NEW ZEALAND STEAM NAVIGATION COMPANY.

Evening Post, Issue 220, 21 October 1865, Page 2

NEW ZEALAND STEAM NAVIGATION COMPANY.

The half-yearly meeting of this company was held yesterday at half-past two o'clock, in the Athensum. Mr. Hunter, who occupied the chair, called on the manager to read the report of the directors. The report expressed the regret of the directors on account of the statement and balance-sheet presented to the shareholders not being so satisfactory and encouraging as they could desire ; but yet, when contrasted with the previous half year's statement, the balance sheet would bear aatitfaotory eompariaon^T| The report then went on to show theTnerease in receipts, and decrease in expenditure, over the previous half year, the former being £2617 Msjjd, and the latter £2464 9a 7d. The debts' and liabilities of the company were disposed of so as that no items should be carried to the debit of the next half year. The expenditure for repairs, £4829 6e, had been provided for. The item for bills payable, £10,000, had been incurred to raise f unda to pay for the new steamer Taranaki, at referred to in laat report ; this liability has been reduced by onehalf. There has also been remitted £2500 due in London on Ist November, on account of the Taranaki ; this sum would make the total amout remitted £12,500. The directora intended to force immediate payment of over due calls, and in case such a course did not succeed, to declare all share* in' arrear forfeited. The next paragraph iff the report sets forth the amounts expended on the repair of vessels. The cost of putting the Wonga Wonga in thorough repair was £2480 16s 3d.Ohe repairs to the Storm Birdjj consequent on ifer stranding at Hokitika eosaj £1983 18s 3d?4>ut £886 3s Od had been received from flfFPaciflc Insurance Company where she was insured % and more on the same account may yet be received, as the claim is not yet adjusted finally. A statement of the respective periods the company's fleet has been engaged was next read. With respect to keeping the vessels insured to three fourths of their value, hat been under the discussion of the directors j. £t29£ 9s Id has been paid for insurance since the formation of the company, and contrasting that with the small amount of £886. 3s 4d received on account of the Storm Bird, the directors think it is time to recommend that insuring should be discontinued altogether. The subject being of great importance the consideration of the shareholders should be given to it, and their views stated to the Board. Reference was- made as to the care taken, in

compiling the accounts presented to the shareholders with a view to their being' thoroughly understood, and to the valuable services of Mr. W. M. Bannatyne since hi* arrival in Wellington in June last* The future prospect* of the company, owing to the great trade springing up on the west coast of the Middle Island, and the number of new settlements on the east and west coasts of this Island, are very satisfactory, and should tend to keep the shareholders from, desponding. Although no dividend had been declared for the past jear, they should recollect that previous to that ten per cent per annum had been paid. The interests of the company shall receive tbe unremitting: care of the directors ; and it k hoped that " when the next half-yearly report it presented, the affairs of the company will permit of the payment of a dividend. Manager then- read tbe working account of the company. The total receipt* for the past half year aooMtst to £39,967 15* 4d, and the expenditure for the same period* £37,625 15s Id, which showa a profit of £2342 OS 3d. 3% The statement of affairs of the companywas next read, after which Mr. Hunter aald it was hit duty now to move that the report should be adopted. He expressed the regret of the directors that they could not give a> more favorable one— he' read a statement of receipts and expenditure,, nnd commented f«lly on it as be proceeded. Mr. W. B. Rhedet seconded the adoption of the report. Mr. Holdawottb said he withed to know if any competent person had been appointed to undertake the repairs, as it was quite evident that the want of an efficient superintendent was the cause of such a considerable outlay. The Chairman replied that the director* had sent to England and Auttralia, but failed in securing the services of a competent person for the amount of remuneration offered s but that the advice of a gentleman of considerable experience in Wellington had beenobtained. Mr. Holdaworth observed that tbe gentleman just alluded to by Mr. Hunter held a position under the General Government. No man can serve two masters— and he had reason to know that the person employed, had withheld the expression of his opinions at tc* the work, in consequence of hit position. Mr. Hunter did not think such wag the case. Mr. Duncan said that no one could ha,vedone the work better than that gentleman. , Mr. J. M'Lean aald the company should, call for tenders for the work. He wished to know who valued the Lady Bird at £12,000. Mr. Allen observed that there was great dissatisfaction expressed as to the way the repairs had been looked after. ' 12 per cent.. on the cost of tho vessels had been actually ' | expended during the pant half year. It was quite time some competent person should look. I after them. Mr. Nathan moved —'• That the way inwhich the repairs have been carried out it not satisfactory." Mr. Hunter aaid the question before the meeting was the adoption of the report. Mr. Mots enquired if tbe manager received' monthly reportt from the captain of eachi vessel f I Mr. Hunter replied that a report was received from the captain and engineer on the arrival of a steamer, as to the voyage and condition of the vessel. Rumors having been in circulation that had the report of the engineer of the Lady Bird been acted on, she would not have been sent' to aea, and, conaequently, the accident would 1 not have occurred, considerable discussion ensued as to the production of the report. Mr. Moaa who asked for it, finally agreed not to press the question. Captain Reoner said he bad never reported' the Lady Bird as unseavrorthy, nor had theEngineer. Mr. Hunter said that the Directors had \ never tent a vessel to aea when there was any risk of life or property. (Applause.) Olr. Joseph Rhodes moved— "That the af- j Mrs of the company thould be wound up a* soon as possible."^* After a motion m Mr* Oven's that the report ahould be altered bjr, valuing the steam en at their real value, Mr. Rhodes said the question wat the* adoption or rejection ef the report. He thought it very difficult to value steamers; reports obtained in the street should not be relied on. He thought employing a superintending engineer would entail more expense* than the company could now afford.. The.

company would again be in a good position, they had made great progress $ they started with the Wonga Wonga only, and now they had nine steamers. Me would ho}* the shares at a discount, rather than see^the company wound up. Messrs. Ormond> Dransflgld* and Moore spoke as to the mode of valuing the vessels. Mr. Ormond moved—"That the statement? be revised, so far as the assets are concerned, it being in excess of the property assessed." Mr. Hunter said the report must be either adopted or rejected, when that was done, resolutions could be passed. Mr. Allen proposed to refer back .the report for amendment. t r Mr. Hunter said it could not" be done, and read several portions of the Abt pointing out j many modes of bringing the Directors to book if necessary. Mr. Izard considered that the report could be referred back for amendment. Mr. Borlase stated the law of the case; the directors were not compelled to give a report at all. The balance sheet was quite a separate thing from the report. It could not be altered now, as tt had been audited. Mr. Ormond and Mr. Moore spoke as to amending the report. Mr. T. M'Kenzie said the matter had been thoroughly gone into, and he thought a great deal of time would be wasted without arriving at a satisfactory result. He suggested that the question as to the adoption of the report should be put to the meeting ai once. He thought that when the opinion of the meeting was obtained that the vessels should be. valued, and a depreciation fund set apart. He spoke as to the value of the various vessels, and begged that the question as to the report should be put at once. Mr. Hunter put the question, and the report was unanimously adopted. On the motion of Mr. Rhodes, the meeting was adjourned to Monday, at 2 o'clock.

A candidate for a Scotch burgh when canvassing, did his best to secure the good graces of the electors 1 wives. In one house. he kissed the guidwife on the cheek,, slipping at the same time a few, guineas into the hand which had modestly, been extended to protect her face. Delighted with' the sight of the yellow .pieces, the matron enthusiastically called to the candidate as he withdrew, " Kiss my dochter, too sir." "I want to ask you a riddle," said aw apprentice to bis codsih.—" What is - it, John?" said the amiable; young listener. —"It is this," watCthfe' fcady answer:- " What is the difference a spider and a duckP Do give it tip fJ; there's a dear, for I'm sure you will guess it."— " Well, I give it up: you n\Ußs*-ttll*me, for you know I am a bad one at riddles." —The eyes of the happy lad quite bright" cned as he popped out the mystic reply,, " One has its feet perpetually on a web ?(5 the other a web perpetually* on its feet."