LOCAL SOCIETIES' REPORTS.

Wellington Independent, Volume XVIII, Issue 1854, 11 April 1863, Page 5

LOCAL SOCIETIES' REPORTS.

NEW ZEALAND STEAM

NAVIGATION

COMPANY

Tbe first General Meeting of the shareholders of this Company, was held on Tuesday last, the 3lst March, in the Wellington Athenajum, at 2 o'clock. There was a large attendance of shareholders, and the utmost interest appeared to be taken in the proceedings. Q. Hunter, Esq.,oc cupicd the chair.

Tbe Chairman read- the report, and .gave an elaborate explanai'nn of each item of expenditure in tho balance sheet.

BF.rortT for the first half year commencing on Ist Septenibar, 18G2, and ending on the 28r,h February, 1863.

The Directors of the New Zealand Steam Navigation Company, (Limited), having furnished tho Shareholders as requirod by the memorandum of Association, with a copy of the annexed Balance Sheet, together with a state-. ment of the ordinary Receipts and Expenditure for the first half year of the Company's existence, commencing on the Ist September, 18152, and ending on tho 23th February, 1803, bog further to lay before the Shareholders the following Report of their proceedings. The New Zealand Steam Navigation Company (Limited), was formed for the purpose of carrying out the objects fully detailed in the prospectus issued, namely, In the first instanco, purchasing the screw steamers Wonga Wonga and Storm Bird from tho Wellington Steam Navigation Company (Limited), and in the second taking steps to procure with the least possible delay, two or three more steamers adapted for trading on tho co.vstofNew Zealand..

J. Dransfleld, Esq., Chairman, Jacob Joseph, G. Crawford, G. H. Vennell, A. P. Stuart, G. Turnbull, P. Laing, L. Levy, C Hartmann, Esquires, having taken shares, and signed a memorandum of Association, (in terms of tho Joint Stock Company's Act^ 18G0) became tho first Director-s, and after getting the memorandum of Association rogißtered, and a certillcato of Incorporation granted, at onco entered into negotiation with the Directors of the Wellington Steam Navigation Company (Limited), for tha purchase of the s.s. Wonga. Wonga ana Storm Bird, which ended in their buying the two boats, the coal hulk Caledonia, and all the stores on board the three vessels and on shore, for the sum of £7,.'500. The purchase money fo be paid in cash, in one month, the new Company to receive tho earnings and pay all the expenses of wor-king the boats for that period — the old Company to be paid one month's Interest at the rate of eight per cent on the £7,500. Policies wore current at the time of sal 3 on both vessels, and it was agreed that they should be transferred on the now Company paying their proportion of insurance which was found to amount to £174 14s. Cd.

The sale Was completed on the 15th October, the purchase money paid, and tho two vessels transferred to Messrs. Bannatyne, Moore, Lyon, Joseph,, and Levy, on behalf of tlie Company; the change in the ownership was recorded at the Custom House, both vessels being registered in this Port. Messrs. G. H. Vennell, A. P. Stuart, George Turnbull, Peter Laing, C. Hartmann, then retired from the Direction, and Messrs. W. B. Rhodes, W. W. Taylor, George Moore, Gcorgo Hunter, William Bowler, and W. M. Bannatyne elected in their places,— Mr Hunter being appointed Chairman.

After making arrangements for carrying ou tho current business of the Company the first matter that engaged the serious attention of the Board of Directors, was the necessity of immediately purchasing one or two new steara vessels of a superior class to the boats bought from tho old Company. The subject was fully discussed and it was determined to send to London for a new steamor suitable for the trade to be named tho Wellington.. The ordering, superintending, the building, and despatching her to', the Colorry was intrusted tp N". Levin, Esq., who happened to be proceeding to England at the time. That' gentleman was put in possession of the views and wishes of the Directors, and authorised to expend from £8,000 to £10,000, or even as far as £12,000 if he found that a vessel answering the description required could not be got for a smaller sum. A bank bill for £2,000 was handed to Mr Levin with letter of instructions; £2,000 was forwarded to him by the February mail, and further sums of £2,000 will have to be remitted every two months, until the entire cost of the steamer has been defrayed It was considered advisable to defer ordering a second boat to be called the Auckland until an opportunity had been afforded of hearing from Mr Levin and ascertaining the cost of the Wellington, and, as to whether practical porsons in England could suggest any improvement in the construction or model of the second vessel

Your directors beg to report tliat contracts have been entered into with the General Government of this Colony, with the Provincial Government of the Province of Wellington, and with the Provincial Government of tho Province of Napier. The service performed for tho General Government, consists in currying the mails from this port to and from Manakau, once a month, calling at all the intermediate ports, going and returning, say Picton, Nelson, and New Plymouth. TII9 time this voyage occupies is usually about fourteen days, tho amount received for the service £200 per trip, equal to £2,400 per annum. The service porformed for the Provincial Govornm-jnt of Wellington comprises, carrying tho mails once a month to the port of Wanganui and to Castle Point; for these two sorvicos the Company have been paid at the rate of £83 Gs 8d per month equal to £1000 per annum. . The engagement entered into with the Provincial Government of Napier obliges tho Company to send up one of their vessels overy month, between the 14th and 21st and to carry tho mails, for this service £50 per month is allowed equal to £000 por annum, making tho total amount of subsidies up to £4,000 per annum. Having entered into ths throe contracts just enumerated and finding that the trade between this port and Lyttelton and Otago was rapidly increasing, your Directors considered it absolutely necessary to take immediate stops to procure a third boat, as it was found impossible ' to do justice to the Wonga Wonga and the Storm Bird, owing to their being kept constantly at work and in the event of loss or accident to either of these vessels the Company's operations, would practically be brought to a stand snll ; it was therefore resolved to despatch Mr R J. Duncan and Capt. Renner, to Australia, for tho purpose of purchasing a suitable vessel The first named gentleman was furnished with & letter of credit for £6,000, and made fully aware of the views and wishes of the Board.

In the first communication received from Mr Duncan dated Sydney, tho 24th February, he informed the Board that he saw no prosnsct of betas abte to purchase a vessel in Sydney that he thought would suit the company, and that it was bis intention to proceed with Captain Bonner to Melbourne, and in the event of his failing there, ho would visit Van Dieman's Land and South Australia, before returning to Wellington. On the 27th March, a second letter came to hand dated Melbourne, 4th March, which containad the gratifying intelligence that Mr Duncan had. succeeded in purchasing the fine s.& Lady Bird, for the sum of £8000 net cash ; the vessel is to be delivered to him about the 22nd March, has then to be docked and cleaned, and may be expscted in Wellington about the 15th ApriL Sha will probably proceed from Melbourne to Otago and from thence on to this port, Mr Duncan being of opinion she would oam most money by taking that route. The Lady Bird is believed to. b 3 a very superior vesssl, has splendid accommodations for an unusually large number of cabin, second cabin, and steerage passengers. She has very powerful engines, enabling her to steam when required at the rate of from ten to twelve miles an hour. She will be admirably adapted for running between Manukau and Otago, calling at New Plymouth, Nelson, Picton, Wellington, and Lyttelton, and will have the great advantage of being able to proceed up to th 3 Wharf at Dunedin. Your Directors recommend her to

be immediately plaead oa this line. If required at any time, it is thought she may safely visit Napier and Wanganui, as her draught of water is very light. Every day's e.irp3]-ienco of tho working of the Company's operations shews the absolute necessity of being able to command the services of a third and fourth boat at the earliest possible moment A reference to the balance sheet shews that a net profit of £-2,710 Os lid has been made during the past half-year. To the 28th February, all dsmands against the Company had been discharged oxcepfc the items detailed in tho balance sheet, amounting to £429 13s 5cL An adjustment account was opoued so that all items on both sides of the account might be ptopsrly debited and credited, and, the tiu 3 financial position of the Company clearly and accurately shewn. , The Statement of ordinary receipts and expanditure shews that the gross earnings have amounted to £10,456 18s 10d,— the disbursements to £7,7-10 6s lid,— leaving a, profit of £2710 Os lid. It may reasonably, ba concluded that the expenditure has been greater, during the past six months, than it is life'ely to be for tha ehsuing.half-year, as the outlay attendant upon tli3 formation and starting of a new Company have necessarily been very heavy. Ths Directors recommend that a Dividend at the rate of ten per- cent per annum be paid for the post half-year, the amount to be calculated in the shaps of interest only,-to be allowed from the date that calls and deposits were paid: a dividend at this rate will amount to about £300. . -■ The balance sheet shews that on tho 28th February 8,574 shares had b3?rr sold ; since that date ill more had been applied for and allotted. Mr Levin was authorised to dispose of .500 shares absolutely, and 500 conditionally in London, and it is probable that Mr Duncan may 'place some* in Australia. This will leave about 300 unsold and this Directors aro of opinion that they should be permitted to aUot the remaining shares to the first applicants for.them, giving original shareholders a preference. It having been found impossible to clean the outside of the vessels properly, or to repair them thoroughly, without being ablo to place them on a slip, it was determiner!, after due consideration, to erect one in Evans' Bay, and ft' contract was entered into with Mr Thirkell to complete it for the sum of £550 ; he is making satisfactory progress, and it is hoped that it will be completed in the course of three weeks or a month.

The steamers are each insured against total loss only, in the sum of £3000,— £4000 being covered by the New Zealand Insurance Company, and £-2000 by the Australasian Fire and Life Insurance Company. The accompanying table shows tho number of trips made by the Company's vessels dui-ing the past half-year. It will be seen that the Wonga Wonga made seventeen vpyages earning £5723 12s fid gross; that the Storm Birrl made fifteen voyages, earning £4733 4s 5d gross; 449 tons coals were consumed on board the Wonga Wonga 399 tons on board the Storm Bird; the Wonga Wonga was not laid up a single "day; the Storm Bird had to be thoroughly repaired and was laid up for a period of 24 days. Both vessels are in a good state of repair and! are well found, but their bottoms require examination and the sooner they can be placed on the slip the better. When Captain Rjnner left for Australia, Captain Cellem, formerly of the s.b. Whitß Swan, was placed temporarily in command of the Wonga Wonga, and the Directors recommend that ho should be confirmed in the appointment as they presume Captain Benner will retain command of the Lady lUrd, until.the Wellington reaches this port. Finding that the coal hulk Caledonia was of no servics to tho Company, she was sold by public auction, and th* amount realised, less charges, £3(5 Os. 6d., carried to the >>.iwJU of Stock Account •

Messrs. Duncan anlT vc?."!" ™ m tt ?™«uM jjAuageity an office on the beach rented and. fitted up, and a clerk was engaged to attend to the Company's business. The responsibility of appointing an auditor devolved" upon the Directors and'they requested' John Yule; Esq., to undertake the duties of that office. His report wfil be read and he is required to stats whether in his opinion tho Company's affairs have been properly managed, ahoY also, if ! the Directors and Managers have furnished' hin^ with full and satisfactory information asto their proceeding. • ...,'<

The Act under which the Company Ib constituted'provides that at the first ordinary meotlngof the shareholders; after tho incorporation of the Company, the whole of tho Directors shall retire from. office, at' will -therefore be ihe. duty of thj shareholders to elect ten of their body duly qualified to manage tho business of the 1 Company for. a period of twelve months. . •'.■■'.• The shareholders will likewise, have !to: appoint, cut auditor, and to ilx tho amount of remuneration that officer is to be paid annually.- .... Wishing their opinion to be formally placed on ;recordat on a of the earliest meetings, your Directors, came to, the following resolution— " That the Board of. Directors consider, themselves entitled to remuneration for their services, the scale to be determined hereafter." ■ And they leave tho shareholders to take whatever action they think propar in this matter. .'.•;•' ' <

The Board feel bound to acknowledge the- groat obligations the shareholders are under to one of their number",' John Kebbell, Esq., whose professional skill- has been of the greatest assistance to the Company, and most freely placed at its disposal. , . . . It affords youy' Directors -much pleasure to stato that they are of opinion,' the steamers Wonga Wonga anl Storm Bird aw both worth considerably more than was paid for thorn, and th3y are cohtlrai3d in. this impression by the advices recently received from their Manager, Mif It, J. Duncan, who is well able to form a correct conclusion, having priced and examined a number of steam' vessels in Sydney and Melbourna, and ascertained their value in Van Dieman's Land and South Australia.

In conclusion, your Directors most strongly • urge upon the shareholders th j great importance of taking prompt measures to increase the Company's fleet of vessels. . It is evident that profitable employment can ba foimd for a largor number of steam vessels than are now engaged in tb.s coasting tracte of this Colony, and the sooner the want is supplied and tha field occuplad the Detter. No timo should be lost In establishing, perfect arrangements for communicating regularly with all tho Provinces, and as soon after as possible, an attempt made to procure vessels adapted for running between the Austrafiail Colonies and all p.u'ts of Now Zealand. • > >; ■ •; „-.

Mr Yul-3 then read the following report :-~

FrasT H..r.F-YE.uiLY.Aur>rTßßr'OriT.;or the (New Zealand Steam Navigation Company (Limited), Jrsing half year ending «th February, 18G3. ' ' *'•' In presenting tin first Audit Report of the I.New Z3alandl Steam Navigation Company, (Limited), " some : explanar tion of the books and accounts of the Company has been thought necessary to enable the' shareholders fully to run derstand the Balance sheet nbw produced.

The books consist of cqsh hook, journal, and lodger-r---they are kept on tho principle of double entry, and by a system well calculated to illustrate the particular business for which thoy aro designed. The subsidiary books are freight or manifest hooks, and rough cash book. As aH freights are payable on demand, in cash, the intention is that no outstanding debts should exist. The books necessary to conduct such a process' are of course, of the -veiy simplest description, in fact no freight ledger is required The Capital Account and Stock Account are so thoroughly detailed in the balance sheot as to require no further explanation hore. , The Wear and Tear Account contains all sums paid to englneei'3 or others for repairs. All sums paid for- boats, canvas, ropes, &c, to replace similar articles worn put or lost The Stores Account contains' all sums paid for provisions and grocery goods, all tallow and oils used for lubricating purposes ; water, and generallyeYery thing in ordinary consumption on board of your vessel, coals and liquors excepted. The Wages Account contains all wages' paid to the Captains and Crews employed in the Company's service/ ' Tho Interest Account, Coals Account, and Insurance Account, contain no other matter beyond what their respective names imply. The General Disbursements Account contains aU sums not included in the other accounts ; it embraces salaries, rente, labour, printing, Agents' commissions, boat hire, „o. Nothing has been placed to Depreciation Account in thkr Balance Sheet, because it is ascertained that the property of the Company is at least in as good conditions now as it was when purchased. - ; The Company has nothing to do with the purchase ,or sale of the liquors used on board their ships. ' By meauSof an Adjustment Acconnteach balance sheet ia cleared of whatever does not legitimately belong to itself. All stock of coals, stores, &&, on hand; all insurances unexpired ; rents paid beyond the date ofthe balance ; debts due to or by the Company, are by. its agency taken out oil the old accounts and placed in the new.

Tho cash collected daily within' bank hours is' lodged in the Bank of New Zealand.

Tho Agents send in their accounts at short intervals,' They contain detailed lists of all monies received and paid by them on ships' account, with vouchers for all their dis-bm-sementa

In tho samo way tho Captains, at the end of every trip, land in detailed nccounts of all monies that have passed ;hrough their hands during the voyage. When theso documents come in they are thoroughly analysed and entered up to the diff arant accounts to which they belong. In the course of this Audit, I have had occasion' to call on your Chairman for .information, and have tjeen repeatedly waited upon by him and beg to bear testunony>ta his unvaried attention and anxiety to render me every assistance in his power. ' ' '■. A I have examined the Bank books,- and . found their balance to correspond with the balance of the cash account in the Ledger. . I have also carefully examined 'the whole of tho ' accounts and vouchers from whence the balance sheet now exhibited has -arisen; iand' in my opinion the balance sheet is a full and fair balapcp, shees proporly drawn up, so as to exhibit a true and con-ectView of the Company's affairs; The Share boCk reJrahftd'lw tho Aot has been kept, and all the requirements of T the " Joint Stook Act, 1860,"have been comoHed'witti,;: ... Welliugton, Slst Match, 1868. '

Statemett of the ordinary Receipts and Expenditure of the: New Zealand Steam . Navigation Company, (limited), Tor tho half year commencing Ist Sept, . 1862, and ending 28th February, 1863. Dr. £ b. <L I : I I | *

"Wellington, 21st March, 18C3. DracAN asi> Vesnell, Managers. Audited and found correct, this 21st day of March, 1863. John Yule, Auditor. Several questions were then put to the Chairmen, which tvere satisfacrn^j " The "Chairman next moved the adoption of the report, which was seconded by Mr J. H. Marriott. A discussion then arose, as to the best mode of disposing of the shares of the Company, that had not- been taken up ; and al«o as to the amount of dividend it was desirable to declare,— in which Messrs Stokes, G. Allen, C. B. Borlase, J. Dransfield, C. R. Carter, W. Allen, G. Moore, and W. Lyon, took part; the Chairman affording satisfactory explanations on the several points raise At the close of this discussion, the resolution moving the adoption of the report was carriad untt rimously. Mr Pharazyn then moved tho following resolution:—" That Messrs Lewis Moss, and William Allen be appointed Scrutineers/ which was carried Hem. con. ; MrDransfield said, that before proceeding to ballot for' tlie Directors, he had a matter.to bring under the notice of the shareholders. Mr D. here read a, letter which he had received from a shareholder. •; The meeting then adjourned for an hour, foi the purpose of affording time to tho shareholders - to fill up, and hand in their voting papers. \ The meeting re-assembled at 5 o'clock according to adjournment. Mr C. R. Carter, after a few appropriate remarks moved—" That the salary for the Auditor be .£IOO per annum." Mr Woodward seconded the resolution, which, on being put to the meeting, was carried unanimously. . Mr J. Woodward seconded by Mr Scott, next moved— "That Mr John Yule be appointed Auditor for the ensuing twelve months." This resolution was carried unanimously. ' • Mr Stokes after a few complimentary remarks to the Chairman and Directors, for the efficient manner in which they had conducted the affairs «f the Company, moved—" That tho cordial thanks of the sharholders be given to the Direc tors of the Company, for their past services, and that the sum df £100 bo voted to them, as an Acknowledgement of their exertions in promoting the success aud forwarding the ' interests of the Company." Mr Hartraann seconded the resolution, which, after a few remarks from Mr Carter and the Chairman, was put to tho meeting, and carried unanimously. ' Mr Stokes then moved the following resolution : — " That the Directors be requested to reserve, all shares for disposal in the Colony for a period of two monihs, to bo allotted rateably among the shareholders, according to the number applied for. In the event of any remaining undisposed of after that period, such share to be issued at a premium of 10s per share." ■ • A lengthened discussion ensued, in which Messrs .Stokes, Woodward, Moore, Rhodes, Pickott, Pharazyn, Holdsworth and Carter took part. The resolution was ultimately withdrawn ; and the matter was left in the hands of the Directors to deal with as they thought would best advance the interests of the Compauy. Mr. Lyon gave some information relative to tho Hawko's Bay Steam Navigation Company. On tho motion of G. J. Neill, Esq, the meeting was 'adjourned until 8 o'clock for the purpose of I receiving the report of the Scrutineers. At 8 o'clock, the meeting again assembled, but it was 9 o'clock before tho Scrutineers report was ready. About 9 o'clock, the chairman read, the Scrutineers report, which gave tho following results ;— G. Hunter 1159 L.Levy 1089 W. M. Bannatyne 1079 W. B. Rhodes 1051 W. W. Taylor . . • • 1031 J. Joseph 822 E. Pearce 964: W.Lyon 833 G.Crawford 817 G.Moore .. .* • 761 A number of votes were given fo» other share* holders, eligible for election as Directors ; but the foregoing were tho ten who polled most votes, and it is therefore unnecessary to publish the other names. < ' It was then moved by. Mr Carter, seconded by] • Mr P. Laing,— •" That the best thanks of the ' shareholders be given to the Scrutineers, for the ■'efficient manner in which they had performed • tbeir duty." . "The resolution was put and carried unanimously. The whole of the business having been |thus transacted, the meeting then separated.

To Freight arid Passage Money from all sources including subsidies 10,456 16 10 £10,456 16 10 Cn. - £ b. cL By Wages account ;........... 1886 8 0 „ Goal account 2169 15 9 „ "Wear and Tear account 567 2 9 „ General Disbursement account 1453 17 0 „ Insurance account 314 9 2 „ Interest account 137 1 5 „ Stores account 1217 12 10 „ Profit and Loss account 2710 9 11 ■eiq^q 16 jo Wellington, 21st March, 1863. Duncan and Vexneix, Managers. Audited and found correct this 21st day of March, 1863, John Yule, Auditor. .— — ♦ Balance Sheet of the New Zealand Steam Navigation Company, (Limited), for the half year commencing lßt September, 1862, and ending 28th February, 1863. Dr. £ s. d. £ 8. d. To Stock Account, say, — Value of the s.s. Wonga Wonga 8750 0 0 „ „ Storm Bird ... 3750 0 0 „ Iron safe, Office Furniture, &a, 77 19 11 - -.7577 19 11 „ Amount remitted to London in * part payment of new Steamer ordered to be built 4000 0 0 „ Bank Exchange on Drafts 40 0 0 , 4040 0 0 „ Amount of calls unpaid BGB 10 9 „ Balance in Agents hands, — . "Wanganui 16 1 0 Auckland 85 7 2 Nelson 77 1 8 Lyttelton 76 11 3 233 1 1 „ Insurance paid in adyancs for next balfyeftf i;:.;;..;.;i..;.;wu 364 13 8 : S Value of Coals cm board the Vessels On the 28th February ... 150 0 0 „ Value of Stores on board and in : stock do., on 28th February ... 150 0 0 — 300 0 0 „ Payment on account of Slip 5Q 0 0 „ Freight and Passage Money earned up to the 28th February • unpaid * 226 5 U " Ca New e ' ?PSit3 - « foe 'Baak'of • kj ... ciealandV-* _ n credit of capital account ...... 1883 5 o I „. „ working account. ...1067^4^3^ £17,523 0* 1 Cr £ b. d. £ B. d. By Capital account, say £3 10a par share on 3574 shares 12509 0 0 Amount lodged to meet calls as they fall due .1783 0 0 Interest thereon to 3Sth February ... 90 16 9 — »■■ 'loitj Xo V Amounts due 2Sth Feb., unpaid — Wages, Wonga Wonga 163 16 8 Wages Storm Bird 155 0 0 General Disbursements 69 18 4 Account for repairs, C. Seagar 60 0 5 ,John Jones & Co., amount overpaid * 18 0 -. ■ 429 IS 5 Profit and Loss, being net profits for the half year 2710 9 11 £17,523 0 1