NEW ZEALAND STEAM NAVIGATION COMPANY.

Taranaki Herald, Volume XIII, Issue 666, 6 May 1865, Page 6

NEW ZEALAND STEAM NAVIGATION COMPANY.

The fifth half-yearly meeting of this Company was held at Wellington on tho 20th ultimo, when the following report and statement of accounts was road :—: — Report. " 1. From a perusal of the printed copies of the accounts for the half-year ending 28th February, 18G5, which have been forwarded to each shareholder in accordance with the requirements of the ' Joint Stock Companies Act,' the Shareholders will notice that the Directors are unable, as on former occasions, to congratulate them on the success of their operations for the half-year. "2. The accounts show that tho expenses have exceeded the receipts by a largo sum. The amount paid for repairs during this period has been £7640 10s. 5d., which includes the amount of £1088 10s 4d, brought forward from previous half-year. The fium of £1000* 'has been added to the value of tho Storm Bird, and £1500 is now carried forward to the repair and renewal, account; The Directors are prepared, if required by the Shareholders, to afford the fullest explanations on every point connected with the accounts, and enter more into detail than it is possible to do in the printed accounts, which are made out in conformity with the Act under which the Company is established. " 3. The Company's steamers have been running during the half-year as follows : The Wellington .* 5i months. The Lady Bird 4$ The Queen - 5| Theßangatira ... ... h\ " The Ahuriri ... ... 5 " The Wonga Wonga ... 6 " The Storm Bird 2 '" "4. The Directors feel it a duty they owe to the Shareholders to offer an opinion as to the causes which have produced so unsatisfactory a result as that now laid before them, and also to submit some expression of their views with reference to the future prospects of the Company. " ' First. With an earnest desire to fulfil engagements entered into with tho Provincial Government of Auckland, and to carry oat the promises made to Shareholders in that province — as fally explained in the report presented to Shareholders on 14th April, 1864 — the Wonga Wonga was sent to Auckland, being >at that time the only available vessol the Directors had, to inaugurate the northern service ; but from various causes her working- has proved most disastrous to tbe Company. She has not earned money, as slie has always done in former half-years, but the actual working to the end of February, shows a loss to the Company amounting to £1247 12s. Bd. " ' Secondly. — The Storm Bird, another of the most profitable boats of the Company's fleet, has only been running for two months during the half-year; the time taken up in repairing ► this vessel having greatly exceeded that which it was estimated it would occupy, and the repairs required were found to be of a more extensive and expensive character - than was anticipated. " * Thirdly. — The next cause to which losses may fairly be attributed is, that part of their contract entered into with the General Government, by which the Company have to keep two steamers running between Auckland and Dunedin, on tho East Coast. From the great distance between Auckland and Napier and the small traffic on portions of this lino, this service has been found very unprofitable, and although subsidized by Government, has been carried out at a loss to the Company. The steamers performing this service have to remain no less than eight days at Dunedin, lying idle with expenses running on. "'Fourthly. — Owing to most of the vessels belonging to the Company being under engagement with the Government, the Directors have been precludecl from benefifcting by the large passenger trade lately carried on between Otago and 'the Canterbury gokl-iiclcls.

li ' Fifthly.— The last although not least important point that may be adverted to in reference to losses, is that the number of steamers running on the coast has increased to a considerable extent during the past few months and has unquestionably exercised some influence on the profits of tho Company. "5. With a view to the improvement of the fleet on which the Directors are convinced tho profitable working of the Company depends, orders were sent to London in the month of January to arrange for building a new steamer of a similar class to the Wellington, and £4000 has been remitted on account, £2000 in the past halfyear and £2000 in tbo current. The Directors also have under consideration tho propriety of disposing 1 of ono or two of tho smaller boats by which they would be enabled to procure another vessel of a superior class. " 6. Since the closo of the half-year tho Storm Bird was unfortunately stranded while entering Hokitika River. Mr. Thirkell has been sent there on the Company's account to take such measures as may be required to float the vessel, and the Directora are happy to state that the Jatest advices rocoived from him and Messrs. Curtis. Brothers, the Company's agonts at Nelson, givo strong reason to hope" that she will bo shortly got off with little injury. ; "7. The Directors bog to remind shareholders that all their vessels have been paid for and are unencumbered. They aro also glad to state that the value of their freehold landed property is considerably increased. " 8. On this occasion three members of the Board, Messrs. Levy, Taylor, and Crawford, retire from the Directory, but aro eligible for re-election. The shareholders are also required to elect an Auditor for the ensuing year." George Hunter, Chairman. The following is the Balance Sheet for the halfyear commencing Ist Septeutber, 1864, and ending 28th Fobrnary, 1865 : — PItOPEUTT AND ASSETS.

The Chairman said he hoped shareholders would not take a desponding view of matters. The Taranaki shareholders had not, but offered to 1 pay more money on their shares. He wonld add that shareholders had the right to make any inquiries at the office into thY state of the Companys' affairs at any time. Mr. Begg suggested that the new vessel ordered from England bo called the Taranaki. [Applause.] The Chairman liked the suggestion. That matter had not been considered yet, but he would bring Mr. Begg's suggestion before the Board. i

£ a. cl. S.S. Wonga Wonga 3750 0 0 Storm Bird, including portion of outlay for repairs ... 4750 0 0 Lady Bird " ... 12,500 0 0 Rangatira " ... 11,081 5 0 Queen " ... 8086 6 7 Wellington " ... 16,128 8 1 Ahuriri " ... 10,600 7 5 Schooner Mannkan " ' .„ 2274 9 9 Ilulks Daniel Webster, Rosebud, and Volunteer .T. 1897 2- 0 71,089 18 10 Slip at Evans* Bay „ . 637 2 8 Freehold Land, Custom Houso Quay 803 10 O Cradlo at Nelson 615 3 4 Oflice Furniture < ... 104 1 5 Amount of calls unpaid 1563 0 0 Amount of Balances in hand* of Agents 2339 1 II Amouut of Freight, Passage money and Subsidies earned to 28th February, unpaid 3176 2 5 Value of Stoik ou hand, 08th Feb., vi*.; coals, stores, &c., in gtoro • . - and afloat ... . ;♦ 2526 19 6 Insurance paid in advance ... 2156 / 0 Romittance to England on account of new steamer- .., 2020 0 0 Amount at Debit of Repair and Renewal Account 1500 0 0 Balance, loss of half-year ... 2138 15 6 £00,673 2 • 3 CAPITAL AND LIABILITIES. £ B. d. Amount at credit of profit and loss account on 31st Augußt ... 3814 18 0 Les9 dividend for last half-year, at 10 per cont. per annum ... 2-142 14 3 £1372 3 9 Capital called op, namely — £8 10s. per ibaro on 4977 iharea , first series 42,304 10 0 £5 1 0s. per share on 2873 shores second series 15801 10 0 £S 10a. per share on 1000 shares issued to tho shareholder* of the Hawke'e Buy Steam Navigation Company (Limited) 8500 0 0 Amounts lodged to meet call* as they fall due. 3514 0 0 Interest thereon to 28th February 94 IS 0 Amount at credit of Agents' accounts ...• ... , ... 681 10 1 Amounts due by the Company on 28th 'February— . In Open Accounts 8894 8 8 Bills Payable 10,348 4 1 Special Deposits 1927 0 O Unclaimed Dividend* ... 64 8 8 Unclaimed Interest „. 15 2 4 Balance at credit of Insurance Account ' •■'"... 627 14 4 Amount overdrawn, B*nk K.Z. ... 1600 2 3 ' £90,673 2 2