MERCER

Pukekohe & Waiuku Times, Volume 7, Issue 343, 8 January 1918, Page 4

MERCER

WAIKATO SHIPPING COY., LTD. The first annual meeting of the Waikato Shipping Coy., Ltd., was held at Mercer on December 28th, Mr J. T. Johnson (chairman of Directors) presiding. The Directors' annual report was as follows: " Taking all things into consideration, the general labour conditions, high price of all materials, benzine, etc., being used by the Company, the fact that it is the first year of a small company, operating over a very large district, and that it has suffered a very fair share of the vicissitudes common to a pioneer organisation, and especially so in these abnormal times, we have to congratulate the shareholders and all concerned on the rt suit.

In February last the Directors were fortunate enough to secure an option over the freehold and mineral rights of a coal-bearing property which, when prospected, gave evidence of large coal deposits, the coal being of a good quality, and your Directors finally exercised their option and purchased this mine on very reasonable terms. The advantages of having at hand a privato supply of coal of this kind in view of modern copditions must lie apparent to shareholders. Certain works and capital expenditure were necessary to facilitate the cheap and quick delivery of this coal to the river bank for transportation, and these works are now almost completed. The ss. " Freetrader," which is practically a new ship after her recent overhaul, is doing very successful and profitable work, and actually represents, with respect to her original purchase price and the cost of the overhaul, a very considerable appreciation in value to the ConiP a nyA great deal of improvement and extension work to plant has been done during the year. A workshop and blacksmith shop, with plant for executing the Company's own repairs, has been erected • Extensive necessary alterations and additions to small craft have been cairied out, and a commencement has been made with the laying down of a slipway. fhe goods traffic from Onehunga to Hamilton "had Cambridge and surrounding districts is steadily increasing in spite of the fact that the supply of oils coming te' Now Zealand has fallen off considerably, and an agen y has been established in Hamilton to protect and extend the Company's interests. We recommend that the balance of nett profit (£50.5 15s Id), as shown in the certificated bah nee sheet attached hereto, be ajpropriated in the following manner : A o per cent rebate to all shareholders on freights debited to them during the year, this absorbing £54 2s 9d, and a dividend of 5 per cent to shareholders on paid-up capital. It will be necessary to electa new Board of Directors, as the present Board, consisting of Messrs J. T. Johnson, Wm Wilson, R. Clephane, R, Eiighsh, C. C. Davis, E. T. Frost, and L. B. Horrocks retire en bloc in accordance with the Articles of Associate- , but offer themselves for reelection It will also be necessary to elect j an Auditor for the ensuing year, and J Messrs Thomson and Grey offer themselves for re-election. In c ncluding this report your Directors wish to express their appreciation of the loyalty and cooperation of the management and staff given freely under what have often been difficult and adverse conditions." The report was adopted and the retiring Directors were re-elected