SHIPPING CHANGES.

Patea Mail, 26 April 1881, Page 2

SHIPPING CHANGES.

Tr is understood that the Patea S.S. Company is undergoing a sort of reconstruction. Shares have been changing hands lately, and it is now proposed to reduce the number of directors from seven to five, and to fix five shares as a minimum qualification for a director. It has become necessary, in the opinion of some directors, to work the trade with a boat of larger tonnage ; while others are opposed to this change because an immediate loss might result in exchanging* the present boat for another. One section argue that a loss in selling the boat would be more than recouped by the increased profit on a boat of larger tonnage worked at about the same expense as the Patea. The two views will find expression at the annual meeting of shareholders next Thursday : and it is desirable to hear the arguments on both sides before changing the present directorate. Another point of contention is that a majority of directors have decided not to recommend a dividend this half-year, but to write off £SOO from the steamer’s value as an asset. Those shareholders who set some value on a dividend will regard this financial operation with a critical eye to its ultimate effect. It is obvious, on the other hand, that depreciation should be allowed for, the only question being as to the proper amount. It is to be hoped that nothing will be done to depreciate the value of shares; while it is equally desirable that the local shipping company shall keep pace with the growing requirements of the port.