PIAKO SHIPPING CO.

Hauraki Plains Gazette, Volume XXXIV, Issue 4597, 5 September 1923, Page 3

PIAKO SHIPPING CO.

GENERAL MEETING. QUESTION OF CARRYING ON. A general meeting of shareholders of the Piako Shipping Company was held at Ngatea on Tuesday. Mr D. JO’Carroll, chairman of directors, presided, and said that the meeting had been called to place before shareholders the position of the company and proposals to pu,t it on a firm basis. It was well known that the company had started with insufficient capital, but it had struggled on and shareholders had been recouped by cheaper freights prevailing than if the company’s ship had not been on the river. However, the position was that the company could not carry on unless put on a sounder basis. The ship was capable of handling all the requirements of the district, as was proved during the time of the shipping strike, when she was supported as she should be by all farmers. The district was progressing, and tjre prospects were bright. There was no reason why the company should not make good. A good running profit had been made during the summer months, but during the winter months a loss had been incurred, as the amount of freight was not available. The secretary, Mr R. H, Dello's outlined the position of the company’s affairs, and said that it was necessary to allot more shares/ An arrangement had been made with the N.Z. Dairy Co., Ltd., whereby payment could be made on receiving authority from shareholders for the, deduction of %d a pound butter-fiat from the bonus payable .twelve months hence. There was an opportunity available for purchasing a vessel that would resecure the up-river trade. She would work in conjunction with the Oneroa and feed it. This was an excetpionally good chance of securing a good vessel at a very low price. Mr Wallis, of the directorate, corroborated and gave figures of freights charged by other shipping companies ,to break co-operative shipping companies. He urged settlers to support their- own boat. Mr O’Carroll said that all suppliers to the Ngatea and Shelly Beach factories would be asked to give to the dairy company authority to deduct for the amount of shares taken up and pay to the shipping company. Deduction would only be made on receipt, of written authority. Mr W. G. Hayward said that the scheme was a good one, tut not as good as he would like. Everybody was interested, as they were benefiting by the cheap freights. Non-share-holders were getting as much benefit as shareholders, without having to bear any.of the burden. Mr Wallis .said that if settlers supported the co-operative company's boat the other ship would be'run off .the river. There were many means of making settlers use the Oneroa. A shareholder could be compelled to use the Oneroa. Many shareholders quoted cases of goods arriving contrary ’to instructions. The secretary said that, in a case like those quoted the shajeholde ■ should notify the shipper that he would not accept delivery until the freight had been paid to the Piako Shipping Co, Mr McDuff thought that it was tjme another canvass was made of the district, as many men bad settled in the district since the last canvass, and these men were not using the farmers’ boat. In reply to Mr Brat,lie Mr Wallis said .that an additional ten shares taken up by present shareholders together with those taken up by other men would put the company in a sound financial position. After considerable explanation Mr Wallis said that the position was tjhat unless shares were taken up the company would go under. He asked those present to come forward and sign the application and authority. This met with ‘a ready response, and many shares were applied for.