Late Commercial

Sun (Auckland), Volume II, Issue 356, 17 May 1928, Page 13

Late Commercial

NORTHERN S.S. CO. INCREASED CARGO TRAFFIC CHALLENGE OF RAILWAYS That the decline in the number of passengers carried by the Northern Steamship Company year by year as a result of competition by rail and motor services ultimately will not be an -nmixed evil was the opinion of Mr. Charles Rhodes, chairman of directors, in his address to shareholders at the 47th annual meeting of the company this afternoo"The year’s figures are practically a repetition of those presented at the last annual meeting.” said Mr. Rhodes. have carried a reduced total both of passengers and cargo, and we are quite alive to the possibility of some day having ver* few Passenger services. That, we believe, will not be an unmixed evil, for we shall be relieved of a costly service in maintaining passenger accommodation and stewards, which is only worth while when large numbers travel. “I am mentioning these facts again to give shareholders some assurance chat their capital is not invested in a decaying business, but that your directors are convinced the future of your company is jusst as sound as it ever was. As the years go on the Northern Steamship Company is bound to get its share of Auckland’s increasing coastal carriage. "Water-borne cargo can always compete with other forms of tranif judged by economic standards. “At present, however, we are faced by a decidedly unfair competition on the part of the railways. Rates for transport by rail to coastal settlements have been reduced in some places to as much as one-third or one-quarter of what inland towns pay for same distance. “Taxpayers of New Zealand are thus forced to pay the railway losses incurred by this absurd competition, designed, apparently, to injure the very trade and public service a Government might be expected to uphold. ‘'For economic, cheap transport is a service to the general public, while transjKjrt below cost, for a few. at the expense of the general taxpayer, is a scandal. Our working fleet has been well maintained, but we have several vessels laid up pending better times. We have added two new cargo boats during the year. “Of the other assets it is worthy to note that we have aho acquired the whole interest of the Senior P'oundry. Ltd., and have a thoroughly effective plant for all our ironplate work and boiler repairs. “I regret havin~ to report that since we last met two of our senior maste rs, Captains Wilson and Goertz, have died. Bc*h officers had been in the company's service for many years and were held in the highest by your directors | and the management. Mr. Gow. the ' company’s superintendent engineer, | after 34 years’ service, has retired. Mr. M. Paterson, assistant superintendent, engineer, has been appointed to take his place. “After making provision for depreciation on ships and stock, insurance, income tax. and boiler and repairs accounts, the balance-sheet shows a net profit of £ 15.760. The directors recommend the payment of a dividend for the year ending March 31, 1928. at the rate of eight per cent, per annum, amountj ing to £12,912. half of which has al- ) ready been paid in an interim dividend, i carrying forward £ 9.304.” SOUTHERN EXCHANGES TO-DAY’S SALES Wellington.—Wellington Gas Cord.). -Wi 28s, call. Ch' stchurch.—GoUtbrougL, Sfliort, Ml lid; Westport-Stockton Coal ford.), :;s; British Tobacco, 43s 4d <4 parcels); Mt. ! Lyell (cum. div ), 32s 9d.