HARBOUR FERRIES, LTD

Dominion, Volume 4, Issue 1140, 30 May 1911, Page 3

HARBOUR FERRIES, LTD

REVIEW OF THE YEAR'S BUSINESS. A NEW BOAT POSSIBLE. The annual meeting of the Wellington Harbour Ferries, Ltd., was held yesterday, Mr. A. K. Mabin presiding. In moving the adoption of the report and balance-sheet (11 precis of which lias been published) the chairman said the shipping property had been well maintained during the year and a new tug was now approaching completion and promised to be a useful adjunct to the company's fleet. During the year just closed the time-table run to Day's Bay and Romi iiav had been somewhat amplified, an extra night steamer having been run, also n cargo steamer at nuddav. The result had been that the earnings from this service had been more than maintained, notwithstanding the attractions of now seaside and holiday resor.s. The night steamer and cargo boat were not paving propositions ami when they wero put on there was an understanding that these extra services would bo withdrawn during the winter months. Iho directors, said Mr. Mabin, were watching with pleasure the advancement o Muritai, Eona Bay, and Day's Bay, and consistent with their duties to shareholders and their rights in obtaining a fair and reasonable return for their investment in tho company's shares they wished to do all possible to promote settlement. "Therefore," he added, "we are not proposing to withdraw the extra services." The directors looked forward to tho time when a regular night service would be possible without proving a drain upon tho dividends to which shareholders wero entitled. The service to Karaka Bay and .Seatoun remained steadv, the annual receipts for the past three." years showing practically no change whatever. Harbour work showed a steadv increase. The "sailer" had disappeared from the port and there was no lon«r work for a large tug, but smaller work in the shape of shifting coal hulks and conveying coal workers about the harbour was increasing. It was anticipated that the now tug Muritai, launched on May 21, would find ample employment. The directors felt that the question of a new steamer would require to bo faced shortly as the Admiral had become somewhat small and sloiv for tho work she is at times required to do. This matter was now receiving careful consideration at the hands of tho directors.

Mr. H. W. Shortt. in seconding the adoption of the report and bnlnnce-shcct, complimented the directors and management on the satisfactory result of tho year's work. Tho report was adopted without further discussion, carrying v;ith it tho declaration of a 7 ner cent dividend.

Messrs. J. IT. Owen and A. E. Mabin were re-elected to the directorate, and Messrs. Watlcin?, Hull, and Wheeler wero re-elected auditors.

The • meeting concluded with votes of thanks to tho manager, staff, and the chairman.