NEW ZEALAND SHIPPING COMPANY. FIFTY THOUSAND WRITTEN OFF.

Te Aroha News, Volume VI, Issue 321, 1 December 1888, Page 4

NEW ZEALAND SHIPPING COMPANY. FIFTY THOUSAND WRITTEN OFF.

Christchurcii, Nov. 22. §$ The fifteenth annual meeting of the New Zealand Shipping Company was held yesterday, Mr A. C. Wilson in the chair. The directors' report stated :— The profit and loss account shows a credit balance of £51,276 3s 7d, including £7,019 brought forward from last year. They recommended writing £50,715 off the property, including £30,000 off the steamers and £9,666 off the sailing fleet, and carrying £550 forward. Since last general meeting, the London manager and a representative of the London auditors had visited the colony and investigated the accounts. Exception had been taken to four items charged to the first cost of the steamers. The directors, therefore, propose writing off £30,000 this year and £4,521 next year. The report was adopted unanimously. Messrs Bowen, Murray, Aynsley and E. Richardson, wore re-elected directors. A shareholder, Mr Green, gave notice of motion reducing the directors in the colony to 5. He complained of the large amount, £26,417, expended on management, and inquired why shares on which calls had not been paid were not forfeited, and remarked that the Company appeared to have been run in the interest of the directors and employees. The Chairman replied that the expenditure referred to included more than the salaries. A delegate had to be sent to England and other expenses incurred, but despite this salaries had been reduced at least one-third, and figures would prove that a saving of £30,000 at least had been made in working expenses. Some of the directors had bled to a considerable extent, instead of "running" the Company for their own benefit. As to shares on which calls had not been paid up, what benefit would it have been to the Company to forfeit them ? Since the balance-sheet was issued there has been a considerable rise in the value of the shares.