SHIPPING COMPANY.

Star (Christchurch), Issue 5735, 1 December 1896, Page 3

SHIPPING COMPANY.

• THE ANNUAL MEETING. The annual meeting of the New Zealand Shipping Company took plbce this morning at the Hereford Street offices. Mr H. P. Murray-Aynsley (chairman of the New Zealand directors) occupied the chair, and there was a good attendance of director and shareholders. The report and balance-sheet, prepared by the London Board, were taken as read, and adopted on the motion of the Chairman, seconded by Mr John Studholme. The following is the report : — The directors submit the audited accounts of the company for the year ending June 30, 1896, and recommend the payment of a dividend of 4 per cent, free of Income tax, carrying forward .-5453 17s Id. The Mataura, built by Messrs Barclay, Curie and Co., was delivered in April, and a new steamer, of similar size and capacity, contracted for with Messrs Hawthorn, Leslie and Co., and called the Waimate, is approaching completion. An issue of -6300,000 4 per cent debenture stock, to take the place of the 44 and 5 per cent terminable debentures has been made. The directprs retiring by rotation are Mr Beaumont, Mr Johnston and Mr Westray, who are eligible for re-election. The Auditors, Messrs T. A. Welton and Mr Edward Jones, of the firm of Welton, Jones and Co., chartered accountants,. also retire, and offer themselves for re-appointment. The balance-sheet, after deducting the amount of proposed dividend at 4 per cent, amounting to .£19,001 18s 4d, and also after making full allowance' for depreciation, and all charges, showed a net profit of .£32,144 14s lid, which was about £§ per cent higher than the profit of last year. On the motion of Mr J. Henderson, seconded by Mr W. Eussell, it was resolved that Messrs H. P. Murray-Aynsley, P. J. Fryer, J. Studholme and A. E. G. Ehcdes should be the directors for the ensuing year. On the motion of Mr G. Gould, seconded by Mr Suter, Messrs A. Carrick and E. S. Harley were appointed auditors for the company. On the motion of Mr W. Eussell a vote of thanks was unanimously passed to the directors. A vote of thanks to " our officers afloat and on shore " was moved by the Hon C. C. Bowen, who referred to the scarcity of casualties at sea, and the care taken of the business by the shore officers. Mr John Studholme seconded the motion, which was carried unanimously. Mr I. Gibbs returned thanks on bshalf of the officers of the company. Mr H. P. Murray-Aynsley, in addressing the meeting, referred to the building of the s.s. Mataura, which boat was delivered to the company in April last. The London Board were so satisfied with the performances and carrying capabilities that they had ordered a similar steamer, the Waimate, which was launched in July last. The company now owned three of the finest paying cargo steamers of good speed, combined with limited but good passenger accommodation, that could be obtained. Since the report of the London Board was issued, the Aorangi had been sold to the Canadian and Australian Eoyal Mail Steamship Company. The sailing ships Waimate, Eurunui and Waimea, had also been sold, so that the company had now only four sailing ships left. But they had eleven steamers left, representing 56,000 tonSfgro3S. : The company had also purchased,.^he s.s. Breeze, of 355 tons, and had , chartered her to the Blackball Coal Company. This little steamer left the Tyne on Sept.. 27 if or Greymouth direct with 782 tons of. coal on. board. The directors regretted , the resig_ ation as auditor o£ Mr I >. Craig, who had removed to Auckland, but while regretting, his loss- were pleased to hear of liis promotion to the management of the New Zealand Insurance Company. The -Vacancy caused by his resignation had been filled by the appointment of Mr E. S. Harley to the position. .£300,000 worth of ; thirty years debentures at 4 per cent had been placed on the market by the London directors, and were so eagerly taken up by the directors themselves that the public only got 50 per cent of the applications. After allotment the shares went up to 104$ thus showing the good credit the company enjoyed at Home. By the issue of these debentures all existing building accounts would be paid off, and he might mention that previous debentures raised by the company had been at the rate of 5£ per cent. The London directors had done their best to reduce the valuation of the company's stock to its actual market value. ■ At the conclusion of the annual meetiug, aJ meeting of directors was held, at which Mr H. P. Murray-Aynsley was unanimously re-elected chairman.