WELLINGTON PATENT SLIP.

New Zealand Times, Volume XXXII, Issue 5024, 1 May 1877, Page 3

WELLINGTON PATENT SLIP.

The seventh annual meeting of the Wellington Patent Slip Company, Limited, was held at Mr. Hunter’s rooms yesterday afternoon, Mr, Hunter being elected to preside, in the absence of Mr. Edward Pearce, the chairman of directors. ANNUAL HEPOET. The annual report, which has been in circulation among the. shareholders for some time previous, was taken as read. It is as follows: — ' “In accordance with the articles of association the directors have to present the annual statement of accounts, showing the business done during the past year; they are happy to be able to report that it continues to increase steadily, as shown by the number of vessels taken up, and the additional work done. It was found necessary to effect some extensive ■improvements in the machinery and gear, which involved, an outlay of £856 os. 4d.; it has been thought best to charge this amount to the year’s expenditure, instead of spreading it over a number of years. Steady progress has been made in building the vessel now on the stocks, but the company’s workmen are only employed upon her when there is no other work going on, therefore it will be some time before she is finished. The directors are pledged to apply the subsidy, rrnv due by the Government, in redaction of the overdraft granted by the Bank of Australasia, and are therefore unable to recommend the payment of a dividend. W. H. Levin, Esq,, left for England in the month of November, and resigned his position as one of the directors; W. M. Bannatyne, Esq., was selected by the Board to supply the vacancy. Two of the directors, the Hon. John Johnston, and J. E. Nathan, Esq., retire by rotation; both are eligible for re-election, andoffer themselves as candidates.— George Hunter. Wellington, AprillO, 1876.” A list is appended of the vessels taken up on the Slip daring the twelve months ended the 31st alt. The total number is 49, including 5 large English ships. The balance-sheet shows a credit balance of £3025 19s. 6d. on the profit and loss account; the receipts having been £5964 10s., and the expenditure £2938 10s. 6d. The company’s assets are valued at £40,689 14s. 4d. Mr. Hunter, in moving the adoption of the report, referred to the business done during the past year, and the present financial position of the company, which seemed to warrant them in believing that next year would see a great improvement in its prospects. He was sorry to say they were not in a position to pay a dividend, but it must be recollected that they had had considerable difficulty to contend with owing to the small amount of capital raised. He referred the exceptional expenditure of £856 ss. 4d. in improvements in the machinery and gear; this amount, as they could see by the report, having been charged to the year’s expenditure, instead of spreading it over a number of years. It was thought that a portion of the sura would be recovered from Messrs. Kinnard and Co., as at the time the Slip was purchased there was some reason to suppose that sections of the machinery might require to be strengthened, which was then pointed out. One of the directors, Mr. Levin, by request of the Board, had brought the matter under the notice of Messrs. Kinnard and Co., and a letter had been received to the effect that representations had been made to Mr. Kinnard, who, in all probability, would agree to pay the amount asked for, namely, about £4OO, on the condition that he should be indemnified against further demands. The directors were of opinion that this was the proper course to pursue, and would probably ask to be in-

vested by the shareholders with the necessary authority. With regard to the vessel now m course of construction at the Slip, it would be seen from the report that the company’s men were only employed on her while no other work was going on, so it would at that rate be some time before she was completed. He and other directors were of opinion that it would be well to employ men to work at the vessel till finished, so that she might be in readiness for sale by next season, and be placed in the market. With regard to the reduction of the bank overdraft by the Government subsidy, he felt convinced that the action of the Board would be endorsed by the shareholders. It was unfortunate that they were not in a position to pay a dividend, more especially as there were large shareholders in England, who naturally expected that they would receive interest on the money they had invested. In looking at the balance-sheet, however, it seemed to him that the shareholders had grounds to feel satisfied that their position would be vastly improved next year. The receipts of the year just passed would have cleared the expenditure, and left the Government subsidy to the credit of the company, had there been no bank overdaft to reduce or repairs to pay for; considering this, and the fact that the Slip had not been employed to anything like oue-fonrth of its capacity, he hoped that this would he the last melancholy report that the directors would have to present. The undertaking might not have been a very profitable one to the shareholders, but it was a great boon and advantage to Wellington. He begged to move that the report be adopted. Mr. L. Levy seconded the motion, which was carried unanimously. Further on the following motion was agreed to :—That on the payment of £4OO by Messrs. Kinnard and Co. for the cost of the new clutch they be relieved of any further liability as to the stability of the Slip, or damages that may arise in working it. OTHER BUSINESS. The Hon. John Johnston and J. A. Nathan, Esq,, retiring directors, were re-elected. Captain Kreeft and Mr. E. W. Mills were appointed auditors. On the motion of Mr. Walter Johnston, it was agreed that the annual honorarium to the directors be £IOO. There was no other business, and a vote of thanks to the Chairman having been passed, the meeting dispersed.