NEW ZEALAND SHIPPING CO.

Dominion, Volume 7, Issue 1922, 3 December 1913, Page 5

NEW ZEALAND SHIPPING CO.

ANNUAL MEETING. (By Tjlcsrauh.—Press Association.) Christcli ircli, December 2. The annual meeting of the New Zealand. Shipping Company wa.> held ijday. The chairman of the company, Air. H. P. Murray Aynsley, was present, but as he was not feeling quite equal to occupying the chair, Mr. A. E. tl. Rhodes, as deputy chairman, was voted to the chair. s' The twenty-sixth annual report of the London directors, and the fortieth annual report of the company, which was submitted to shareholders "at the general meeting held in London on Octohes ]'l, stated that the directors submitted accounts to Juno 30, 1013, and recommended a dividend of IGs. per share, frcoof income tax, of which Bs. per share was paid on April 11, carrying forward £25,384 us. lOd. Contracts had been made with Messrs. ft. 31. Denny and Brothers, and the Sociote des Ateliers et Chantiers do Franco for two cargo steamers, to be delivered next year. Tho steamer Wakanui had been sold. Tho directors were pleased to report that tho business of the Federal Steam Navigation Company, Ltd., showed satisfactory results. The attention of shareholders was directed to the proposals regarding the rearrangement of tho company's capital. The directors recorded with deep regret tho of their colleague, Mr. Joseph Gould Warrington Laine, and the vacancy created on the board ""had been filled by the election of Mr. Alexander Michio.

Mr. Rhodes asked the meeting to take tho report and balance-sheet as read. The directors were pleased to state that the pToiit and loss account showed a satisfactory credit, nmountiiiK to £97,921 17s. 10d., including £21,355 brought forward from last year. After providing for depreciation on the fleet and placing £20,000 to t'lio insurance, account, a dividend of IGs. per share had been paid for tho year, of which Ss. per share was paid in April last. The insurnnco fund now stood at £120,000. At the last annual meeting he had pointed out that owing to the increased cost of building and running steamers an increase in tho homeward rates of freight was necessary, a result of which was that tho homeward earnings showed a satisfactory increase, while tho outward earnings showed a considerable advance- over last year's figures, partly due to the fact that 33 voyages were run, as against 31 voyages last year. It was not proposed to make any alteration in homeward rates of freight on wool this season. After refcrenco to the effect of the strike on tho company's operations, reported elsewhere, Mr. Rhodes moved: "That tho .report and balance-sheet issued by the London Board bo approved." Sir Genrgo Clifford seconded the motion, and the report and balance-sheet were adopted. The retiring directors, the Hon. Sir C. C. JSowen, and Messrs. G. Gonid and A. E. G. Rhodes, were re-elected unanimously. Messrs. R. J. Moore, and C. M. OUivier were re-elected auditors. At a subsequent meeting of tho directors Mr. H Murray Aynsloy wos elected chairman, and Mr. A. E. G. Rhodes deputy chairman.