SHAW, SAVILL, AND ALBION COMPANY.

Otago Daily Times, Issue 12995, 9 June 1904, Page 7

SHAW, SAVILL, AND ALBION COMPANY.

(From Our Own Correspondent.) LONDON, April 29. Yesterday tho annual meeting of shareholders in the Shaw, Savili, and Albion Company was held at tho offices 'of tho company, at 34 Leadenhall street, Mr li Pembroke was in the chair. In their report the'directors stated that tho accounts showed a profit of £21,652 on the year's working after paying all expenses, adding £20,000' So tho renewal, repair, and boiler fund, and making provision for depredation. An interim dividend for tho first half of tho year had already been paid upon tho preferred and ordinary shares, ami tho directors recommended that upon both olasses of shares a dividend for the remaining six months at the rate of 5 per cent, 'per annum bo paid on May 2, the dividend on tho ordinary shares for iho year to be pain free of incomo tax. Tho toiuaining bidanco of £2114- it was proposed to carry forward. Tho company's steamer? Mamari and Matatua were sold during the year, in each caso for an amount in excess of what tho. vcejcls stood at in 'tho company's book?. Their steamers and sailing vessels had performed their work with .their customary efficiency and without mishap of any eonsequence. Early in tho year tho directors ordered ,i new steamer of the combined cargo capacity of tho two steamers sold. The vessel had been built by Messrs Workman, Clark, and Co., of Belfast. She had twin-screws, and a considerably greater speed than cither of iho vessels whoso placo she filled. She had'been named the Matatua, and was now on her maidc-n voynja. iu conjunction with the Oceanic Stoam Navigation Company, an order had been given to Messrs Marlaud and WollF, of Belfast,, for a further stoamar, which would ho • practically a sister ship to tho now Matatua. The construction of litis vessel was .heiiig vapidly proceeded with, and' delivery wits promised by tho end of tho year, fhe retiring directors .were Mr Walter Savili and Mr Kobert Clark, who offered themselves for re-election.

In moving the adoption of the report and accounts yesterday at the twenty-first annual meeting of the company, the Chairman— having compared the position of the company and t-lio fleet with that of years ago and at the preseiit time—reminded tlio shareholders of the growth of the company in the 21 years of its existence, and remarked that there had been a proportionate increase in tho quantity of cargo carried by tbem; but it was unsatisfactory that tho profits were by no means equal to tho increased work done by tho company. Their first year's experience with steam'.involved a loss of nearly £10,000, and ho might say that tho expenses of tho large steamers m London and New Zealand were prodigious. Still, the directors were convinced that the •rue and only successful policy for the company was to provide tho most efficient and reliable service which the colony could obtain, aud no pains or expense had been spared to accomplish this end. It bad, therefore, been a great disappointment to them to find that the Now Zealand Government did not accept their tender, for a monthly steam service to and from the west coast ports of this country. The (fompany, before the Government advertised for these tenders, had announced their intention o£ 'running a succession ,of steamers from those ports, and this would stilt bo doho. Tho importation of frozcii miittori and lamb from New Zealand to London last year was far in excess of that recorded ih any previous year. Tho number of passengers to rind from tho colony was steadily 'on tin increase, and he was convinced that this would continue to be tho easel tile moto the comforts of tlio voyage, the salubrity of the climate, and the other attractions were realised. He then went through the balance sheet, aud pointed out that, as compared with the figures of a year ago, the debentures amounted to £11,600 less, and tlmt by the addition now proposed to the renewal, repair, and boiler fund it would be increased to £70,000. At the end of last year tho conipany owed £100,000, but the whole of the amount had been paid in the interval. . Their investments stood at £50,951, showing an inorease of £13,000 during the year. The past year's profit exceeded -that of 1902 by about £10,000. Ho concluded by proposing tlio adoption of the report and accounts, and tho payment ot ue dividend therein recommendetl, Mr ilolm Leslie seconded the resolution, which was carried. Dr Drysdalo, in moving a vote of thanks to the chairman, referred to the birthrate) of the colony. That was, he said, about the same as in this country, but the death rate was lower. - Therefore New Zealand had the advantage. The vote of thanks being passed, the proceedings terminated.