GREY RIVER STEAM TUG COMPANY.

Grey River Argus, Volume IX, Issue 633, 8 February 1870, Page 2

GREY RIVER STEAM TUG COMPANY.

♦ The annual general meeting of the shareholders of the above company was held yesterday afternoon at 3 o'clock for the purpose of receiving the annual report and balance-sheet, and for the election of directors and auditors for the ensuing year. Mr M. Kennedy in the chair. The minutes of former meetings were read and confirmed. Before submitting the report the Chair-' man asked the meeting to endorse the action of the directors in appointing Mr Nancarrow a direotor in place of Mr Tyler, who had left the district. Mr W. Kilooue moved— "That the action of the directors in appointing Mr Nancarrow as auditor be confirmed." Seconded by Mr Ashtqst and carried. Mr G. W. Moss read the following report of the Directors : — " The Directors, in submitting to the shareholders the annual balance-sheet, have much pleasure in reporting on the favorable state of the affairs of the company. Notwithstanding the successful report of the year 1868, they are happy in being enabled to state that the year 1869 has been still more prosperous, the gross earnings of the p.s. Dispatch exceeding the previous year by the sum of L 343 ] 11s lOd. The increase is mainly to be attributed to the greater mimber of vesselsarriving at this port. The items freight and passage money show a large decrease, in consequence of the Panama, New Zealand, and Australian Mail Company having ceased to exi3t. Dividends, amounting to L 2928 or 40 per cent on the entire capital,, were paid during the twelve months, and there now remains to the credit of the Company, after paying all liabilities, the sum of L 3 7s 3d, and also a stock of stores and machinery of the value of L 319 16a 3d. While every exertion has been made to increase the traffic, due attention has also been paid to the best mode of carrying on the business economically, and with a due regard to its efficiency. The Directors are happy to state that they have succeeded in effecting a saving in the working expenses of L 823 19s 3d, as compared with the former year, 1868. In conclusion, the Directors have every confidence, from the foregoing Report, that they will fully realise their anticipations of a prosperous future." Mr G. W, Moss also read the balancesheet, which showed the total earnings of the Dispatch, with the addition of last year's balance, to be L 5770 8s lid. The working expenses amounted to L 2774, thus leaving a nett profit of L 2996 8s lid. The total amount of dividends paid during 1869 was L 2928, or 40 per cent on the capital. Mr Hogg moved — "That the report and balance-sheet be adopted." Seconded by G. W. Thomas, and carried. The Chairman stated that he was necessitated to tender his resignation as a Director. Mr W. Glenn also tendered his resignation. Both were accepted, and the meeting proceeded to elect four gentlemen in the-, place of the retiriire members, with the following result :— Messrs J. Kilgonr, W. .Kilgour,- E. Asht^ J. W. Parkinson. The election of auditors was next proceeded with, and Messrs J.W/Hindmarsh and Wi H. Lahman were elected. A vote of thanks was rendered to Mr Kennedy for his services as Chairman.