The Hawke's Bay Times. NAPIER, FRIDAY, 28th APRIL, 1865. NEW ZEALAND STEAM NAVIGATION COMPANY.

Hawke's Bay Times, Volume V, Issue 258, 28 April 1865, Page 2

The Hawke's Bay Times. NAPIER, FRIDAY, 28th APRIL, 1865. NEW ZEALAND STEAM NAVIGATION COMPANY.

From the Welliugtoh papers we learn that the half-yearly meeting of the directors and shareholders of this Company was held at the Mechanics’ institute,: Wellington, on Thursday, the 20th .inst., ' .The. shareholders seem to have attended in, greater numbers than usual, owing to the interest naturally felti by them iu-the management of r t he Company in relation to its ’ present uu-“ favorable aspect. . ■ The report was of .a gloomy, character,, showing the great excess of expenditure over income, the very .large sum <of paving been paid for repairs, which, however, includes <£l,ooo from the previous half' year. The actual ioss of the Company during the half year was -stated to have been over £2,000. This loss diad 'ariseri from various causes.

Ist. The Wonga" Wpnga having, .been placed on^the 'Northern' service fur^'Auckland, had proved! a very disastrous measure, and a lossjif no less than £1,200.

2nd. The Storm Bird, which bad been laid up;for repairs" during four mouUis, ami the extensive and unexpectedly costly nature of those! repairs. . . s ,t •* 0 A . - : ■ 3rd. The unproductiveness of the line tatween’ aiinl.'.Bunediii.' Eight days are wasted at (Dunedin each trip/ the vessels

idle, and expenses going on. , i 4th.. The: increase /of competition. Arrangements had been, made in London, for a Steamer similar to the Wellington. Some s hope was saving 'the j Storm Bird, jipsy. ;: ou the West Coast. The'Chairman ino'val the adoption of the report, in which the above particulars were recapitulated; ‘He mentioned certain points" in which a r Salving had’been’ effected, ai' the new providore : System ; rind some ’ arrangements- fed coaling. ■ ■ ■ : : Mr-Richmond (a deputy* from Taranaki) said he had been shown ’ evCry help l by tlie Company in* diis ’'inquiries aiid ! examhfatidb of the accounts, and was satisfied of its soupdnps^ improved accommodation for passengers on board the boats, Which werdin this respect behind those of theJ.C.R.M. i Company; and that intreasedpowers should - be given to the manager, which lie thought was a reason for much of the efficiency of the other Company. Mr Eegg had not been specially sent by thashareholders of-Napier, but had come on other ‘ 'business. * ! He 1 had,* however,- some questions to put on beliilf of the shareholders, of ..Napieti These ; 'were-4-lst;.; Did the Company import their marine England ? Answer: orders had been had heeo received, one was now

*S^ one ex P ecte 4sn|w|, { a saving. j|h||lal|j4 Sydney and would be disconlined. 2nd. Wonga bad been damaged at Auckland; what would be the expense of the repairs ?- ijirio. and vafiie'?—fcmlrigly H«d Storm Bird—|£7,oQo Lady Bird—her ‘present cohditidn/ahd the rust of her repairs?—Condition-good ;.. repairs cost £(5.000. 5. The other vessels?— All in good condition. ■The lkMed iff; the Copipuny had also increased in,value. :Mr I’egg felt well satisfied with the replies -||o ids quorums. no ‘j cause fur cliscouragemeati and the condition , of; i lie Com winy, was '.satisfactory' undeT .the j.gireuiustam-es, especially if they . take into ? consideration. the drawback arising frpin'the tin pro lit able ness-of the Wonga Wonga.Jn’ the Auckland service. hinistake ' to.se id tiie Wonga to Auckland. When he - returned to Napier and told the shareholders" fwhat he had learnt he felt sure they would agree with him in the opinion he had just expressed; regarding’the condition of ’’the Company. He, thought that the public of New Zealand' had not sufficiently supported ' the Company, and lie would press on The attention of shareholders generally; t and merchants particularly, the Important necessity of giving ail the carriage of goods and passenger transport, do. a Company which had been specially constituted- for that purpose. It \vas obviously their interest to do so. He agreeed with Mr Richmond that more power should he giyen .to thp/Mawager, and also in his remarks about the passenger oiccommodation.... The ~passenger traffic-was• ?the most important iaircedof'.receipts, and Everything, should In,* done to encourage the patronage of the : Company’s vessels by travellers, by giving tliym every convenience and coiuf it. Tise. .captains in the Cora- 1 ipany’s vessels, he wasv; inclined to think, were extravagant in their expenditure imti of the Proviiu-e, 'comparing it with expenses incurred by masters of ■ vessels owned by individuals or firms. J Expressing |iis . approbation of tlie way he bad been received, he tsat. doivn inucfi ap|dauded.' J V ' l r After some further conversation onthe expenditure incurred by captains at other ports, tlie insurance of the vessels, and the appointment of a person to superintend ithe repairs (which, it appear vhad been greatly mismanaged),, the report wks ]. put from ’ the : , chair and cunied unanimouslys!! Mr Yule was elected' auditor; Me, sfs TaylpT’ Crkwford, and Buiinatyne directors to . fill the thred vacahcies.it was agreed 3 tbit ’the next meeting should be held on the, 20th October, and a vote of thanks’xV'as passed to the chairmau,au.d directors,• . •.• Mr Begg suggested: that tlie .Vessel j ./irdered from. Eiigland be called.the Taranaki. (Appld'u’se.)■ ' 3 v r j The. Chairman liked'the suggestion^’That matter had not been considered yef, : he, would' Mr Begg’s suggestion before-the’ ■ Board. 1 The meeting then dispersed, b-.c i