Northern Steamship Company.

New Zealand Graphic, Volume XXX, Issue XXI, 23 May 1903, Page 1466

Northern Steamship Company.

ANNUAL MEETING. The twenty-second annual meeting of the Northern Steamship Company, Ltd., was held at the company’s Office, Quaystreet, on Friday last, Mr H. F. Anderson, chairman of directors, presiding. ANNUAL REPORT. The directors submitted their report of the operations of the company for the past year as follows:—

The new issue of 40,000 shares offered in May last was readily subscribed by shareholders, who would have taken more shares had they been available. The directors regret to report the wreck of the s.s. Gairloeh on January 6th, the first total loss the company has sustained. Fortunately the s.s. Glenelg was out of commission at the time, and was able to carry on the Gairloch’s service without disorganisation. The manager returned from Great Britain in December last, after placing an order with Messrs Gourlay Bros, and Co., of Dundee, for a new passenger steamer. The directors retiring by rotation are Messrs M. A. Clark and C. Rhodes, who are eligible, and offer themselves for re-election. The directors respectfully recommend that the same amount of honorarium as last year be voted to them for their services. Messrs Charles A. Jonas and G. O’Halloran, jun., auditors, retire, and are eligible for re-election. The dividend will be paid at the company’s office. Quaystreet, Auckland, on and after Monday, the 18th of May.

The balance-sheet for the year ending March 31st, 1903, was as follows:— Dr. Liabilities. — Capital authorised: £217,500 In 300,000 shares of 14/6 each. Capital subscribed :104,289 shares, 7/ paid, £36,501 3/; 45,711 shares, 14/6 paid, £33,140 9/6. New issue: 40,000 shares, 14/6 paid, £29,000; less unpaid calls, £226 12/6. Insurance account, £28,021 18/4; insurance account, No. 2. £BlO 16/1; boiler and repairs account, £3663 14/3; accounts owing by company, £17,313 0/1; balance of profit and loss account, £3418 5/9. Total, £151,642 14/6. Cr. Assets. —Vessels and gear, less amount at credit of depreciation account, £115,979; advances on new steamer Rarawa, £17,595 9/1; Quay-street premises, £5198 19/5? stores and coal on hand, £3356 16/2; accounts owing to company, including agents’ balances, £9199 14/1; Insurance account No. 2 Inzestment, £200; bills receivable, £77 12/1; cash In Bank of New Zealand, £35 8/8. Total, £151,642 14/8. Profit and Loss Account.—Dr.: November, 1902. To Interim dividend for six months at the rate of 7 per ernt. per inamn, £2437 9/2; balance, £3418 5/9. To*at, £5855 14/11. Cr.: April 1, 1902. By balance brought forward, £3699 9/11; less dividend 7 per cent, declared May 9, 1002, and directors’ honorarium voted same day. £2837 0/2— £862 0/0. March 31. 1003. By net profit for twelve months, after providing for insurance, depreciation, and boiler accounts. £4981 4/2; transfer fees, £l2 10/. Total, £5855 14/11. April 1, 1903. By available balance brought down, £3418 5/9. The accounts wore audited by Messrs Charles A. Jonas and G. O’Halloran, jun.

The net profit on working accounts for the year ending March 31st, after making provision for insurance, depreciation, and boiler accounts, is £4981 4 2 Transfer fees 12 10 0 Balance brought forward April 1st, 1902 802 0 9 £5855 14 11 The following appropriation of this amount was recommended: To payment of a dividend at the rate of 7 per cent, per annum, half of which was paid to shareholders on November 17th, 1902, as an interim dividend 4874 18 4 Leaving a balance to be carried to the credit of profit and loss account.. £980 10 7