ANNUAL MEETING N.Z. SHIPPING COMPANY.
{per press aqenctO Christchurch, Friday. The annual meeting of the shareholders o£ the New Zealand Shipping Company was held to-day. There was a very large attendance; Mr. J. L. Coster, chairman of the board of directors, presiding. The Chairman moved the adoption of thereport and balance-sheet, which showed £27,633 profit and loss to be dealt with; of this £13,750 was passed to reserve funds, making the latter £40,000. Of the balance the directors proposed to appropriate £12,500 for the payment of a dividend of ten per cent, for the past year, of which four per cent, was paid as an interim dividend in February last, carrying a balance of £1283 forward. He said the business of the company during the past year had proved satisfactory, and showed an increase on previous years. The company had despatched from England to New Zealand 63 ships, of the registered tonnage of 55,066 tons, as against 35 ships of 50,031 tons last year. They had loaded Home 37 ships with 33,863 tons, as against 31 ships and 2691 tons (?) last year. This afforded the company a very fair proportion of the carrying trade of the colony. He congratulated the shareholders bn the fact that the company's ships had completed their L round voyages without a mishap, except the unfortunate loss of a very promising apprentice, who fell overboard. from the Waikato on hor voyage from Lyttelton
to ''London. This freedom from is»liap' of cotorso .is largely due to the efficiency and care of the masters and officers. Turning to the balance-sheet, he said the directors had not decided on recommending an increase in the dividend from 8 to 10 per cent, without full consideration.' They were unanimously of opinion that the position of the company waranted them in doing bo, and they had no apprehension of. being unable to continue to pay 10 per cent, unless exceptional circumstances arose, in which case it would be but fair that the period within which they occurred should bear the burden. The only item iu the balance-sheet which had previously excited criticism was the holding of the company's fleet of ships at cost price. He defended this practice on the ground that the company were not traffickers in iron, but in carrying freights, and would not bo justified in adjusting their profit and loss according to tho state of the iron market. He instanced the case of an eminent shipowaing company in England, whose last balance-sheet ho held in his hand, which showed Hioir ships were taken at cost price, which u.or.iged the same as the New Zealand Company's ships. Against this the English company’s balance-sheet showed depreciation and reserve fund £125,000, after 15 years’ of existence,heing 25 per cent, of thecost of the ships ; while the New Zealand Company, after five years of existence, had depredation and reserve fund of £40,000, or 12 per cent, on cost of the ships. It was evident if they went on at this rate they would have an infinitely larger reserve and depreciation fund at the expiration of 15 years than the English company had. Referring to the subject of apprentices, he said tho company had now 23 colonial youths apprenticed on the company’s ships, and these will be considerably augmented during the coming season. He desired to state that the directors were particular in. receiving only bids who were of respectable character and likely to make good officers. After paying a compliment to tho officers of the company ashore and afloat, he moved the adoption of the report amid cheers.
Mr. Oliver, M.H.8., of Dunedin, seconded the motion in complimentary terms, and said he entirely coincided in the chairman’s remarks as to holding ships.at cost price. The motion was carried unanimously. On the motion of the Hon. Mr. Reynolds, of Dunedin, who also spoke eulogistically of the company, the retiring directors were reelected.
A. Garrick and D. Craig were re-elected auditors. .
■ The usual votes of thanks to the chairman, directors, and officers of the company terminated the meeting.
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New Zealand Times, Volume XXXIII, Issue 5414, 3 August 1878, Page 2
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674ANNUAL MEETING N.Z. SHIPPING COMPANY. New Zealand Times, Volume XXXIII, Issue 5414, 3 August 1878, Page 2
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