NEW ZEALAND SHIPPING COMPANY.

Oamaru Mail, Volume II, Issue 408, 18 August 1877, Page 2

NEW ZEALAND SHIPPING COMPANY.

(By Telegraph, im:r Press Aoency.) < CmasTciiiTiicu, August 17. 1 The. annual niectiug of the New Zea- J land Shipping Company was held to-day. Mr. J. L. Coster, Chairman of the Board! of Directors, occupied the chair. The report was read, to the following effect : During the period under review the Company has had to contend with the keenest competition, and the directors have deemed it prudent to somewhat restrict its operations. An insurance fund has been commenced, and there is to its credit L 1348 4s. 2d. New ships—the Opawa, Piako, and Wanganui—have been built, and the Pareora has been purchased and added to the Company's fleet. All the vessels are in a thoroughly efficient state of repair, and well outfitted. The l'.mnber of the Company's constituents is aveady on the increase, and your directors are satisfied that the establishment of agencies at all important centres of trade is sound policy. Tiie balance to the credit of the prolit and loss account, at June 30th, was L 19,106. Your directors propose to appropriate this as follows: Addition to Reserve Fund, LG,250 ; dividend at 8 per cent, pet annum, LIO,OOO ; carry forward to profit and loss new account, L2,85G. The balance-sheet accompanying the report! showed the net prolils of the past yeui to have been L 10,788. The report wai adopted. A slight discussion took place respecting the cause of the Board of Ad vice in Dunedin being abolished. The Chairman explained that it was due to members of the Board not adopting certain regulations ; that, in fact, member! of the Board were alone to blame, and the Board could be resuscitated at any time; but he bclievtd the Dunedin shareholders would rather have only a resident Directoi-. The retiring Directors wero re-elected, and subsequently Mr. J. L. Coster was re-elected Chairman of the Board of Directors.