ferry COMPANY'S YEAR

Sun (Auckland), Volume III, Issue 688, 13 June 1929, Page 11

ferry COMPANY'S YEAR

mview of successful OPERATIONS SHAREHOLDERS MEET Gratification at a successful year’s working and optimism for the future were expressed at the annual meeting of shareholders of the Devonport Steam Ferry Company, Ltd., held this afternoon in the Devonport Borough Council Chambers. The chairman of directors, the Hon. W. Alison, in moving the adoption of the annual report and balance sheet (already published) congratulated the shareholders on the success ; of the past year’s operations, for after j making allowance for depreciation on j steamers and plant, a net profit was shown of £11,257 8s Id. This profit must be deemed to be fairly satisfactory, when the depressed conditions which existed throughout the year were taken into consideration, j To the amount referred to there had to be added the sum brought forward from last year’s account, viz., j £546 8s lid, making a total of j £11,803 17s to be dealt with, which the directors recommended to be dis- j posed of by the payment of the usual 7J per cent, dividend, which, including I the interim dividend paid, absorbed £11,250, leaving £553 17s to be carried forward to next year’s accounts. DETAILS OF ASSETS ‘"By reference to the balance sheet,” said the chairman, ‘you will see that j the total issued capital of the company is £150,000, and that the total assets stand at £217,284 7s 4d, of which amount steamers, freehold properties and plant are shown at £190,969 4s 4d. Included in this lat-

ter amount is the company’s investment in the North Shore Transport 1 Company, Ltd., particulars in relation :: to which I referred to at length In my ' address last year, the most important 1 reference being that the capital in- 1 vested in that company amounted to J £50,000, which sum represented the c actual dash paid for the purchase of l . the company’s fleet of buses, and the - actual cost of equipment and plant ! acquired from the Takapuna Tram } and Ferry Company. 1 ‘‘At the last annual meeting I inti- c mated that because of the decay of the old wooden wharf at Devonport, and the unsuitability of the vehicular , landing attached to it, the Auckland j Harbour Board was rapidly construct- , ing In concrete a new passenger wharf , which was to be covered in for its . full length, and also a cargo wharf to ■ which was attached a new and up-to- . dale vehicular staging to be worked , electrically. Soon after our meeting ' both wharves and the vehicular stag-. ing were finished, and on July 7, 1925, were officially opened by Mr. M. H. Wynyard, the present chairman of the l,._u It is gratifying to know that each work has proved to be highly satisfactory both in design and operation. VEHICULAR CHARGES “The improved ferry wharfage ; accommodation facilitates quick berthing of the steamers, and provides a convenient and rapid means of embarking and disembarking passengers. affording them protection from the weather for the full length of the wharf. “The cost of these vyharves and vehicular staging amounted to £65,000, to which bad to be added £15,000 to cover the cost of the new vehicular landing at Mechanics’ Bay. This heavy outlay by the board demanded a readjustment of the ferry and vehicular wharfage charges. A readjustment of these was mutually arranged on the equitable basis laid | down in his 1924 report by Mr. J. j F. Barton, S.M., who acted as commissioner of harbour ferry charges. The additional annual wharfage charge was eventually fixed at £1,320. “It was further understood then tliaL with the expenditure incurred by the board in the construction ot the new vehicular landing at Freeman’s Bay. any additional wharfage charges would be small, and would not exceed £IOO a year. “The directors are most unwilling to increase any of the company’s fares, and so far the company has borne the full payment of the additional wharfage charges of £1,320. Whether the company can continue to bear this additional annual liability without raising the fares will depend upon the financial results of its operations. QUICKER SERVICE "The vehicular stage at Mechanics’ Bay is a marked improvement, for, in addition to the facilities for loading and unloading, the time occupied in making the trip has been reduced to about one-half of that previously taken. This has enabled the company to run a 10-minute service each way during the busy season. When the new vehicular stage at Freeman’s Bay is completed, the distance between Auckland and Northcote will also be considerably shortened, and increased loading and unloading facilities secured. In providing such improved and convenient passenger, vehicular and cargo facilities, the members ot the Auckland Harbour Board and the board’s capable chief engineer, Mr. Holderness. are deserving of a word of hearty congratulation and of the thanks of the whole ferry travelling community.

“I am pleased to be able to inform you that the company’s long and unbroken record of freedom from accident of a serious nature has continued. The whole ot the steamers and plant are in first-class order, and are well maintained. The good feeling which has all along existed between the company’s fine body of officials and employees still obtains, and will, I trust, | continue. "I feel, too, that I can justly say that shareholders can safely view the future of the company optimistically.”