PATENT SLIP COMPANY.

New Zealand Times, Volume XXXIV, Issue 5641, 29 April 1879, Page 3

PATENT SLIP COMPANY.

The annual meeting of the shareholders of the Wellington Patent Slip Company, Limited, was held yesterday, Mr. G. Hunter, Chairman of Directors, presiding. DIBECTOPS’ BEPOBT. The following annual report and balancesheet were taken as read :—The directors, in accordance with the regulations of the company, beg to present to the shareholders the annual statement of accounts. The business of the company continues steadily to increase —the tonnage of the vessels taken up being 2075 tons in excess of last year. The Hon. John Johnston, having resigned his directorship, Mr. Pearce was elected in his place. The directors recommend the payment of a dividend at the rate of five per cent,, so soon as the subsidy is received from tho Government. Two of the directors (Messrs. F. A. Krull and J. E. Nathan) retire by rotation, but being eligible, offer themselves for reelection.

The Chairman, in moving the adoption of the report, said shareholders would observe that it was very much of the same character as that presented last year. Business had continued to steadily increase during the year, not so fast as could be wished, but still there had been an increase. The directors, however, recommended the payment of a dividend out of the subsidy due from the Government, the amount of which was £2450, so that there would be a good balance after paying the dividend. The outstandings on both sides of the account were very small. There was stock in hand to the amount of £609 19s. 9d., which would cover all liabilities. The dividend was not large, but he thought the expected dividend of 7s. was nearer now than ever. (Hear, hear.) There was one favorable feature in the balance-sheet; they were yearly increasing the balance to credit. It now stood at £4449 3 7s. 10d., and must come to the shareholders in some form or another. He moved that the report and accounts be adopted. Mr. J . E. Nathan seconded. Carried unanimously. ELECTION OP DIRECTORS. The retiring directors, Messrs. Krull and J. E. Nathan, were re-elected directors. AUDITORS. Messrs. E. W. Mills and F. O. Kreeft were re-elected auditors. This concluded the business of the meeting.

BALANCE SHEET. Dr. To Capital — viz , 37,000 shares. £10 £ s. d. each; 3052 shares fully paid up 30,520 0 0 Debentures .. .. 3,000 0 0 Interest 69 5 0 Dividends unpaid 7 0 0 Bank of Australasia 1,287 4 3 Profit and loss account .. 4,449 17 10 £39,333 7 1 Cr. By Property and assets—viz., freehold buildings. £3050 ; plant, slip, and ma< £ s. d. terial, £33,002 9s, 8d 30,142 0 8 Oflico furniture 45 5 5 Subsidy, due 31st March .. . * 2,450 0 0 Amounts owing to the company.. 03 16 8 Stock in hand 009 19 0 Cash in hand.. 19 15 7 £39,333 7 morn and loss account. £. s. To Expenses incurred In working Slip, 1 d. hauling up and lowering vessels 1,407 8 9 Interest General expenses—directors, £105; auditors, £10 10s.; rent and sundries, £93 18s.; insurance, £23 7s. Cd.; repairs to 377 16 2 buildings. £3C 8s. 8d 2C9 4 2 Dividend, 1877-73 1,520 0 0 Balance 4,449 17 10 £8,030 6 11 £ 8. d. By Balance, 31st March, 1878 ’.. 3,840 14 3 Slip dues 1,284 6 9 Subsidy, duo 31st March, 1879 .. 2,450 0 0 Profit on repairs and sundries .. 260 0 0 Profit on stock 124 5 11 Rents, &c.‘ 80 11 0 £8,030 0 11