NEW ZEALAND NEWS.

Taihape Daily Times, Volume 7, Issue 263, 12 August 1915, Page 2

NEW ZEALAND NEWS.

NAUTICAL INQUIRY. THE COKINNA MISHAP. CERTIFICATE SUSPENDED. WELLINGTON, August 10. The nautical inquiry concerning the mishap to the Corinna, which touched Barrett's Reef near the entrance to Wellington Harbour during a rain squall last Thursday night, was held to-day. The Court held that had Captain Cameron exercised sufficient care the mishap would not have occurred,. and suspended his certificate for thro months. Costs (£5 5/-) were allowed. SHEARING DIFFICULTIES FEARED MANY SHEARERS ENLISTING. WELLINGTON, This Day. Shep.rcrs have enlisted for military service in larg e . numbers. In addition to those already at the front there are sixty shearers now in the '-*">vniT>g can-ins. Thr. indications are *r**»t. f his will have p ssrious effect en the shearing- season whfoh opens about the middle of next month. 'WELLINGTON 'MEAT EXPORT COi WELLINGTON, August 10. The annual meeting of th e Wellington Meat Export CO. was held to-day, Mr W. G. Foster presiding. In moving the adoption of the report and balance; sheet, the chairman described the result of the business cf the year as satisfactory; in fact, the year had been a "fat" one. Referring to the unsold stocks at Jun 9 30th. 1914, the chairman remarked that the market conditions then werei somewhat uncertain, and in eonsequencs the Board considered that very conservative valuations should, prevail and so preclude disappointments. In the ordinary course satisfactory surpluses over draft. value!"' wore cenfidnct'y anticipated. but these; were very greatly exceeded as tb-. result, cf war conditions which, 'tad it been possible to foresee.would have obviated the- appropriat'on from I ';he dividend equalisation reserve of j lie half-year's dividend (£4320).. This -"serve was established for specific I anc ] t U3 directors considered it desirable by this course to mark it as a "lean" year rather than anticipate!* ascertained surpluses. The company's assets during its existence by deprecation appropriations had been ' "■ritten down from £371.148 to. £l7l,- j ! ?3, or ncarlyvl/0 per ccnLTh'e reserve] 'unds, apart from the £6165 carried j forward, aggregated £85,231. With' 'j'i'i' substantial additions to the reserve it was felt that it was due| to shareholders to supplement the usual dividend on shar e capital by A\ay of a bonus cf £2 per cent. This was the i mcr e strongly recommended in that l unsold stocks were again valued con- j servatively in view of any abnonnal j declinen in values which might ensue ! as a consequence of the war. i The report and balance-sheet were unanimously adopte,d, Mr Ilott seconding. ' On the suggestion cf Mr A. E. Mabin th e appropriation to war fund or other partriotic purposes was left in the hands of th e directors. Reference Avas made to the strenuous year experienced by the staff and employees generally; and the gratitude of the shareholders was duly acknowledged. Mr -T. D. Sladden, the secretary, replied on behalf of the staff. Messrs J. Campion and E. Newman , were re-elected directors, and the di- I rectors' remuneration was fired at the ' previous year's rate : . Messrs O. S. : Watkins, G. W. Hunt, and W. S. Wheeler were elected auditors