New Zealand Shipping Company.

Otago Witness, Issue 1501, 21 August 1880, Page 23

New Zealand Shipping Company.

Christchurch, August 12th. The annual meeting of the New Zealand Shipping Company was held at noon to-day, Mr J. L. Coster, chairman of directors, presiding. The report stated that the profit and loss account showed a credit balance of £37,297, of which it was proposed to cany £20 000 to the reserve fund, and pay a dividend ot 10 Tier cent., thus absorbing £12,500, the balance to be carried forward. The Chairman, in moving the adoption of the report, congratulated the shareholders on the result of the business of the past year. He, referring to the subject of freights, said: Our amount of business would possibly have been larger in respect to the balance on outward-carrying trade also, but for the fact that the directors have deemed it a wise « policy to keep down during this season, as far as it was to do so, the freight on gram.—(Hear.) There > has been, as I daresay many of you know, a very heavy rise all over the world in freights. Last year they were exceedingly low — lower than they have ever been in our lifetime almost. This year they have recovered their position, and "we have had considerable difficulty in supplying the requirements of our fanning friends and taking their tonnage Home. I am glad to say, however, we have been able to do it, and have had many gratifying assurances of thanks from them on that account. I am also glad that we have been able to keep freights so much lower than those ruling in other parts of the world. I take this opportunity, because I think it is fair to the shareholders that I should do so, to notice 'some remarks which were made at a fanners' meeting held atTimaru on July 27th, when there were 40 fanners present. A gentleman present there took occasion to attack the Shipping Company, and said, ' The year before last the New Zealand Shipping Company charged 30s per ton from Lyttelton (he did not know what the charges were from Timaru), and this year 60s, or nearly double. So long as farmers were disunited they could not hope to influence these charges. If an individual went to the Shipping Company he would be laughed at, and told to send his stuff Home overland if he did not choose to pay the freight charged; but if they were united they could take steps to charter vessels elsewhere if the local shipping charges were unreasonable. If producers remained disunited there was no guarantee that 70s would not be charged next year.' Now I wish to state to that gentleman and to the readers of the Timaru Herald through this meeting that these charges are utterly unfounded. What the directors did, and they feel sure that they will have the support of the shareholders |or it, was this. Knowing that freight would be a great object in respect of the shipping of cargoes Home, as the farmers would not ship unless the freight was reasonable, we mode up our minds to put the freight at the lowest possible terms, and to do business at the lowest possible commission. We found that we were able to put it at 50s per ton to London when freight from Adelaide to London was from 57s to 60s per ton.—(Applause.) I think I have now shown that the remarks which .were made at Timaru were not quite in accordance with fact.—(Applause.) lam glad to hear the cheers of the shareholders, because they thus endorse the action of the directors." The Chairman also said: ."Since we issued our report the shareholders will have noticed a reference to the steamer Durham coming from London. I may tell the shareholders that we have telegraphic advice that the Durham and Northumberland, two auxiliaries of Messrs Money Wigram and Sons', are coming out to New Zealand this year—one under charter to Messrs Shaw, Savill, and Co., the other under our flag. The shareholders will please to understand that we are not embarking in a steam venture on their behalf. Those steamers would have gone into competition with us, but as it is, their coming will not affect our interest more than that we shall have one ship less to charter." A large number of shareholders asked questions relative to the general manager's relations to the Company. The directors gave most satisfactory answers, and Beveral present strongly upheld their action. The customary votes of thanks to the officers and directors were passed, that to the latter being received with more than ordinary heartiness. The report and balance-sheet were adopted, and the retiring directors and auditors re-elGcted.