NEW ZEALAND SHIPPING COMPANY.

Otago Witness, Issue 2231, 3 December 1896, Page 21

NEW ZEALAND SHIPPING COMPANY.

(From Oun Own Correspondent.) London, October 3. The twenty-third annual geaeral meeting-of the New Zealand Shipping Company (Limited) was held on Wednesday l«t at tho company's offices Leadenhall street, the chairman, Sir Edwyn Sandys D&weg, KLC.M.G., presiding. The directors, in submitting the audited accouoti for the year ending 30th June, 1896, recommended the payment of a dividend of 4 per ceDt , free of income tax, carrying forward £5483 17s 6d. They added that the Mataura, built by Messrs Barclay, Carlo, and Co,, wag delivered in April, and a new steamer of similar size and capacity, contracted for with Messrs .Hawthorn, Leslie, and Co., and called the Wfcimate, is approaching completion. An iltue of £300.000 4 per cent, debenture stock, to tike the pltfco of the 4£ and 5 per cent, terminable debentures, h&i been made. The meeting took place in secret conclave. Admission wai refused to representatives of the press. I, cannot explain why; perhaps the - directors tytn. However, the following official information of the proceeding* was courteously supplied tome : — "Sir Edwyn Sandys Da wes, X C.M.G., Dcoapied th* chair, and there was a fair atfcendfcnoe of shareholders. The annual report was unanimously adopted. _la commenting npon the balance sheet the chairman expressed US regret that ft larger distribution than 4 ,cer

cent, could not be made owing to the depression in .freights, which »till oontinued, and the necessity of providing adequate depreciation on chipping property, which had been done. Although the revenue had declined, he congratulated the shareholders that this had been more than counterbalanced by a reduction in expenditure. Mr Beaumont, Mr Johnson, and Mr Westray were re-elected directors of the company. The auditors — Mr T. A. Welton and Mr Ed. Jones, of the firm of Messrs Walton, Jones, and Co., chartered accountants—were reappointed, and the meeting, which was unanimous throughput, passed * hewty vote of thanks to the directors, whose policy they cordially supported."