WESTLAND SHIPPING COY., LTD.

Hokitika Guardian, 25 April 1917, Page 2

WESTLAND SHIPPING COY., LTD.

ANNUAL REPORT. The following is the report of the directors of the Westland Shipping Company, Lt., for the year ending 31st March, 1917: “Your directors submit a statement of the past year’s operations. It is desired to place on record the loss the Company lias sustained in the death of Dr Macandrciv, who was chairman of the company from its initiation and at all t'mes freely gave his courteous and best attention to the company’s interests. The earnings for the year, £6914 2s Id, may he considered satisfactory, but not commensurate with’the increased expenses. (Labour cost £3842 12s Id, and the result is that although the freights charged run from 13s 4d to 39s a ton the profit left is only std per ton with no insurance on tho vessel. Freights have been advanced to the extent of £863 but tho cost of labour has advanced £1036. Further advances have just been granted the seamen and wharf labourers that will cost the Defender approximately an 'additional' £IOOO per ■year. A substantial advanco in freight rates follows, as a matter of course, but it is a question that shareholders will be asked to decide at the meeting whether the company will cany op with advanced rates or the steamer be laid up.”