NEW ZEALAND SHIPPING COMPANY.

South Canterbury Times, Issue 2310, 12 August 1880, Page 2

NEW ZEALAND SHIPPING COMPANY.

ANNUAL MEETING,

[dy telegraph.]

Christchurch, August 12

The annual meeting of the New Zealand Shipping Company was held at noon to-day. D. L. Coster, Chairman of Directors, presided. The annual report stated that the profit and loss account showed a credit balance of £37,297, with which it is proposed to carry £20,000 to reserve fund to pay a dividend of 10 per cent, absorbing £12,500, and the balance to be carried forward. The chairman moved the adoption of the report, and congratulated the shareholders on the result of the business during the past year. He referred to the rise in freights,which had been general all over the world,and dissatisfaction had been expressed at the Co.’s charges, but tljc.sc were really less than in Adelaide. The directors were determined to look first to the interests of shareholders, but they would not forget the producing interest of the colony. The contract with the Government had been renewed, and the ships had been kept in first-class order and well sailed. Advices from London stated that the Company’s ships were brought in there in equal condition to any ships arrivingin that port. The steamers Durham and Northumberland were coming to Lyttelton, the latter under the Company’s flag. The directors, however, did not intend to embark in a steam venture, one reason being that a revolution in motive power was probably approaching, and the directors only chartered the Northumberland to prevent competition. The report and balance-sheet were adopted, and the retiring directors and auditors re-elected. The meeting then closed.