NEW ZEALAND SHIPPING COMPANY.

Globe, Volume XXI, Issue 1711, 14 August 1879, Page 2

NEW ZEALAND SHIPPING COMPANY.

The annual general meeting of the shareholders of the Now Zealand Shipping Company was held at noon yesterday, to receive the following report of the directors : Tour directors, in presenting the balancesheet for the year terminating on the 30th June, and embracing the London accounts to the 30th April, hive to report The trade of the company has been satisfactorily maintained. The emigration and freight contracts with the Government have been efficiently and faithfnlly performed. Direct Steam —At the instance of the Government, the full-powered steamship Stad Haarlem was chartered by the company, in conjunction with Messrs Shaw, Savil! and Co., of London, to bring out 600 immigrants, for whose passages an additional piico was paid. The vessel was hired on exceptionally favorable terms, was full of passengers and cargo both out and home, and performed her voyages expeditiously and without any accident. The result of the charter, however, is a considerable loss, the company’s moiety of which is provided for in the accounts.

The company’s ships are all in good order, and well found in every respect. The only casualty to record is the breaking out of fire on board the emigrant ship Piako off the coast of Brazil. No loss of life occurred, and the Navel Court of Enquiry at Pernambuco complimented Captain Boyd, the officers, and crew on their brave and meritorious conduct under very trying circumstances. £ s. d. The insurance fnnd has met all claims upon it, and there is still to credit the sum of 1,700 18 0 Of the balance to the credit of profit and loss at 30tb June ... 32,700 12 10 The following appropriation is made in augmentation of the reserve fund, which will then stand at <£55,000, the sum of ... 15,000 0 0 And your directors propose to pay a dividend of 10 per cent, for the year, of which a moiety was paid in February last ... 12,500 0 0 And to carry forward to profit and loss—new account 5,200 12 10 The following directors retire : William Beeves, Samuel S. Eevans, and Charles Wesley Turner. The dividend will he payable at the head offices and all the colonial branches on and after the 11th August instant. For the Board of Directors, J. L. Coster, Chairman. Christchurch, July 29th, 1879. The Chairman of the Board of Directors, Mr J. L. Coster, occupied the chair, and there was a largo attendance of shareholders. The Chairman called upon the General Manager, Mr Harold Selwyu Smith, to read the advertisement convening the meeting, which was done. The minutes of the preceding general meeting having been read and confirmed, The General Manager stated that in addition to the shareholders personally present there were also 214 proxies, representing 5736 shares.

The Chairman said that the report and balance-sheet was the first business before the meeting. As however it had been circulated, and shareholders had the report and balance sheet in printed form before them, it might perhaps bo as well to take them as read. [Hear, hear.] As ho understood it was the wish of the shareholders that this should be done, he would proceed to offer one or two remarks on the balance-sheet. He took the balance-sheet first because very little need be said on it. The figures spoke for themselves. They wore very plainly put before the shareholders in the balance-sheet, but if any shareholder desired any explanation of the figures, ho should bo very happy to give it. The profit and loss account showed that, including the sum of £1383 14a 6d brought forward from last year, they had a balance at credit of this fund of £32,700 12s lOd for the year. Of this amount the directors had appropi iuted £15,000 to augmenting the reserve fund. The placing of that sum to the reserve fund increased that fund to a total of £55,000, as against a paid-up capital of £125,000. He thought that as this was only the sixth annual meeting, and they were now considering their sixth report, they might congratulate themselves upon having so large an amount to their reserve fund, as against a paid-up capital of £125,000. [Hear, hear.] Of the balance at the credit of profit and loss the directors proposed that a dividend of 10 per cent, should be declared. An interim dividend of 5 per cent, had been declared and paid in February, and now the directors proposed to pay a further 5 per cent., making 10 per cent, in all. This dividend would take £12,500 of the balance referred to as being at the credit of profit and loss. The directors proposed that the sum remaining, £5200 12s lOd, should be carried forward to profit and loss new account. Regarding the business of the company during the past year, he had to report that the trade done was good and satisfactory. The company had had a fair share of the carrying trade from the colony to the United Kingdom, and from the United Kingdom to the colony. They had been enabled to work fairly and amicably with other lines trading to the colony ; but though they had been able to avoid the severe cutting prevalent in former years, by means of these friendly relations, they had not retained those

'relations at the sacrifice of theunterests of the colony, which would have been caused by extraordinarily high freights from London to the colony, and from the colony to England. During the year, under pressure from the Government, they had made the trial of direct steam between London and colony, and this trial was made, in conjunction with Messrs Shaw, Savill, and Co., jointly acting in London. They had procured the best steamer available. She was chartered on exceedingly low terms, was full of immigrants at a rate ■considerably in excess of that obtained for their sailing vessels, she was full of cargo, met with no casualty, and made a good passage out to the colony. On the homeward trip she was full of passengers, saloon, second class, and steerage, full of cargo, only leaving room for coal enough to take her to her first coaling station, and accomplished the run home in fair time. Yet ho had to tell the shareholders that a very considerable loss resulted on that direct steam venture. The directors, ho might say, feared that this would be the case, but under the circumstances in which they found themselves placed, and, after consultation with Shaw, Savill and Co., they deemed it prudent to make the venture, and yield to the wish of the Government. But it resulted in this that they were confident that direct steam communication between New Zsaland and England could not be curried out profitably at the present time, without a very large subsidy from the Government. [Hear, hear.] The insurance fund, as they would observe, had now to its credit £l7oolßs. Shareholders would remember that some two or three years ago the directors obtained authority to underwrite a portion of their hulls themselves. Two or three of their vessels had had claims upon the fund, notably the Hurunui, yet it showed a credit of £I7OO. The whole of that amount was at the credit of the fund absolutely at the date they spoke of, because every one of their ships upon which the insurance fund has a line had arrived safely. They had had a cablegram that day announcing the safe arrival of the last ’one. [A shareholder : What vessel.] The vessel alluded to was the Piako. [Hear, hear ] It must be satisfactory to the shareholders to know that their large trade had been conducted during the year without casualty to any of their own ships except the Piako. In that case no blame was attached to the captain, officers, and crew of the ship. On the contrary, the captain, officers, and men were highly complimented by the Naval Court in Pernambuco. The directors and shareholders had, he thought, reason to be proud that they had in ±heir employ men who, in the time of need would do their duty in any emergency that might arise. The directors, in the case of the Piako thought that in recognition of the ability, courage, and discipline displayed by the captain, officers, and crew in a time of great difficulty and danger a gratuity should be given to them from the funds of the company, and this had accordingly been done. [Hear, hear.] He knew that with the directors the shareholders ■felt great interest in the matter of colonial apprentices on board their ships, and they would be glad to learn that they now had fifty apprentices in their vessels. [Hear, hear.] Of those nine were acting as thirdmates. [Hear, hear.] One who joined their service as a sailor boy before it was decided to lake apprentices was now acting as chief officer. [Hear, hear J He mentioned these facts not only as interesting to shareholders—as he knew they were, —but also that they might act as an incentive to the boys now serving under their flag. [Hear, hear.] He might say here that they would shortly have •vacancies in their ships for boys, and the managers at all the branches would be ready to receive names to lay before the directors for selection. There was just one matter of considerable importance to the company in which he reluctantly felt compelled to refer. There Ijad been published in the papers a letter from Sir Julius Vogel, the AgentGeneral, to the Government, dated London, 27th March. This letter contained a very grave charge against the company of not being able to provide tonnage sufficient to carry material for the Government, and generally accusing the comS,ny of dereliction of duty in this respect, e would not trouble the shareholders with extracts from the letter, but he wanted to state from the directors and publicly that the statements made by Sir Julius Vogel on this matter were without foundation. [Cheers.] The directors had letters from their London manager, confirmed by evidence of brokers, &0., independent authorities, and ho said that the charges made in that letter by the AgentGeneral against the company were without foundation. He was sorry that the letters passing between the Government and the company on the subject had not been published. No doubt they would have been so had it not been for the political crisis which had occurred in the House. He now moved the adoption of the balance-sheet and report, and that the balance to credit of profit and loss for the year, amounting to £32,700 12s lOd, be allocated as proposed by the directors. [Cheers.] Hon. E. Richardson, 0.M.G., said it gave him great pleasure to rise to second the motion for the adoption of the report and balance-sheet. In these times of depression ihe took it that the balance-sheet that day presented could not but be regarded as an eminently satisfactory one. [Hear, hear.] Much more so, in fact, than any one could have expected. He must say that he, in common with other shareholders, was very much surprised to see tho letter referred to by the chairman from Sir Julius Vogel. He was pleased to hear tho chairman state that the charges there made were without foundation, and that pleasure he felt sure would be shared by the other shareholders of tho company. [Hear, hear.] When the documents were published in connection with the matter, they would doubtless show clearly what had been stated by the chairman. He quite agreed with the chairman in the eulogy passed by him on the captain, officers, and crow of the Piako, for tho courage with which they discharged their duty under tho most trying circumstances. Captain Boyd had been placed in a most awkward position, and tho manner in which he carried out his duty deserved the highest praise. He had now much pleasure in seconding the motion. [Hear, hear.] The motion was then put and carried unanimously. The Chairman said the next business was the election of three directors in the place of Messrs Beeves and Turner, who retired in conformity with tho articles of association, and one in place of Mr Bevans, resigned. The only gentlemen who had given the requisite notice were Messrs Reeves and Turner and Hon. B. Richardson. Mr H. J. Tancred moved—“ That Messrs W. Beeves and C. W. Turner be re-elected directors, and that the Hon. E. Richardson, 0.M.G., bo elected a director in lieu of Mr Bevans, resigned.” Mr W. Pratt seconded the motion, remarking that he had intended to come forward as a candidate for a seat on the board, but when he found Mr Richardson intended to come forward he had withdrawn. The motion was agreed to. Mr W. J. W. Hamilton moved—" That Messrs D. Craig and A. Garrick be elected as auditors.” Mr Andrew Duncan seconded tho motion, which was agreed to. The Chairman said that was all tho formal business before the meeting. If any shareholder had any resolution to propose, or any question to ask, now was tho time. Mr R. Allan said he rose with a great deal of pleasure to move the following resolution : “That a cordial vote of thanks bo and hereby is tendered to the directors for their care and efficient management of the interests confided to them during the past year.” [Cheers.] Ho did not think it wanted many words from him in support of this resolution. The very satisfactory balance sheet that day presented to them was tho best proof of tho great amount of care and zeal in tho interests of tho company displayed by the directors. He would movo tho resolution he had read. [Cheers.] Mr W. Miles seconded tho motion, which was carried amid acclamation. The Chairman said—On behalf of his fellow-directors and himself ho desired to thank thorn for the hearty manner in which they had curried tho vote of thanks to them. They would, he could assure the shareholders, continue in the future as they had done in the past, to do tho best they could for tho interests of the company. [Cheers] They had, one and all, given a great deal of time to the business of the company, and should continue to do so, as they all took a very strong personal interest in its welfare. [Hoar.] Mr George Hart moved—“ That tho thanks Of the shareholders bo accorded to the general manager and tho officers of the company, ashore and afloat, for the zealous and ■ efficient manner in which they have performed their duties.” Ho might oay that he, with the shareholders, felt that they owed a great amount of gratitude to their ■officers for the zeal they had displayed in the

service of the company. He was ,glad to hear that the ships of the company were gradually being officered by colonial youths, and he trusted that ere long not only their officers, but their directors also would be colonists. He had much pleasure in moving the resolution fie had read. Mr J. V. Ross seconded the motion, which was carried. The general manager, Mr Harold Selwyn Smith, returned!*hanks on behalf of the officers of the company afloat and ashore. He could testify to the able assistance rendered on all occasions by the staff serving under him on shore, and they also knew the zeal and devotion to tho interests of the company manifested by its officers afloat. Of one of these in particular he desired to make special mention : it was of Captain Boyd of the Piako. He (the General Manager) had become acquainted perhaps more than the shareholders of tho trying circumstances in which Captain Bojd was placed, and the admirable manner in which he had done his duty. [Hoar, hear.] In an incredibly short time—only some four minutes—after tho alarm of fire was given he had the hose laid on to the fire, the ensign of distress hoisted, a man at the yard-arm to look out for passing vessels, and the ship’s course altered to the nearest port—Pernambuco—and everything done that could bo. Then again there was the disembarkation of tl e passengers. This was achieved most successfully under great difficulties, notwithstanding the number cf women and children. He thought that the company had indeed reason to bo [proud that they possessed men in their employ who could display such qualities in the hour of trial and danger as Captain Boyd and those under him had done, and which had been so highly praised by the naval court held at Pernambuco. On behalf of the staff of the Company and himself he returned them sincere thanks for the kindly way in which their efforts had been acknowledged. Mr H. P. Murray-Aynsley said that ho felt they ought not to separate that day without passing a hearty vote of thanks to their chairman. [Cheers.] Mr Coster had, by his energy and zeal in tho interests of the company, with which they were all conversant, been the main cause of tho success which had attended its operations. [Cheers.] He had spared neither time nor trouble, and to his exertions and close supervision they mainly owed the excellent position which the company now held. [Cheers.] He had, therefore, very great pleasure in proposing—“ That the hearty thanks of the shareholders be given to the chairman for the zeal and energy he has always displayed in furtherance of the interests of the company.” [Cheers.] Mr John Studholme seconded the motion, and laid ho endorsed to the full all that had been said by Mr Aynsley. The motion was then put and carried amid acclamation. •

The Chairman said ho was quite unprepropared for tho vote of thanks which had jeon so heartily proposed and responded to by the shareholders. He could only thank them very much for it, but he desired to disclaim that the success of the company was entirely duo to him. Mr Aynsley himself, as deputy chairman, and the directors who had been associated with him, some in similar capacities, had had many years of anxious labour, and now with him (the chairman), participated in rejoicing at the absolute success of the company. [Cheers] They wore now in a position as directors to say that they had no fear of anything in the future. [Cheers.] They had had some good tussels, and gone through them successfully, but now they might feel that they had not much to fear. [Cheers.] The proceedings then terminated. At a meeting of directors held subsequent to the general meeting Mr Coster was reelected chairman, and Mr H. P. MurrayAynsley vice-chairman, for the ensuing year.