messrs J. ft. Blair (Wellington), J. Logan Campbell (Auckland), P, J. Freyer, Joseph Gould, and W. Acton Adams.

On a show of hands being taken for each, %he Chairman said Messrs Freyer, Blair, and Joseph Gould had been elected as Directors on the show of hands in the ■order named. Unless any of the unsuccessful candidates demanded a poll these gentlemen would be declared elected.

No one demanding a poll, the three gentle, men named were declared duly elected. Messrs David Craig and Alexander Garrick were elected Auditors of the Company for the ensuing year. Mr Acton. Adams moved a vote of thanks to the Directors. From the balance-sheet it would be seen that the Company was in a far more prosperous condition than most people thought. They would see by the halanco-sheet that in addition to the £150,000 set aside last year, they had now £BO,OOO this yeai. He yegretted that the London Board bad riot

seen theif way clear to declare a 5 per cent, dividend. It would not have diminished the amount Bet aside for the reduction of the deficit very much, and he should certainly have liked to have seen it.

Mr Barns seconded the motion, which was carried unanimously. A vote of thanks to the officers and staff and to the Chairman concluded the business.

At a meeting of Directors subsequently held, Mr L. Harper was re elected chairman. —Christchurch Telegraph.