N.Z. SHIPPING CO.

Dominion, Volume 4, Issue 993, 7 December 1910, Page 7

N.Z. SHIPPING CO.

ANNUAL MEETING, . A JTERY GOOD YEAR. (By Telegraph—Press Association.) Chrlstchurch, December 6. The annual meeting of shareholders of tho New 'Zealand Shipping Company was held to-day, Mr. H. P. Murray-Aynsley (chairman of directors) presiding. The thirty-seventh annua] report of the company and the twenty-third of the London directors was as follows:— ''The directors submit accounts to Juno 40, 1910, and recommend a, dividend of IDs. per share for the year frco of' income tax. Of this ss. per share Was paid on April 7. They aho recommend a. bonus ot 2s. 6d. per share free of income tax, carrying forward £15,548 Is. 2d. The new passenger steamer Botorua. referred to. -in the last annual report, will he delivered in October, and a contract has buenmade with Messrs. Wm. Denny and Bros, for a similar steamer, to be delivered next year. Negotiations for building a new cargo steamer also are nearly completed. The steamers Aorangi and Papanui have been sold. During the year the company contracted with the Oanadian Government to establish a monthly steamship service from- eastern ports in Canada to the Commonwealth of Australia, and the. Dominion of New Zealand. The service began in May of this year." In moving the adoption of the report and balance-sheet, the chairman said:— I.am sure that the shareholders will bo Quito satisfied with tho balance-sheet submitted to them. The profit and loss account shows a credit of £56,695 2s. 9d., as compared with £42,722 6s. sd. for the preceding year, and the London board has been able to place £20,000 to tho insurance fund, and to pay a dividend of 10s. per share for -tho year, and, in addition, a bonus of 2s. 6d. per share. I think that It is advisable that I should mate it quite clear that it is not intended to pay a bonus with the interim dividend, which is usually paid in April, but, if the profits for the current- year are as good as those shown in this balance-sheet, I think, wo may safely predict that a limited bonus will he paid in October next year. Fleet Changes. "At the' last meeting I mentioned, that a contract had been entered into with Messrs. Denny Bros, for the construction of a passenger steamer of similar typo to the Ruahino. Tho new- steamer was successfully launched on September 11, and named the Rotorua. At the trial trip a speed of 15.8 knots per hour was attained without any vibration. { Tke Kotorua left Plymouth on her maiden voyage on October 29 with 500 passengers on board, and is due at Wellington about December 12.'. The passenger accommodation is reported to be superior to that of the Ruahino.. A further contract has been entered into with Messrs. Denny Bros, for another passenger steamer of tho same type— 485 ft. long, 62 ft. beam, and fitted with twin screws and quadruple expansion engines. This steamer was to be delivered early next -year, but, owing to the boilermakers' 6trike, work has been delayed. A contract has also been entered into with Messrs. Russell and Co., of Glasgow, to build a cargo steamer «Sft. in length, s and 623 feet in breadth, with quadruple expansion engines capable of driving the vessel at a speed of 13 knots per hour. Delivery will be given in July of next year. The shareholders will see that, tho directors tecogpiso tho increasing requirements of the trade, and. arc taking steps to provide tho necessary tonnage. During tho year the Aorangi and Papanui have been sold. Tho former was cmployed in tho mail service between Australia and Vancouver, and with tho disposal of that steamer tho connection of this company with the servico had terminated. Tho London Board did not see its way to build a steamer of increased speed and accommodation without an increased subsidy, and a contract for a term of years.

Canadian Trade. The company has entered into a Contract for three year 3 with the Canadian Government to provide a monthly steam service between Montreal and Australia and New Zealand. The service commenced in May last,, and has been carried on to the satisfaction, of the Canadian Govern'ment. The quantity of cargo carried exceeds our anticipations of what it would havo been at the commencement of tho service, and ; there, is good reason for believing that-the line will prove a payable one, and, in-addition, it will enable tho company: to bring out additional tonnage to meet tho demand of tho Homeward trado from New Zealand.

.Since;, tho last general-meeting two serious mishaps havo occurred to our steamers. The Papanui struck an uncharted :-roek north, of Tasmania on her way to Beauty Point, and sustained such damago to her hull that it was decided not to repair her, and the steamer has since been sold as she.lay: at Melbourne, a satisfactory arrangement-having, been -mado with tho underwriters. The Kaipara, when leaviug Auckland, fully loaded, struck an obstruction in Bangitoto Channel, andsus tained considerable damage. All the cargo was discharged, and the steamer placed in dock' at that port for repairs. I am glad to be able to state that no blame was attachable to the commander and officers of either of these steamers for tho mishaps. Wool Freights. Following the policy adopted by your directors in previous years, the freight on wool has been fixed .at reasonably low rates for the January? sales. We chareed saven-sixteenths of a- penny per pound tor greasy, and for the remainder of the season the rate will be 3-Bd.,' with the usual primage added. The reason why a higher rate is charged on wool for the January sales is to cover, the risk .which the shipping companies iucur in undertaking to dispatch steamers from the Dominion in time to ensure their catching those sales, whether the steamers are fully loaded ornot,' owing to delay in wool coming, forward for shipment by wet weather or other causes. I-, may mention that' tho rates ruling in Australia arc 5-Bd. for greasy,. and 3d. for washed wool, so that tho greater portion of the clip from New Zealand will bo carried at a farthing per pound below the. rates from Australia, which must be regarded as very satisfac-tory-to producers in this Dominion.

Tho retiring directors are the Hon. Sir Charles C. Bowen, Messrs. Geo. Gould, and E. G. Rhodes, who offer.themselves for .reelection. I am euro you all join in hearty congratulations to Sir Chas. Bowcn on tho well-deserved honour conferred on him by His Majesty the King. (Hoar, hear.) '

Mishaps. ' . Sir George Clifford, in'. seconding the adoption of tho report and balance-sheet, eaid that, after the very clear and explicit statement of the chairman, it was not necessary for him to punctuate it by very many remarks. Ho might, however, add his quota of congratulations to the shareholders on the improved aspect of tho balance-sheet, and tho improved value of their shares. It renied to him that there was great reason on tho part of New Zoalanders to be proud .of the fact that the enterprise which had been shown by tho New Zealand Shipping Company was a New Zealand creation, and that, throughout its most successful years, tho company had never wavered in its efforts to give tho very best cervices..possible, both for passengers and cargo business. The construction of the company's latest steamers showed on improvement on those previously built, and waa an ' indication that tho same energy, and the samo determination .to be in tho forefront of this particular business, inspired those who were managing its affairs. It was also a subject for congratulation to them in tho Dominion that the amount of cargo for shipment was continually expanding—a Gtato of affairs that was really the basis of the success of the New Zealand Shipping Company and kindred companio.l. Ho thought that perhaps this was the. most gratifying feature of the company's. operations. From a public point of. view ho misrht add that shipowners and seafaring pcanlo generally ought to be grateful to tho company for discovering uncharted rochs. •It had been, 1 no doubt, a greviouo handicap to tho company and to the meat freezing companies of New Zealand during tho past year, that mishaps had occurred from this cause, as U'afSc was disorganised, and tho Now Zealand Shipping . Company and other companies had been compelled to hold over shipments to a later period, and this had produced come discontent. These delay-? occurcd through no fault of the New Zealand Shipping Company, or of competing companies. At tho fame time, they showed ov. what r. thin thread hung tho success of such a complicated operation as that of carrying vast quantities of produce. Fortunately, no great damage was dor.o to anybody, and they might be, very glad that such accidents (which occurred through no fault of tho company), haa terminated with so little loss to evcryono concerned. The motion was agreed to. Elections. On. the' motion of Mr. E. G. Stavelcy, ?cconded bv Mr. J. ItriU, the retiring directors, the Hon. Sir Charles C. Bowcn and Messrs. Arthur K. C. Rhodes and Gould, were re-elected. At a meeting of tho directors held after the annual meeting, Mr. H. P. Murray Aynsley was re-ejected chairman for tho ensuing year. '