NEW ZEALAND STEAM SHIPPING COMPANY.

New Zealand Times, Volume XXXIII, Issue 5541, 31 December 1878, Page 2

NEW ZEALAND STEAM SHIPPING COMPANY.

The directors of the N.Z.5.3. Company, as will be seen by the report which is to be presented to the shareholders at the annual meeting onFriday week, have decided to recommend that the company be wound up. The report is as follows :—“Your directors beg to report that the operations of the company daring the past year have been eminently successful ; That a net profit on the working account of £5091 has been made : That a sum of £2358 10a. 7d. lias been spent in repairs. The total receipts for the year over that of last year has been increased over 60 per cent., and had it not been for the anomalous position in which the company is placed, a very handsome dividend might have been declared. But it will be seen that the liabilities are very great, viz., £38,638 2s. 9d., and out of this amount £19,000 is paying interest at the rate of 9 per cent., which amounts to over £I7OO annually. This amount would of itself be sufficient to pay shareholders a good dividend. Taking all these items into consideration, your directors have resolved to mo\ r c the following resolution at the annual meeting to be held on the 10th day of January, 1879, viz, ‘That the New Zealand Steam Shipping Company, Limited, bo wound up voluntarily.’ -According to the articles of association two of your directors retire in rotation, viz., Messrs. -Martin and Burue, but are eligible for re-election, and offer themselves accordingly." The following is the balance-sheet for tho year ending 31st October, 1878 ;

KEOEim. £, 8. d. Fares, receipts, towage, mail money .. 34,200 13 1 7.863 U Coals 6.677 9 0 3,124 11 1 Lighterage, cartage, and transhipment 3,787 18 11 iiWii t> 10 1’ilotage, light duos, wharfage, labor .. 1,713 15 Advertising.. ■■ Management at Wellington 2,858 10 7 Agents’commission .. .. .. //i io 1,120 15 Management at Napier *. .. .. 283 5 143 17 0 0 Balance profit .. .. .. 6,091 S 1

£81,209 13 LIABILITIES ASP ASSETS. Liabilities* £ b. Capital .. .. I .. .. •• 17.850 0 J. Symons and others 9*0 “ Bank overdraft .. ... •• •• ? Bills current •• 16,618 4 1 d. 0 0 .5 1 3 £88,033 2 9 Assets, Shin property Cash ou hand .. .. «• Office furniture Leasehold property .. Outstandings, here and at agencies Ships'stores on hand .. .. Insurance, paid in advance .. Balance protit and loss .. £ 8, 87 3 105 11 .. 2,575 13 .. 1,417 I 1,300 0 .a 1,133 12 d. 1 5 5 6 C 5 0 5 £88,633 2 9 mom AND LOSS ACCOUNT. £ s. To balance 8753 7 Auditor, 1 year • •• 0 *rx Isaac PUmmor, vote from Shareholders 220 10 >1 Porter & Co., Auckland »• •» J J? Travers and Olllvior, law expenses .. OH Chamber of Commerce .. •• “ Dividend to Shareholders 535 10 Sale of Uuion Company’s 8 shares .. 8) 0 End debts •• 70 O d. 4 0 8 0 0 0 0 2 0 0 £0459 U 2 Profit ou Working Account Dividend at Union Company. .. Bents .. .. •• •• BaUuco £ 5. d. .. 5031 3 1 a s o £6489 it 2 Audited and found correct. IVellliiiton, 17th December, 1878 D. IUime, Auditor.