Patea S.S. Company.

Patea Mail, 30 April 1881, Page 3

Patea S.S. Company.

The half-yearly meeting was held at the Company’s office on Thursday. Present Messrs Contts (in the chair), Taplin, Gibson, Foreman, H. Williamson, Tauroa (chief), Mary Tauroa, Batt, R. A. Adams, Tennent, F. C. Horner. Messrs Wray and Williams wore represented by proxies. The directors’ report stated that a dividend at the rate of 15 per cent, per annum was declared for last half-year ; that 10 per cent was being written off the steamer’s value this half-year, and £137 carried to account of profit and loss. The report made no mention of dividend for this half-year. The directors recommend the purchase of a larger boat for the following reasons : —“ It is becoming more and more apparent that further extensions must be made, as the trade is rapidly increasing, which is amply proved by r the increase for freights, passages, &c., in spite of the reduction in freight of 10s per ton and passages of 10s. The passenger accommodation of the present vessel is felt to be wanting in point of space for necessary convenience, the boat being often over-crowded, and it is believed that increased traffic would result from better accommodation. The directors feci also the necessity for opening up fresh centres of trade, instead of as now being pricipally confined to Wellington and Nelson, and so do good to the district generally. Taking into consideration these facts, which it is impossible to overlook, the directors would recommend that it is desirable a larger and better boat should be purchased or built for the Patea trade, and with this end in view would suggest that they be authorised to borrow money on the s.s. Patea, and on the proposed new boat when built, at the market rate of interest, to the extent of £7OOO, or to increase the capital by the issue of new shares to that amount, as they may deem most desirable. The directors trust that the proposition now made may meet with the approval of the shareholders, as it is not without due consideration of the results likely to directly accrue therefrom, but also for the prosperity and -welfare of the district and port generally, that they have come to this decision.” The balance sheet showed receipts for freight during half-year £2,726, passage fares £620, towage £4l ; the total receipts from all sources being £3,255 17s 2d. Expenses were: coal and water £4soi repairs £O6, stores £lOl, commission £27, salary and wages £760, providorc £3OO, insurance £240, bonus to manager for good results £lO, and other items making the net total £2,303 10s sd. lo this are added : cash in bank &c. £14117s 9d, and dividend last half year £720. The credit balance appears to bo £643 Is 2d, absorbed by reducing the book value of steamer and crediting remainder to profit and loss account. The dividend paid will thus stand at 74 per cent, for 12 months. The report and balance sheet were adopted. LARGER BOAT. Mr Tennent then proposed, and Mr J. Gibson seconded, That this meeting endorses the recommendation of the directors that a larger and better boat should be purchased or built for the Patea trade ; and with this in view the directors be authorised to borrow money on the steamship Patea, and on the proposed new boat when built, at the market rate of interest, to the extent of £7,000, or to increase the capital by the issue of new shares to that amount, as they may deem most desirable. After discussion, in which little opposition was offered, the motion was carried almost unanimously, DIRECTORS. it was resolved also to reduce the directorate from 7 to 5, and to require each director to bold at least 5 shares. The new board were elected as follow : Messrs Tennent, Gibson, 11. Williamson, Wray, and Paterson. Mr J. Black was re-elected auditor.