NEW ZEALAND SHIPPING COMPANY.

Globe, Volume XXIII, Issue 2297, 13 August 1881, Page 3

NEW ZEALAND SHIPPING COMPANY.

The eighth annual general meeting of shareholders in the above company was held yesterday afternoon at the offices, Hereford street, there being a good attendance. Mr H. P. Murray-Aynsley, the deputy chairman, occupied the chair. After the usual preliminary business, the annual report and balance sheet were laid before the meeting and taken ,as read. [The report and balance sheet appeared in the Press of the 30th ultimo,] The Chairman, in moving the adoption of the report, said it had fallen to his lot to preside on this occasion, the chairman of the company (Mr J. L. Coster) having taken advantage of the dull season of the year to visit England, to recruit his health and to examine the operations of the company there, and the knowledge thus gained would, no doubt, prove beneficial to tho interests of shareholders. He thought tho directors had good reason to be gratified at having secured the services of Mr Coster as managing director of the company, looking to tho remarkable activity and zeal displayed by that gentleman in promoting their interests from the beginning. [Hear, hear ] Speaking of the balance-sheet,lit must, ha thought, be looked upon as satisfactory, provision having been made for all liabilities likely to accrue, after which a net profit was shown of £10,956 6s lOd. Of this sum, the directors proposed to appropriate £25,000 to the reserve fund, which would be thus increased to £100,003. They felt assured of this policy meeting with the approval of shareholders,-as by gradually increasing this fund they would eventually have to its credit a sufficient amount to meet any demand calculated to be made upon it. In addition to this fund he should mention the sum of £6426 17s 9d to the credit of the insurance fund. Thus, tho directors considered themselves justified in believing that they had made due provision for tho ensuing year. A dividend of 10 per cent, was proposed, a moiety of which was paid last January. In this connection he would point out that the directors hoped, by maintaining a steady, even dividend year after year, they wonld be serving tho interests of shareholders better than by giving fluctuating di-idenda—-that was, until the reserve fund reached such a sum as would justify them in absorbing the whole of the profits in payment of interest on the capital invested. The directors had continued their policy in regard to the grain trade, of taking cargo at the lowest rates, with the most favorable results, both for the farmers and the shareholders of the New Zealand Shipping Company. The contract with the Government had come to an end, and the Agent-General had received instructions to call fresh tenders. The present policy, however, was not to renew immigration, and last year there were only 405 Government immigrants carried by the company’s vessels. But ha might while r.n this subject refer to a new and interesting feature which had presented itself last year—namely, that a large number of “ paying” passengers of the immigrant class (1318) were conveyed to tho colony, hence it would be noticed with satisfaction that if they hsd lost the immigrant traffic, they were likely to get a large hona Jide passenger trade to take its place. It was also satisfactory from a colonial point of view to see a class of persons with a certain amount of money at their disposal coming among us to settle. The company was still doing a large export carrying trade, the majority of the ships going from the local ports. The company’s vessels were all in good order, no expense being anticipated except the usual recurring outlay for repairs, so that no extraordinary expenditure was to be looked for on that account. The previous year it had been stated that a small balance was still duo on the last ships built, but that had been paid off, and the Company, therefore, now had a magnificent fleet of ships entirely free. The officers of the Company on shore and afloat had worked well, pursuing their various duties in a spirit of harmony, and with an amount of energy and ability, which should be really gratifying to shareholders, as plainly showing that their officers had the interests of the company at heart. There were fifty-five apprentices on board the company’s ships,_ and several had been promoted to positions of second and third officers in the service. He must congratulate the shareholders on the increasing value of shares during the past twelve

months, showing that the company had considerably advanced in public estimation. He then concluded by moving—“ That the annual report and balance sheet bo adopted, and that the credit balance of J 349.956 6s lOd bo allocated as recommended by the directors in their report.” Mr Hamilton seconded the motion, and in doing so congratulated the company on having secured the services of so able a manager as Mr Coster permanently and entirely.

No discussion followed, and the motion was then put to the meeting and carried unanimously. Tho next business was the appointment of directors, in the room of Messrs. John Anderson, John Stndholme, and A. Cracroft Wilson, also Robert Wilkin, who was elected by the Board to the feat left vacant by the resignation of Mr C. W. Turner.

Mr Day proposed ‘‘That Messrs. John Anderson, John Studholme, and A. Cracroft Wilson be re-elected, and that MrEobt. Wilkin be elected for one year to the seat vacant by the resignation of Mr C. W. Turner.” —Tho motion was seconded by Mr Pritchard, and carried unanimously. Mr Pratt moved, Mr Booth seconded, and it was carried, that Messrs David Craig and Alexander Garrick be the auditors for the ensuing year. Mr Tancred moved a vote of thanks to the directors of the company for their services during tho past year. Seconded by Mr Jones and carried. The Chairman returned thanks on behalf of the directors, and proposed that a vote of thanks be passed to the head officers and tho staff, in the colony, at home, and afloat. Seconded by Mr Anderson, and carried. A vote of thanks to the chairman brought tho meeting to a close.