N.Z. SHIPPING COMPANY

Otago Daily Times, Issue 14380, 25 November 1908, Page 2

N.Z. SHIPPING COMPANY

ANNUAL MEETING. CHEISTCHUROH, November 24. The thirty-fifth annual meeting of the New Zealand Shipping Company was held at the company's offices at noon to-day. The annual report as issued by the London Board submitted accounts to June 30, 1908, and recommended a dividend of 10s per «hnre for the year free of income tax, of 'which 4s per share had been, paid on April 2, and'carrying forward £16,508 15s- sd. This distribution was equal to 5 per cent, on'■ tire original share capital, which had been written down in 1890 from £10 to £8 a share. ' The Chairman, in moving that- tlie report and balance sheet as passed at the v meeting k London on October 15 should be approved, said that lie had .pleasure in pointing out that, slitter transferring £20,000 to an insurance fund, the balance at credit of profit and loss account was £12,383 8s M iii excess of the profit shown Inst year, This'increase in profit was largely due to the increased earnings of the company's steamers Homewards during the winter months, the quantity of both frozen meat and general.-cargo carried from June to November being considerably greater than for the corresponding montlis in previous years. They hardly expected'la repetition oLsuch eani r ings. Indeed, there had been a cpnsiderable falling off for- 'the .past four months in the exports, and there was also sure to be.a.'decrease in the quantity of goods imported, There was,' however, every prospect of a large increase in the exports of frozen meat and dairy produce (hiring., the sunfmer months, which would, it was hoped, to a Urge extent make up for these deficiencies, -Shareholder? would note that an amount had been placed to credit of insurance,,arid if was tlie intention of the London Hoard"to add to.that fund from time,, to time whenever the profits would admit until sufficient funds had accumulated to warrant the company taking a; risk on each of its steamers, thus Having a portion of the premiums at present being paid to underwriters. The accumulations in tlie 'insurance .fund account would in the^ future tend to greatly strengthen the position of the. company. An increase of lis per share had been'made in the amount of dividend, winch was now equal to 5 per cent, per annum ,on the original capital of the company of £10 per share, or 6| per cent. ,on the reduced capital of £8 per,share. This could riot be regarded as an- extravacant'return on a skipping investment, and the directors were pleased that the,com,pany was able to make shareholders a-; higher-return* for their money after tlie many lean years which they bad experienced in the past. Last year he had informed, the meeting that a contract had been entered into for building a ■large cargo'steamer..similar to the Qpawa and Oram: That steamer had been completed' and delivered to . the company,' and had been named the Otaki., The Otaki was fitted with a new combination system consisting of two eets of tripleoxpansion engines driving \\\a scrow propellers . and- one low-pressure' turbine driving a centre propeller, and it was estimated- 'there would bs a- saving in the consumption of ,coal of about 8 per cent, The Otaki was no* loading at West Coast ports, and would shortly leave on her l/niaiden. voyage to New-'Zealand. With the object of keeping the fleet thoroughly up to date the London Board had recently contracted with Messrs W. Denny Bros, to build a twin-screw- passenger steamer of about 8000 tons register to steam 13 knots when,:'''fully loaded, and with passenger accommodation for 56 -first, 75 eecond, and 400 third • class passengers, to bs delivered next year. This steamer would be similar to the Turakina, with greatly improved paiaengev accommodation. The comfort of the passengers as regards music, writing, and smoking-rooms Had been, specially cared for, and tnc new steamer would, the-board was satisfied, maintain the' high refutation which the company had gained' with the travelling public. During the past -year, the number of passengers carried '. by the company both outwards and Homewards had been very satisfactory. The s.s. Miowera in March last had been'%ithdrawn fromithe Vancouver mail service, and had been sold to the Union Steam Ship Company at a satisfactory figure. The company had tlvs Aorangi running in the Vancouver lline under a contract'with'.the Commonwealth and Canadian Governments that would expire in; August .next year - In view' of the low prices' Tilling iii London for wool, the scarcity of cargo, especially flax, and the full supply of tonnage both iu New Zealand and Australian, waters, 1 , the'ship? ping companies in Nejy Zealand decided not to, increase the. rates' of freight on woo l . winch lias been!-'" Tilling during the off season—namely,\7-l6d for''greasy and 9-16 d for washed wool, with the usual primage,—notwithstanding that the current rate in'Australia\js 9rl6d for greas}-, or above the rates 'from New Zealand. With reference to flax and tow, the directors had fixed the irate on flax at 46s per toil and on tow at-60s per ton until October 31 next ye ; ai'.'with the object of inducing more, of the flaxmilla to reopen, as they recognised that it was important in the interests of , tlie company as carriers, ns well.' as'.' in' tlie'interests of' fjaxmiJlers, that the - export of flax must riot be allowed to cease, otherwise manufacturers would be forced to turn' thear attention in other directions for their raw material. ' He ':thoii»]it' ; it only fair that the producers of tlio Dominion 6hould know what the. slipping companies were doing to meet the gre>t .fall in the. price. of wool, and. also the efforts they were making:.to assist in the development of the. flax industry -by •'fixing low rates of freight, /In January last Mr William 0. Dawes, the chairman of the London Board, had paid a visit to Christchurch. The directors had had the pleasure of discussing with'him' many matters affecting, the interests of the' company, and they were euro, the information which Mr Dawes obtained during his visit to the important centres, of, commerce in the Dominion would be of great assistance to him in dealing .with, questions connected with the trade and be of great, benefitto the company, . \ The Hon. E.'Ricllardson and Messrs H. P. Murray Aynsky and P. De C. Malet, the retiring directors, were re-elected. At a subsequent 'Jieeting of directors Mr It P. Mrirray-Aynslev 'was reelected chairman for the ensuing year.