NEW ZEALAND SHIPPING COMPANY.

Globe, Volume XXII, Issue 2019, 13 August 1880, Page 3

NEW ZEALAND SHIPPING COMPANY.

The seventh annual general meeting of the New Zealand Shipping Company (Limited) was held at the head offices, Hereford street, Christchurch, yesterday at noon, Mr J. L. Coster, chairman of directors, presiding. There was a good attendance of shareholders. The usual preliminary business having been disposed of, the meeting proceeded to consider the report and balance-sheet for the year, which were as follows—

Your directors present their balance-sheet for the year ended on the 30th June, 1880, including the London accounts to 30th A pril, and report that:—The operations of the company have resulted satisfactorily. The Company’s ships have been maintained in the accustomed high stateof efficiency, and have performed their respective services without casualty. The contract with the Government for the conveyance of immigrants and cargo to the colony has been further extended. The late General Manager.—The directors, in November last, deemed it expedient to terminate the engagement of the late general manager. [Here we omit a paragraph intended for shareholders only.—Ed.] The total loss on this account amounts to £2,439 8s 2d, which the directors ask the shareholders to make provision for from the profits of the current year. The profit and loss account shows a balance at credit of £37,297 2s sd. Of this sum the directors have appropriated to the reserve fund, which will then stand at £75,000, the sum of £20,000. And your directors propose to pay a dividend of 10 per cent, for the year, of which a moiety was paid in January last, £12,500. To make provision for the late general manager s deficiency account, £2,439 8s 2d. To carry forward to profit and loss new account, £2,357 14s 3d. Total, £37,297 2s sd. The retiring directors are J. L. Coster, H. P. Mur-ray-Aynsley. and Hon, J. T. Peacock, all of whom are eligible for re-election, and have given the requisite notice. The dividend will be payable at the head offices and all the colonial branches, on and after the 13th August instant. —By order of the Board of directors, J• L< Costke, Chairman. Balance Sheet,

We have examined the hooks, accounts, and vouchers ofbhe New Zealand Shipping Company Intuited, inending the Xiondon balance sheet to April 30th, dly audited and certified as correct by Messrs Quiler, Ball, Crosbie, Glegg, and Welt on, of Moorgate street, and hereby certify that the foregoing is \ full and fair balance sheet, and properly dram up, so as to exhibit a true and correct view of tie Company's affairs to the close of these acconnß. 2;'c™. G ’} Auditora -

Clirlstchuio:, July 10,1880. The Ohairaan said—Gentlemen, —The directors thinl that the balance-sheet which they present o you to-day will be considered satisfactory, Blowing as it does an amount to be dealt with if £37,297 2s sd, enabling the directors to pboe to the reserve fund a sum of £20,000, which makes the amount of that fund at present £75,000, and also enabling them to propose the payment of the customary dividend of 10 oer cent. With respect to the operations of tie company during the year, I have to state to the shareholders that so far as our opera'icns outward from England are concerned, they have been somewhat more limied than formerly. Trade having been dull, there has not been so much carrying to be doie, nor have passengers been coming forward s> freely. From the colony, however, wo havt had a larger trade, consequent on the increased production of grain. But both outwardly and from the colony we have had a fair share of whatever trade there has been going. The amount to our credit this year would probably have been larger but for the dulness in the carrying trade outwards, and also for the fact that the directors deemed it a wise policy to keep down this season, so far as possible, the freight of grain. There has been, as I dare say many of you know, a heavy rise in freights all over the world. Last year they were exceedingly low—lower than they have been known, perhaps, in the lifetime of any present; this year tney have recovered, and we have had considerable difficulty in supplying the requirements of the farming interest in shipping their grain homo. We have been able to do this, however, and have had gratifying assurances from farmers and other influential ! men as to our success in this respect, thanking us for what we have done, and that we have been able to keep the rates (though generally high) so much lower, comparatively, than in other parts of the world. I will take this opportunity, because I think it fair to the shipping company, and to the shareholders of tho company, to notice some remarks made at a farmers’ meeting held at Timaru recently. A gentleman present at that meeting took occasion to attack the shipping company, and said—" The year before last the New Zealand Shipping Company charged 30s per ton from Lyttelton (he did not know what the charges were from Timaru), and this year 50s, or nearly double. So long as farmers were disunited, they could not hope to influence these charge!. If an individual went to the Shipping Company, he would be laughed at and told to send his stuff Home overland if he did not choose to pay their freight charge ; bnt if they were united they could take steps to

• j'We omit the full title of this account.—Eo,

charter vessels eleowher# if the local shipping charges were unreasonable. If producers remained disunited, there was no guarantee that 70s would not be charged next year.” Now I wish to state to that gentleman, and to all readers of the Timaru “ Herald,” through this meeting, that those charges are utterly unfounded. What the directors did, and we hope with the full sanction and support of the shareholders, was this :— Knowing that the freight would be a great object in respect to the shipping of produce Home, as to whether the farmers could afford to grow the grain and send it away, we made up our minds to charge for freight the lowest possible rate, and do that business on bare commission. The result was that we were enabled to fix 50s as the rate of freight for wheat from this colony to London when the rate at Adelaide was ruling

from 60s to 62s 6d, and the remarks made in Timaru to which I have referred, were not in accordance with that fact. [Applause.] lam very glad to hear the cheers of shareholders, because I take it as an endorsement of the policy which the directors have pursued. We do not think we ought to use the power we possess merely for the purpose of making ss much money as we can for the company. We ought, no doubt, to be fairly remunerated, but the farming interests of the colony should also be considered. [Hear, hear.] The shareholders will see that we have renewed the contract with the Government for freight and immigrants for a future period of twelve months. This means very little, however, as not much cargo is coming forward, and immigration has stopped altogether. Still we thought it as well to renew the contract. The company’s ships have been kept in first-class order, and the shareholders will, I am sure, be glad to hear that our London advices assure us that the ships go into port there in the highest state of efficiency, just as they arrive here, and are in fact second to none that enter the English ports. Since we issued our report shareholders will have noticed a reference to the steamer Durham coming here from London. I may tell the shareholders that we have telegraphic advice that the Durham and Northumberland, two of Money Wigram’s auxiliary steamers, are coming to New Zealand this year, one under the flag of Shaw, Savill and Co. and one under our flag. You will please to understand in this connection that we are not embarking in a steam venture ; but to avoid competition from these steamers each of the lines have agreed to load one of them on commission, and thus the opposition ceases. Neither do your directors propose to embark in steam. If for no other reason, it seems evident that a revolution in respect to motive power is rapidly approaching. I have before me a copy of the London “Times,” which refers to no less than three distinct new probabilities of motive power, and I can assure shareholders that the directors have no intention to go into steam at present. Of course if steam should try to force its way here we should endeavour to protect the Company’s interests. But we have no intention and see no reason at present to go into steam. In addition to the £37,297 2s sd, which I ask the shareholders to deal with I would draw attention to the fact that the insurance accounts amount to £3,327 10s 9d, which is available for any casualty that may happen. The Chairman then said that he assumed none but shareholders were present. If others were in the room he asked them to withdraw, and he desired the reporters to regard themselves as absent as the remarks he now had to make regarding the late general manager were privileged and for shareholders only. The chairman then spoke in complimentary terms of the officials of the Company in London, the colony, and afloat, and concluded by moving that the report and balance sheet be adopted and that the balance to the credit of profit and loss, of £37,297 2s sd, be allocated as the directors propose. Sir Oraoroft Wilson —I have great pleasure in rising to second the proposal which has been made by Mr Coster, and I do so well knowing the troubles that have arisen daring the past year, and for one I am very grateful that the Company is in such a good position. The Chairman said now was the time for shareholders to ask any questions. Several shareholders asked questions in respect of the late general manager, which were answered to their satisfaction, shareholders rising and expressing their entire approval of the action of the directors amidst applause. The election of directors for the ensuing year was the next business before the meeting. Mr W. J. W. Hamilton proposed, and the Yen. Archdeacon Wilson seconded—“ That the retiring directors, Messrs J, L. Coster, H. P. Murray-Aynsley, and the Hon. J. T. Peacock, be re-elected,” which was unanimously carried. Messrs David Craig and Alexander Oarriok were re-elected auditors, on the motion of Mr R. H. Rhodes, seconded by Mr Thomas Mollett.

Mr W. H. Packer moved —“ That a vote of thanks be passed to the directors,” and in doing so was gratified to be able to remark on the prosperity of the company after passing through a period of commercial depression. The operations of the company would compare favorably with any enterprises undertaken.

Mr Pratt had great pleasure in seconding the proposal. The motion was then put to the meeting and carried by acclamation. Mr Coster said he had peculiar gratification in thanking them, on behalf of his brother directors and himself for the cordial vote of thanks just passed, because they had undoubtedly had a trying time, at any rate during the last part of the year, and they had made a perfectly clean breast of their peculiar difficulties to the shareholders. They were glad to find that in what they had done they had the full support of the shareholders, to whose interests their energies would be devoted in future in pursuing the same policy followed during past years. Before the meeting separated ho would like the shareholders to pass a vote of thanks to the officers of the company. They had a very efficient and zealous staff in London, they were well represented in the colony, their officers were doing their work well in every port; and afloat, from the masters down to the apprentice boys, the company had every reason to bo satisfied with their employes. The motion was seconded by Mr S. Ayers, and carried.

This concluded the business, and the meeting dispersed.

At a meeting of directors subsequently held Mr Ooster was re-elected chairman and Mr Murray Aynsley deputy chairman.

Dn. £ B. d £ s. a. To capital sub250,000 0 0 scribed Less amount 125,000 0 0 uncalled ... 125,000 0 0 „ Bills payable (ineluding balances 40,435 ships 5 5 ,, Debentures, fixed deposits, and accrued interest... 108,431 7 i 222 0 claimed 0 ,, Sundry debts 52,446 2 3 ,, Reserve fund ... 55,000 0 0 30nnt 3,327 10 9 „ Balance at erelit of profit and 06S ... mi 37,297 2 5 £422,159 7 11 Ci. By company’s fleet >f ships, costing 336,802 19 7 ,, Sundry property ind stores on 9,453 land and afloat 3 7 „ leaseholds and «ffice furniture -London and 13,110 Colony 1 o „ Svndry debts d\e, including n&t freights 48,370 smed) 4$ 2.439 8 Maiager’s • ... 2 ,, Casl balance at cr<dit with Baibers 4,994 19 4 „ Pety cash at London and agacies 203 12 7 ,, Bill receivable 534 18 6 „ Divdend ac- * comt — Interim divdend paid in 6,250 Jamary 0 0 £422,159 7 11 Peofit and Loss Account. £ e. d. £ 9. d. To Beseue Fund — Purtbr Appropriatin, bringing i up to 20,000 £75,00 ' 0 0 „ Divideid Ac-connt-To provide f<r interim divideid.paid in 6,250 0 0 Jannirylast ... ,, Furthr proposec dividend. nmkiig 10 per cent, for the year nd ed June 6,250 0 0 30th J. 880 12,500 ,, Proviion forthe late General 2,439 Manner * 8 2 „ Balane — Carrie forward to l*o fit and Loss Slew Account 2,357 14 3 £37,297 2 5 By balance— Brougluforward . . ... ... 5,200 12 10 t . Nett prfit — Of tho operations from June 32,096 9 30tb, 189, to June 30th, 1880 ... 7 £37.297 2 5 Capital Account. To aznoun subscribed — 25,000 shares t £10 each 250,000 0 0 £250,030 0 0 By amount paid up— 25,000 shares 125,000 0 0 „ Balance € capital uncalled 125,000 0 0 £250,000 0 0