THE NEW ZEALAND SHIPPING COMPANY (LIMITED).

Otago Witness, Issue 1342, 18 August 1877, Page 16

THE NEW ZEALAND SHIPPING COMPANY (LIMITED).

A special meeting of the Otago shareholders of tne above-named Company was hsld ou Mon day afternoon in the Company's branch office, Crawford street, Dunsdin. Mr Evan Prosser occupied the chair, and about 12 gentlemen were present.

THE ANNUAL BEPOBT.

The following is the fourth annual rsport : —

Your Directors have now to submit the balance sheet for the year terminating on the : 30th June last, embracing returns from all the colonial branches and agencies to that date, and the London accounts to the 30th April. During the period under review the Company has had to contend with the keenest competition, and your Directors have deemed it prudent to somewhat restrict its operations. The Insurance Fund has been commenced, and there is to its credit L 1348 4s 2d. The new ships Opawa, Piako, and Wanganui, have been built ; and the Pareora has been purchased aud added to the Company's fleet. All the vessels are in a thoroughly efficient state of repaii, and well outfitted. The number of the Company's constituents is steadily on the increase, and your Directors are satisfied that the establishment of Agencies at all the import-wit centres of trade is sound policy. Of the balance to the credit of Profit and Loss at the 30th June £19,106 0 11 the following appropriation is made :— Ist. — An addition to the Reserve Fund, which wiU then stand at £26,250, of the sum of £6,250 0 0 and your Directors propose to pay 2nd.— A dividend of 8 per cent, per annum for the year (of which an interim dividend of 4 per cent. was paid in January) ... 10,000 0 0 3rd. — And to carry forward to Profit and Loss— new account 2,856 0 11 mv * „ • £19,106 011 The following Directors retire, and offer themselves tor re-election :— John Lewis Coster Hugh Percy Murray-Aynsley, John Thomas Peacock ; also, the Honourable Robert Campbell, who has been nominated by the Board to the seat vacated by Evan Prosser. The Auditors also retire. The dividend will be' payable at the Head Office, and all the Colonial Branches, on and after the 24th day of August 1877. '

THE BALANCE BHEET.

The followiDg is the balance sheet of the Company to 30th June, 1877 (London accounts to 30th April, 1877) :-Dr.— To capital subscribed, L 250,00 0; less amount u-called L 125,000; bills payable, L 31.595 17s Id; new ships — balance due to builders, payable by peiiodical instalments extending to February 1880 -nine ships, L 86.835 Ss 8d; fixed deposits and accrued interest, L 67,14 513 5; sundry debt 3 due, L 35,889 12s lOd ; reserve fund, L2O 000 • insurance account, L 1348 4s 2d; balance at credit of profit and loss account, L19,1060a lid —Total, L 396.920 16s Bd. Cr.— By calls unpaid, L 847 10s ; Company's fleet of ships, costing L 335,609 Us 7d ; sundry property and stores, on hand and afloat, L 5223 10s 9d ; office furniture and leaseholds, L 4082 9b 7u ; sundry debts due, including net freights collectable Insured, L 30.130 17s : cash balance at credit with bankers, L 15,570 16a 3d ; petty cash— head office and agencies, LSB 193 Id • bills receivable, L 397 2s sd ; dividend account —interim dividend paid in January, LSOOO — Total, 1,396,920 16s Bd. Profit and Loss Account. — To reserve fund T U ioen r a P.PFopriation, bringing it up t0L26,250, LG2SO ; dividend account— to provide for divii dend paid in January, L 5000; dividend pro-

pospd for the half year ending 30th June, 1877, L 5000; balance c«irried forward to profit and, loss new account, L 2856 Us lid. — Total, L 19.106 Os lid.— June 30th, 1876.— 8y balance • brought forward, L 3817 6s lid ; net profit of the operations, fiom the, 3oth June, 1876, to * 30th June, 1877, L 15,288 14s.— Total, L 19.105 ; Oslld. , ' Capital Account — To amount subscribed— 25,000 shares of LlO each, L250.000.— '8y ' f amount called up on 25,000 shares at L 5 each, ' Ll2s.ooo ;' less calls unpaid, L 847 10s ; balanoe ■'■■ of capital uncalled and unpaid, L 125.847 lQa.— i Total, L 250.000. , .. :