PIAKO SHIPPING.

Hauraki Plains Gazette, Volume XXXIII, Issue 4460, 30 August 1922, Page 1

PIAKO SHIPPING.

THE SETTLERS’ COMPANY. j ANNUAL MEETING. j The first annual general meeting of j the Piako Shipping Company, Lim- ( ited, was- held in the Public Hall, j Ngatea, on Friday, Mr D. J. O’Carrpll (chairman of directors) presiding. The shareholders present numbered twenty-three. , The chairman, in his opening remarks, pointed out that the meeting had been long delayed for. reasons of j policy. I THE- ANNUAL REPORT. The annual report of the directors stated: “In presenting to the members the accounts for the first year of the company’s trading, the directors do so with a feeling of disappointment that, the result is so poor, and yet with certainty that the remedy is to be found, and 'has been found. The fact is, that the company’s .steamer was not in a fit condition last year to cope with the business to l>e done. This does not alter the other fact that a great deal of trade was given by our own members outside their own company, with the result that the total revenue was. barely sufficient to pay the wages. Add to this the loss occasioned by the breakdown early in the period, of which members know, and it is easy to s.ee !hpw ‘•he loss has reached the figure shown ;n the accounts. It was because of a realisation of the absolute necessity fbr altering this state of affairs that your directors undertook the alterations which were carried cut op the vessel during July and August of last year. That these have more than justified the expense is proved by the undoubtedly greater value of the boat as a saleable asset, and further, by the fact , that since the running was resumed after the alterations there has been for nearly eight months no interruption of the time-table, and that whereas for the first 12 months the gross earnings were £2216, the revenue for the first six months of the present financial year is at the rate of practically £4OOO per annum, or ah increase of 100 per cent Thus your directors feel justified* in saying that the future of the company is entirely in the hands of the members, and if the support givep during the last few months had been forthcoming from the .beginning-there wduitHhaye been an entirely different result to record. “The directors are satisfied that if members would only subscribe sufficient extra capital to liquidate the debts the company would (accidents excepted) pay its way. Every possible means of economical runnings is being tried, and it must hot be fori gotten that only because this company is trading on the river a grea; many hundreds of pounds have beer saved the settlers in freights, and further, that the whole of the dairj produce from the Piako River is being carried at a rate of about one' third of what is being paid elsewhere “Further comment here is unneces sary, but sufficient has been said t-. prove that, even if an annual loss hato be made good the company is r sound proposition for the settlers ot I the Plains ; but every member intis

tear his full share. “In conclusion your directors urge upon the members the .absolute imin operation, for it is cetrain that if vice, and so ensuring that it remains portance of supporting their own serit stops—and. stop it will unless the necessary financial support is forth-coming-then the finance whicn would have saved tiheir own company will be paid 'over and oven again to other hands.’’ ENFORCING A CONTRACT. A supplementary statement was tabled at the meeting showing the very greatly improved results during the first seven months of the present financial year, and that there was I every reason to hope that with the increased freight of dairy produce the company 'would be in a position to overtake the loss.. Stress w,as laid on the matter of the absolutes necessity for the provision by the settlers of more capital, and it was also decided that the company would enforce the contract contained in the atricles of. association binding shareholders to slhip their goods by the company’s vessel, or, in default, to pay the freight thereon. It was reported that the s.s. Oneroa was on) the slip undergoing the annual overhaul, and would be running again next week. THE BALANCE SHEET. The expenditures in the profit and loss account, totalling £5534 0s lid, included : Repairs and overhaul “Oneroa’’ £795 Is 2d, maintenance £299 7s lOd, provisions £233 14s sd, fuel and oil £745 10s 3d, wages and salaries £2297 5s lid, launch repairs and maintenance £522 14s sd. The amounts received for freight were: outward £1373 10s, inward £289 0s 6d cash £209 7s Id, totalling £lB7l 17s 7d. Passages £3ll 7s 4d. Sunday hire “Oneroa’’ £3l ss ; and discount £1 13s 4d brought the reteipts up to £2216 3s 3d. The net loss carried to balancesheet was shown as £3317 Ils Bd. It was stated that the repair, overhauls, and maintenance bill was exceptionally heavy owing to an unforeseen serious breakdown early in . the year, and this fact accounted for a considerable portion of the loss, but the steamer to-day was in better condition than when purchased by the company. I During some discussion which occurred later on in the meeting the chairman said it was not unusual that the company should have suffered a loss during that year, as most shipping companies had experienced Josses during that--period. The chairman further stated that for some time there had been reports broadcast that the “Onerba” was going off the run. He assured the meeting that this was not so. The “Oneroa” was firmly established on tihe river. : DIRECTORS RE ELECTED. t ■ The retiring directors, Messr: ( I Clevely, Dibble, and Mcliuff, were re , l elected without opposition. . ’ Mr L. A. W. Bagnall said the share . holders acknowledged that the di rectors had experienced a difficul period to work through, and th > j shareholders appreciated the fact tha ; I the directors were willing to stam t ! for re-election. ( Mr B. L. Bagnall was re-appointe t' auditor.