UNION STEAMSHIP COMPANY

Dominion, Volume 9, Issue 2638, 8 December 1915, Page 8

UNION STEAMSHIP COMPANY

A.KNTJAL EEPOKT. The annual report to be presented at the second annual general mooting ol shareholders of the Union Steam Ship Company, to be held at Dunedin on Friday, December 17, is as follows:—

"The directors have much pleasure tn submitting a statement of the company's affairs at September JO last. After making (provision for depreciation on plant, the net profit for twelve months, including interest on investments and' transfer fees, amounts to £142,182 os. Bd. After deducting interest on debentures, aid interim dividends paid in May • last, there is left at the disposal of shareholders the sum of £89,633 Bs. 6d., which , the directors now recommend should be 'appropriated as followsTo balanceof dividend ■on preference shares, 23 per cent, on £1,000,000,. making 5J per cent, for, year, £27,500; dividend on ordinary shares, 31 per cent, on £1,000,000, malting, with interim dividend of 21 per cent, paid in May, 6 per cent, for ycaT, £35,000; balance to be carried forward to next year, £27,133 Bs. 5d.; total, £89,63.5 Bs. sd. If the appropriations be confirmed, warrants will be issued to colo-' nial shareholders on Saturday, December 18, and British shareholders will receive their warrants through the London board ta due course. In. terms of Clause 87 of tho articles of association, Mr. D. A'. Aiken retires from the board, and, being' eligible, offers himself for re-election. The retiring auditors, Messrs. George M. MacLoan and J. S. Hislop, also offer themselves for' reappointment.

The balance-sheet at September 30, 1915, Is as follows:— Labilities.—Oapital, £3,000,000, less unallotted £1,000,000—£2,000,000; divided into 1,000,000 cumulative 51 per cent, preference shares at £1—£1,000,000, 1,000,000 ordinary shares at £1—£1,000,000; reserves, £150,000; insurance fund, £375,853 65.; debenture stock, 41 per cent, first mortgage, authorised £2,000,000, issued and allotted, £128,873; bills payable, £106,178 17s. 3d.; reserve for liabilities not yet adjusted, including provision for allowances on adjustment of contracts, Imperial, Commonwealth, and Dominion taxes, and extra depreciation on steamers in Government service, £209,227 4s. lOd.j voyages pending freights and passages, less disbursements. £47,355 Bs. Id.; sundry accounts, £493,552 4s. 2d.; balance, profit and loss, £89,633 Bs. sd. Total, £3,600,673 Bs. 9d.

Assets.—Shipping property and payments on account new Bteamers. etc.,. £2,360,387 6s. 2d.; hulks, lighters, Saunches, etc., £54.467 13s. lid.; coal, stores, etc., in stock, £176,438 12s. 10d.; freehold and leasehold land, buildings, etc., £179,635; London office, remittances, £9658 ss. 9d.; sundry debtors, agents, trade debts, etc., £292,400 3s. lOd.; Investments in securities, cash, etc., £527,686 7b. 3d: Total, £3,600,673 Bs. ,9d.

Profit and loss account for year ended September 30, 1915:— , , September 30, 1915.—T0 debenture interest, £5793 ss. 9d.; to,interim dividend, preference 23 per cent.; £27,5Cf1; ordinary, 21 per cent., £25,000—£52,500; to balance, £89,633 Bs. sd. Total; £147,932 14s. 2d. Proposed appropriation—To dividend for six months 'ended September 30, preference 23 per cent., £27,500; ordinary 31 per cent.. £35,000— £62,500; to balanco to bo carried forward, £27,133 Bs. sd. Total, £89,633 Bs. sd.

• October 1, 1914. —By balance, £5750 13a. 6d. September 30, 1915.—8y transfer fees, £119 25.; by net profit for twelvfl months (including interest on investments), £142,062 15s. 6d. Total, £147,032 14s. Zd. By balance, £89,633 Bs. sd. Total, £89,633 Bs. sd.