KAIPARA STEAM SHIPPING GO.

Kaipara and Waitemata Echo, 24 July 1912, Page 3

KAIPARA STEAM SHIPPING GO.

COMPANY TO WIND UP.

The annual meeting of shareholders in the above Company was held at the offices of L. D. Nathad and Co,, Ltd., last Wednesday when it was a recommendation from the shareholders that the company should be wound up voluntarily, and from the remarks it was evident that the owners were tired of trying to please the people on the river. The recommendation was therefore made, in spite of tlie fact that the operations for the

last year were satisfactory, enablingl a dividend at the late of 7A per cent to be declared.

Mr David L. Nathan presided, and the report and balance-sheet were taken as read. In moving the adoption of the report, the chairman said : " Your directors have pleasure in presenting to you, the shareholders, the company' 3 balancesheet for the year ended May 31st, 1912. The operation of the company for the year have been successful, and resulted in a gross profit on the working of the steamers of £.5, 994 16s 6d ; inntereat and transfer feeSj £198 6s 7d; making a total of £5. 193 3s Id. The repairs to steamers, general expenses, honorarium and income--tax expenditure cost £2,702 11s 2d, leaving a net profit on the year's operations of £0. 490 lls lid. Out of this profit the directors recommend the payment of a dividend of 7 A- per cent per annum, will ab?orb £1, 793 5s 9d (2.1----percent of which you have already received, the writing off of 7A per cent depreciation amounts to £7HB 4s 4d on the company's plant and stock, and carrying forward of the balance of £909 Is lOd to the credit of profit and loss account."

'The report and balance-sheet 'were adopted, and Mr A. E. Harding was reelected director unopposed and Mr A. E : Isacs was appointed auditor, The .shareholders authorised the payment of the dividend at the rate tier

cent per annum, and also the writing off ot 7 A per cent for depreciation.

Mr Oliver Nicholson romnrked that: the directors had issued a circular calling a general meeting ior the purpose of considering1 the advisability of winding up the company. On behalf of the small shareholders he wished to state that tho proposal was one which should bo adopted, as they had come to the conclusion that it was impossible to please people on the river, who were seething with discontent, and there were indications tnat there would soon be another steamer placed on the trade. Seeing tliat tho company had now such a large sum of money available, the small shaveholders considered it would be wise to wind up and let the river people run their own services. Air Nicholson then moved : ''That this meeting recommend to the one called by circular that it is desirable in the interests of shareholders this company be wound up voluntarily."

Mr J. Stewart, in seconding the motion, said he believed it would be in the interests of the shareholders to wind up. The people were always discontented 011 the river.

Mr Nicholson said the experience of the company had always been that as soon as it had a good year an opposition boat was put on, and he felt that as their comynuiy had never given satisfaction, and apparently never would do so, it woul.i be wise to get out while y'jov w ore in a good po.sii.iori. If they cunlinnotl to carry on service a uew steamer would bo retjuireu. and as soon as it was got an opposition boat would most probably be started.

Mr Stewart said the people would go by one boat for.a shilling and pay 10s back by the other, in order to keep the opposition goingl.

In responding, the chairman said they would have liked to carry on the aerviuo in tho interests of the district, but they found they never could please the river people, although They had tiled to do so for years and years.

Mr Nicholson said there was uu doubt that Wairoa had never been properly eaterod ior in the matter of steam service,

ilv ]Ni;:;;i>l said Yv'hcn tho directors proposed buying1 ar.ol.hor boat an indignation meeting was; held at Dur gavtfie

Air S'ewart : It '.vas (.lie mv-c six

• years iigo. Mr Nicho.'sorr'.s motion iv favour of winding up tho eoinpHuy way then aduptod; and thanks wore acoordul to , the director;-; and sf.aif for the work ; done mi the hr. crests of the company ; during (he pn*i- yeur.s,—S^ir

i A Ion" discussion took place at Friday night's meeting' of the ccuuitrv racing chili < at "Wellington on a sug- ; t.OJ!-.;iii.'; 10. r.::r M l)lisl l . a New Zealand i Oou.'iiry Jv.-iriii^ ('Hull's Association, i j\l.r Alii-ii Uvuoi! ' v cl)airina.n';' ino\ t Hl tJiat a'i asS'.K-.iai inn In; s ( .j, u]\ iMosf, I speakers were o[ I'iift opinion that raei ing should he ivnrlo!' ono cothi'al .oral so jiri'S.'ut a \mitfifl fvuii.v. |;i cli^idiiiL;----i aiithui'iiy fl\(\y \\ ro,vo iiioiivriiig- a g-roat, i vi.--lc, arid the spore •would ho hrolcoa j Tho motion was finally withdrawn in | I'avour oi' an amend merit (.hat, tho mal,- ---' ter he shelved for twelve moufhs.