TIMARU STEAMSHIP. COMPANY.

South Canterbury Times, Issue 4440, 16 July 1887, Page 3

TIMARU STEAMSHIP. COMPANY.

The first annual meeting of the above company was held last evening in the Sophia street Hall. There was a good attendance of shareholders, and Mr Robert Stansell, chairman of directors, presided. The Directors’ report was read by Mr Sims, acting secretary, as follows : “ The directors have much pleasure in laying before shareholders their first annual report and balance-sheet, showing the net profits for the year to bo £1176 16s lOd. Of this sum an interim dividend at the rate of 15 per cent was paid in January last, amounting to £llß 15s fid. A sum has been transferred to credit of reserve fund £SOO, and to suspense account £45, leaving a surplus of £613 Is 4d; total, £117616s lOd. “The directors are pleased to be able to inform shareholders that the basis upon which the interim dividend was paid has proved under instead of over the estimate, and if the proposed dividend and bonus, as recommended below, are adopted, it will be equal to 25 per cent per annum. “ The dividend recommended will be at the rate of 15 per cent per annum, and the bonus at the rate of three shillings and sixpence per share of £3 10 a paid up. This will absorb the sum of £401175, and will leave a balance to be carried forward of £lll 4s 4d.

“The company’s steamer is under charter to Mr John Jackson, at £135 per month, expiring in November next. “In accordance with Articles of Association, Messrs Robert Stansell and George Gabitea retire from the directorate, but are eligible, and offer themselves for re-election. Mr John Crawford also offers himself for election.” The balance-sheet was also read, and the chairman after remarking on the satisfactory year they had had, moved that the report and balance-sheet as read be adopted.

Seconded by Mr W. Priest and carried nem. con.

The Chairman then pointed out that Messrs Gabites, Crawford and himself had been nominated as directors, but as Mr Gabites had gone Home, he (the chairman) thought it was advisable not to elect him.

Mr Gibson then moved, and Mr Harris seconded, that the chairman (Mr Stansell) and Mr Jno. Crawford be elected directors.—Carried,

Messrs A. Hart and W. R. Quinn were re-elected auditors to the company.

In reply to Mr Hart, the Chairman said the directors had not had a chance to sell the boat, and to Mr W. Evans said they had not yet had a decent offer for her.

The meeting then terminated with a vote of thanks to the chairman.