THE N.Z. SHIPPING COMPANY.

Press, Volume XLIX, Issue 14839, 3 December 1913, Page 5

THE N.Z. SHIPPING COMPANY.

» • ANNUAL MEETING.*

The annual meeting of the New Zealand Shipping Co.. was held yesterday. Tho chairman of the company, Mr H. P. Murray-Aynsley, was present, but not feeling quito equal to occupying the chair. Mr A. E. G. Rhodes, as deputy-chairman, was voted to the position. There were about a dozen shareholders present. THE ANNUAL REPORT. Tho twenty-sixth annual report of the London "directors and fortieth annual report of the company, which was submitted to the shareholders at the general meeting held in London on October 14th, stated that the directors submitted accounts to 30th June, 1913, and recommended a dividend of 16s per share, free of incomo tax, of which Ss per share was paid on tho 14th April, carrying forward £25.3&4 03 10tl. Contracts had been made with Messrs Win. Denny and Brothers and the Societe ck'S Ateliers et Chantiers do France, for two cargo steamers to be delivered next year. Tho steamer Wakanui had boon >old. The directors were pleased to report that the business of tho Federal Steam Navigation Company, Limited, showed satisfactory results. The attention of shareholders was drawn to

the proposals regarding a re-arrange-ment ot tho company's capital. The directors recorded with deep regret the death of their colleague, Mr Joseph Gould. Mr Warringtou Laing had beon appointed in his place, and the vacancy created on the Board had been filled by the election of Mr Alexander Michie. • THE CHAIRMAN'S STATEMENT.

Mr A. E. G. Rhodes asked the meeting to take the report and balance-sheet as read. The directors were pleused to state that the profit and loss account again showed a satisfactory credit amounting to £97.921 17s 10d, including £21,555 brought forward from last year, after providing for depreciation on the Hoot and placing £20,000 to insurance- account, A dividend of 16s per share had been paid for tho year, of which 8s per share was paid in April last. Tho insurance fund now stood at £120,000. At the last" annual meeting; ho had pointed out that owing to tho increased cost of building and running tho steamers an increase in hpmoward rates of freight was necessary, tho result of which was that the homeward

earnings showed a satisfactory increase, while the/ outward earnings showed a. considerable advance over last year's figures, partly duo to the fac£* that 33 voyages wore run against 31 voyages last year. It was not proposed to make any alteration in homeward

rates of freight on wool this season. Tho purchase of tho Federal Steam Navigation Company's steamers had, as was anticipated, proved a pood investment ; thn results of tho operations of that company tvero very satisfactory last yoar, and those results had been maintained so fur during the present year. Tho now steamer built by Messrs William Denny and Bros. had been named the Hororata; she was similar to the Hurunui, but larger. A contract had also been \entorotl into with a French company, to build a cargo steamer of the same type as the Kaikour.i. Both of these eteamaTs would bo delivered next year. Tho Wakanui had been sold at a satisfactory advance on the amount at which she stood in the company's books. Hβ rogmtfced to say the, company's fleet had not been free from accident during tho past year. A serious fire- had occurred on board tho Turakinn just after tho stoamor left Rio do Janeiro. ■ftho returned to that port, and at one tinio it was feared she would bo a total loss. The fire, however, was extinguished,' temporary repairs effected, and tho steamer taken to England where permanent repairs, costing many thousands of pounds, wore carried out, and Jlio Turakiita left for Port Chaln>«vi aju. ( October Bth, and had arrived '•all vi<fcll." A slight fire occurred on bonrd tho Itaknin at Albany, and the Whakntnnc collided with a wharf at Montreal, and sustained some damage. Hβ was glad to say tho London Board had been successful in obtaining a renewal:, of the contract with the Canadian Government for a monthly service between Montreal and Australia and New Zealand, for two years, at an increased subsidy. Shareholders had been fully aware of the proposals for tho re-arrangement of the capital of the company. It was therefore unnecossary for him to go into details. He might say that the proposals were cahlod. out to tho Board here, and fully concurred in by tho directors before being finally decided on. The Board congratulated tho shareholders on tho reinstatement of tho £2 per share capital, which was written off as lost in 18D0, and also on the issue of preference shares as a bonus equal to £2 10s per share on tbo present-holding in the company. .He would like to point out, however, that ineliulina the bonus payment referred to, ahnroholders had for the last 2S years received barely £3 14s per cent, per annum on the original capital invested, which could not be regarded as an adequate return on .in investment in shipping property. It was proposed to ask shareholders to auv thoriso an increase of capital to tho extent of £1,000.000 in six por cent, cumulntivft preference shares. Beyond tho'£2?G,ooo to bo issued under the reJXVranKcnifint scheme, it was; not intendfd to niako any further issue, of share* at present, but this additional capita!, when raised, could bo utilised from time to time as might be necessary to meet the requirements of the trade, which each -year was steadily expanding. He could not conclude his remarks without referring to the unfortunate strike of waterside workers which was experienced at the present time. The loss to the country would be very considerable; the whole of tho tonnage arrangements had been upset, and difficulty would be found later on to provide tonnage for frozen meat and other cargn owing to co many steamers being detainedin the Dominion. They hoped the workers would reconsider their position and return to work without delay. As far as this company was concerned they would lie very sorry to lose the cervices of a number of good, steady, reliable men. who hftd worked on board the c6mpany's steamers for many years. He thanked the many willing workers who had coino forward both from the country and tho town and had kept the ports open under the most trying circumstances. He was sure they wero entitled to the thanks not only of the Shipping Company but of the whole of tho population of New Zealand. Hβ moved—"That the report and balancesheet issued by the Jyondon Board be approved."

Sir George Clifford seconded the adoption of the report and balancesheet, and said it was duo to tho prudence of the management of the company that directors were enabled to write hack the £2 nor share which had bwn regarded as lost in the more troubled ~ days of the company. He noticed the absence of Mr I. Cibbs, the general manager, but he was oleaspd to hear of his restoration to health. Tho report and balanee-«heet were adopted. ELECTION OF DIRECTORS. The retiring directors, the Hon. Sir C. C. Bowen and Messrs G. Gould and A. E. G. Rhodes, were ro-elected unanimously. ELECTION* OF AUDITORS. Messrs W. J. Moore and C. M. Ollivier were re-elected auditors. VOTE OF THANKS. Mr D. A. Baxter proposed a hearty vote of thanks to the directors of the Company. Ho pointed out that tho directors of the Company bad decided, in spite of financial inducements to do otherwise, vo stick to tho trade of the

! Dominion., nnd had thereby done roach ! to forward tho progress of the country, ! although by so doing the shareholders may have lost a certain amount of money in dividends. The vote was passed unanimously. Mr John Anderson proposed a hearty vote of thanks to the officers of the Company, ashore and afloat, and he eulogised the good work done by Mr Gibb and Mr Bennett, and mentioned that the manager and sub-manager in "VVellington had unfortunately been i\l. but the work had been well done by Mr Turrell and Mr Galbraith, both men who had been Trained in the Company's seifice. Tbo Company had been well served by it* staff, both ashore and afloat, and ho had much pleasure in ! proposing the voio. Mr W. lleeeo seconded the vote which was carried unanimously. Mr Bennt'tt returned thanks- on behalf of tije s;afi. Tho energies oi the staff "would always be concentrated on furthering the. business of the New Zealand Shipping Co. A voto of tliiiuks to the deputychairman concluded the meeting. At a subsequent meeting ci directors yfv 11. V. Muri-iiv-Aynsloy was electofl chninnnn and 3!r A. E. G. llhodos deputy-chairman.