NEW ZEALAND SHIPPING COMPANY.

Oamaru Mail, Volume IV, Issue 1319, 13 August 1880, Page 2

NEW ZEALAND SHIPPING COMPANY.

Christchurch, August 12. The annual meeting of the New Zealand Shipping Company was held at noon today, Mr. J. L. Coster, Chairman of Directors, presiding. The annual report stated that the profit and loss aocouut showed a credit balance of L 37,297, of which it was proposed to carry L 20,000 to the reserve fund, and pay a dividend of 10 per cent. absorbing L 12,500. The balance would be carried forward. The Chairman in moving the adoption of the report congratulated the shareholders on the result of the business of the past year. He referred to the rise in freights which had been general all over the world, and said dissatisfaction had been expressed at the Company's charges, but these were really less than those made in Adelaide. The directors determined to look first to the interest of shareholders, but would not forget the producing interest of the Colony. A contraot with the Government had been renewed. The ships had been kept in first-class order, and have been well sailed. Advioes from London state that the Company's ships were brought in there in equal condition to any ships arriving at that port. The steamers Durham and Northumberland were ooming to Lyttelton, the latter under the Company's flag. The directors, however, did not intend to embark in steam venture, one reason being the revolution in motive power probably approaching. The directors have only chartered the Northumberland to prevent competition, The report and balance-sheet were adopted. The retiring directors and auditors were re-elected, and the meeting closed.