PIAKO SHIPPING CO.

Hauraki Plains Gazette, Volume XXXV, Issue 4667, 27 February 1924, Page 3

PIAKO SHIPPING CO.

ANNUAL MEETIMi. The third annual meeting of the Pialio Shipping Company was held at Ngatea on Tuesday. Mr D. J. O’Carroll, chairman of directors, presiding over twenty shareholders. The directors’ report and the bal-ance-sheet were discussed at length, and adopted. The report was as follows :— Your directory hereby present !.o you their report on the Company's operations for the year ending October 31, 1923. It is disappointing that a loss of £628 18s 5d for the year’s trading reveals itself, and that the Company has not received the support it justly was entitled to expect. The latter remark and the fact that the up-river trade has been disorganised explain the contributing causes of the loss. Circumstances have caused the holding of the annual meeting to be three months later than what your directors anticipated. The Company has justified its existence, and the vessel, though admittedly unsuitable in many respects, proved, during the time of the strike at the end of 1922, to be capable of keeping the river ports well served, and there is no reason, had all shareholders and settlers supported their own interests, that the volume of business during that period should not have continued.

Your diretcors wish to thank all who have accorded their loyal support to the Company, and (rust the/ will use their best endeavours to influence the non-supporters. The Company is “the people’s company,’’ and from its inception has been the means of maintaining low freights. Each ■ shareholder should ask himself: “Am I doing my duty to myself and my shipping company operators?” It is hoped that more shares will be promptly taken up. Tn accordance with the provisions of the-Articles of Association Messrs J. Newdick, J. Clark, and A. Cleaver retire from the directorate by rotation, but. being eligible, offer themselves for re-election. Mr B. L. Bagnall again offers his services as auditor. Discussing the up-river service the chairman said that this had caused a loss of £5O a month for the whole of the time the Manuwai had been on the run. The settlers had gone’ back on their promises to support the boat. When the directors realised the full position they decided, to cut out the up-river service. There was now a good rfiance of selling the launch, and thereby wiping out the liability. The Oneroa was capable of dealing with ail.the cargo for fhe river, said Hie chairman, and had she been supported by the farmers a good profit

".ould have been made. At the present

time the income was greater than the bi <? ipejniiiture, and had the company no rutstanding debts to meet it would how a satisfactory working profit. It ' as hard to understand why the Onema was not wholly supported by the t inners, as there was no doubt that >t wa.s only the competition it offered that kept the freight rates down. Shippers who patronised the other company were tending to drive the farmers co-operative boat off the river. Should this occur, there was no doubt that the freight rates would be doubled. The case of the Tauranga trade was an example. There the freights were brought down from 25s to 7s, with the result that the fanners’ boat was driven off the run. The ether company then put the freight up to 32s 6d to compensate for the . money lost. If the co-operative com • pany reduced its freight rates the big company would bring its rates still lower, for it realised'that the trade of the river was only in its inv fancy, and it would pay to lose big ’ sums now in breaking the co-opera-tive company so as to have the whole cf the trade later on. Shareholders expressed the deter-, mination that the service must he maintained, and decided to recom- ‘ mend the directors to increase the rates. If the directors considered it advisable to do this, they were recommended to circularise shareholders and storekeepers before bringing, the’ increase into operation, and also to call meetings of settlers in the various centres to bring pressure to f bear on those tradesmen not supporting the farmers’ boat. The retiring directors, Messrs .1. Newdick. J. Clark, and A. Cleaver, being the only ones nominated, were re elected. Mr B. L. Bagnall was re.•mpointed auditor.