N.Z. SHIPPING COMPANY

Dominion, Volume 8, Issue 2339, 22 December 1914, Page 8

N.Z. SHIPPING COMPANY

ANNUAL MEETING. (By Telegraph.—Press Association.) Christchurch, December 21. The annual meeting of tne Now Zealand Shipping Company was held to-day, Mr. A. E. Rhodes presiding'. The report of the London board ehowed a dividend of 16s. ,per share free of income tax, of which Bs. j>er share was paid on April 7- and carry, ing forward £27,770 2s. 3d. During the year the echem© for tho rearrangement' of the company's capital woe adopted. Tho .steamer Hororato, referred to in the last report, has been delivered and is now, on her first'voyage. The delivery of steamers building for tho company and the Federal , Steam Navigation Company, Ltd., have been delayed. The etcamer Kaipara has been lost 'since the close of the financial year, but she was covered by insurance. The company haa suffered a very severe loss by the death of Mi*. Isaac Gibbs, the general manager in New Zealand, and tho directors wish to place on record their appreciation of his invaluable services, extending over a period of 38 years. The chairman, in moving the adoption of the report and balance-sheet, said ono reason for the ehorUigo of ordinary cargo space for tho last few months was that in other years theTe was very little frozen meat or dairy produce in the spring, and during that time they were able to carry a good deal of ordinary cargo in the insulated holds, but this year, between September 1 up till December 31, judging from their bookings, thoy would carry equal to 348.000 sheep, 92,700 boxes of butter, and 24,500 cratee of cheese in excess of the frozen cargo of the same 1 period last year, and he was glad to eay that up to. dato they had been able to get away all tho frozen meat and dairy produce that had

been offering. Three specially chartered stcamors were shortly due, -which should carry about. 60,000 bales of wool, and will meet, all requirements up to February of those who ship by tho company. Although freights had advanced all over the world, they. had not gone up so much hero as 311 Australia, where freights oil wool, tallow, frozen meat, and dairy produce aio all higher thou in Hew Zealand. During the past year the company arranged for direct steamers to go to Hull and Southampton, and though the East Coast trade, like many others, is at present stopped on account of the war. they hope to be ablo to resume it Defore long. The people or New Zealand were undertaking their share of responsibility in defence of the Empire. The company did not have a large staff in. New Zealand, but they had given iIOCO to various funds, and had given free carriage of about 20 tons of. goods. The positions of officers who had gone to the war weTe being kept open for them, and they hoped to poo them back. The company realised that their very existence depended on, tho British Fleet, and the action of the Imperial Government. The report and balance-sheet were adopted.