NEW ZEALAND STEAM NAVIGATION COMPANY'S HALF YEARLY MEETING.

Wellington Independent, Volume XX, Issue 2283, 11 November 1865, Page 7

NEW ZEALAND STEAM NAVIGATION COMPANY'S HALF YEARLY MEETING.

The usual half yearly meeting of this Company toot place on the 21sfc October, at 2 o'clock, in the Athenaeum. Mr. G. Hunter, the Chairman, read the advertisement convening the meeting, and then called on Mr. E. J. Duncan, the Manager of the Company to read the Report of the Directors. It was as follows : — Report of the New Zealand Steam Navigation Company, (Limited.) The duty again devolves upon the Directors of tho New Zealand Steam Navigation Company (Limited), of presenting to the Shareholders a Report showing the result of the Company's operations for the half-year commencing on the Ist March, and ending'on the 31st August, 1865. Tho Board regret that the Statement and Balance Sheet, placed in the hands of Shareholders, some days ago, (as required by tho Act under which the Company i 3 incorporated) is far from being so encouraging as they could have desired, still when contrasted with the previous half-year's account, the Balance Sheet is certainly more satisfactory, as shewn by the undermentioned comparisons. 1. The receipts have been larger amounting to I £39, 114 Bs. 4d. as against £36,796 13s. lOd. The expenditure has been less say £37,089 19s. 3d. as against £39,551 Bs. lOd. 2. All debts and liabilities have either been discharged or brought into account, and it has bee» decictcd not to carry forward any item or items to the debit of tho succeeding half-year. 3. Although the expenditure incurred in repairs has been heavy amounting to £4828 6s. od., it has been entirely provided for out of the current half-year's earnings. 4. At the end of the previous half-year the sum of £1500 Btood to the debit of Repair and Renewal Account, and £766 11s. 9d. to the debit of Profit and Loss Account. These items havo been extinguished by tho profit made since that date, and in addition, there is a small sum of £75 Bs. 6d. to carry forward to the credit of next half year's account. The attention of tho Shareholders has no doubt been drawn to the item of Bills Payable current £10,000, and the Board take this opportunity of explaining that this liability was incurred by the Directors to enable them to raise funds to pay for the new steamer Taranaki, ordered from England, as mentioned in their last Report. They are happy to add that since the 31st August they have been able to pay off one half the amount, so that this liability is now reduced to £5,000. They have also remitted a further sum of £2,500 to meet the balance of the purchase money of the s.s. Taranaki due in London on the Ist November, making the total amount remitted £12,500. Tho accounts shew that there is a large amount of calls overdue, and it is the intention of the Board to press for immediate payment, failing which the Directors are determined to declare all shares in arrear forfeited, and to carry the amount already paid up on them to the credit of Repair and Renewal Account. The s.s. " Wonga Wonga " has been thoroughly repaired and put in order at a cost of £2480 16s. 3d. Tho sum of £1983 18s. 3d. has also been expended upon the " Storm Bird," consequent on her being stranded at Hokitika. This latter j outlay Wo boon voduood by tho cum of <CBBG 3<s, ' ■ltd., received from the Pacific Insurance Com- < pany, in which office she was insured for threefourths of her value. It is hoped that a further '. sum will be received as tho claim lias not been finally adjusted. Tho Company's fleet, with the exception of the two small vessels, have been actively and constanly employed, as will bo seen by the following statement : — Wellington has been employed ... 6 months Rangatira ... ... ... 6 " Lady Bird 5V " Queen ... ... ... ... 5 " Ahuriri ... G " Storm Bird 2$ " Wonga W nga £ " The Mnnukaii has only made one trip to and i from Newcastle, for a short time she was employed as a coal hulk, and latterly she lias been i chartered to the Government and converted into a prison hulk. The question of keeping the vessels belonging to the Company insured for three-fourths of their value has been frequently discussed by your Directory, and when the large amount which has ( been paid, £8292 9s. Id., since the formation of the Company, is taken into consideration in con- ( nection with (lie small amount of £886 3s. 4d. received in the case bf the Storm Bird, the conviction is forced on the minds o^ a majority of the Board that the time has arrived when it becomes ( their duty to recommend that the practice of in- • suring should be discontinued. The subject is a very important one, and the Directors hope the Shareholders will give it their consideration, and '. place the Board in possession of their views. Care has been taken in compiling tho accounts prepared for presentation to the Shareholders to make them as clear, comprehensive, and explanatory as practicable, and some of the items of expenditure have been detailed at greater length than on former occasions. W. M. Bannatyne, Esq., arrived in Wellington on the 6th June, and the Shareholders have since that date had the benefit of his valuable services as one of their Directors. The s.s. Tavauaki is to be delivered over to the Company's Agents in London, Messrs. Redfern, Alexander, & Co., on the Ist November, 1865, and those gentlemen have been requested to lose no time in fitting her out and despatching her, under ' steam, to New Zealand ; she may therefore bo expected in Wellington about tho end of January. Since the 31st August all tho Company's vessels havo been profitably employed, and there is every reason to believe that tho great trado springing up on the West Coast of the Middle i Island, and the number of new settlements in course of formation on tho East and West Coasts of tho Northern Island, must tend to increase tho passenger and carrying traffic, Iri conclusion the Board of Directors think that the Shareholders ought not to take a desponding '. ■view of the Company's position. It is true they have been unable for a period of one year to recommend the payment of a dividend, but it should not be forgott en that previous to that the Company has paid at tho rate of ten per cent, per annum. Its interests will continue to receive the '. constant and unremitting attention of tho Directors, and the Board hope when they present their next half-yearly Report that the state of the accounts will warrant them in recommending that a dividend should be paid, and also that a fund may be created to cover losses occasioned by depreciation or other causes. GteoßGß Hunter, _ ; Chairman.

Mr. Duncan also read the working account, as follows .-— Working Account of the New Zealand Steam Navigation Company (Limited), for the halfyear commencing Ist March, and onding . 31sfc August, 1865. EECEIPTS.

■EXPENDITTTRE.

Statement of affairs of the New Zealand Steam Navigation Company, (Limited), for the half-year ending 31st August, 1865. ASSETS.

Freight, passage money and subsidies, steamers 37,440 11 7 Freight and passage money, schooner "Manukau" 1,572 16 9 39,013 8 4 Profit on sale of coals 193 15 11 Earnings of cradle... 60 0 9 Earnings of slip" 147 3 4 Interest received and duo on arrears of calls 234 3 6 ' Interest on cash remitted on account of now steamer ... 319 3 6 553 7 0 £39,967 15 4

I Coals 7,578 19 4 Victualling 6,745 1 7 Wages 6,516 4 4 Repairs 4,828 16 0 Insurance 2,807 0 1 Marine, Stores 1,882 5 8 Agents' commission and Fees 1,617 0 7 Labor, lighterage, boat hire, &c 1,280 9 8 Light dues, pilotage, &c 4-87 3 6 Advertisements, printing, &c 492 19 10 Losses from damage, &c 123 18 10 34,359 19 5 Wages, Insurance, &c, schooner Manukau 1,707 11 0 Expenses of management, viz. : — Salaries, rent, printing, stationery, &c 897 8 10 Audit 125 0 0 Interest paid Bank and special depositors and allowed shareholders on prepaid calls 535 15 10 Profit of half-year ... 2,342 0 3 £39,967 15 4

Ship property — S.S. Wellington ... 16,126 3 1 Lady Bird ...12,500 0 0 Rangatira 11,083 5 0 Ahuriri 10,591 19 3 Queen 8,103 6 7 Storm Bird... 4,750 0 0 WongaWonga 3,750 0 0 Sch. Maaukau 2,294 9 9 Hulks, Daniel Webster, Rosebud, and Volunteer... 1,897 2 0 71,096 5 8 Freehold property — Wellington 861 16 6 Slip property : Evans' Buy 637 2 3 Cradle property — • Nelson 615 3 4 OlTioo furniture, &c. 129 11 10 Coals and stores in stock and afloat ... 2,100 12 10 Rebate of intci'est on bills payable current 318 4 11 Debts owing to the Company — Freights and passage money due at agencies 3,894 O 2 Do. do. Wellington 1,585 16 4 5,179 16 6 Calls in nrrear ... 3,940 0 0 Interest thereon... 210 511 4,183 5 11 Remitted to England on account of new steamer Taranaki 10,440 3 6 Cash in Bank of jS t cw Zealand 3,125 4 6 Cash in hand 7 7 3,125 12 1 £98,987 15 4 LIABILITIES. Capital called up i.e. 5977 shares at £10 59,770 0 0 Capital called up i.e. 2873 shares at £7 10s 21,547 10 0 81,317 10 0 Calls prepaid 952 0 0 Interest thereon to 31st August 95 10 0 1,0*7 10 0 Dobts duo by the Company — Unpaid accounts... 3,404 8 6 Agents' accounts... 802 0 1 Bills payable (discount to cover remittances to England on account of the s.s. Taranald 10,000 0 0 Special deposits ... 1,204 0 0 Unclaimed dividends 41 0 4 Unclaimed interest 50 11 4 15,502 0 3 Insurance — Balance at credit of this account 1,015 6 7 Balance carried to profit and loss 75 8 6 £98,987 15 4 INSUBANCE ACCOUNT. Dr. To proportion of loss by stranding of s.s." Storm Bird" at Hokitika 295 7 9 "Balance 1045 6 7 £1340 11 4 Ci\ By Balance, 28th February, 1865... 627 14 4 " Company's Risk half-year ending 31st August 713 0 0 £1340 14 4 By Balance brought down £1045 6 7 nurAins, henewal;, &c, account. Dr. To Balance, 28th February, 1865... £1500 0 0 Cr. By Transfer to Profit and Loss Account „,,..£ISOO 0 0