The Daily News. WEDNESDAY, MAY 20, 1903. THE NORTHERN S.S. COMPANY

Taranaki Daily News, Volume XXXXV, Issue 118, 20 May 1903, Page 2

The Daily News. WEDNESDAY, MAY 20, 1903. THE NORTHERN S.S. COMPANY

The part taktn by the Northern Steamship Company in the development of the trade and port of New Plymouth in particular, and of Taranaki in general, is appreciated by evay ont who has watched the steady improvement of the class of vassel employed by that Company. Last week the arnua 1 meeting of the Company was held in Auckland, and the report shows not only that the past yeir has be?n a prosperous one, but that the Company is beepicg pace with the requirements of the several localities which depend upon or are served by their boa f s. Report of the operations cf the Com pany for the past year shows the net profit on working accouuts for the year ending 31st March, after making provision for insurance dfpreciatioi, and boiler accoun's, is £4981 4s 2d; transfer foes, £l2 10s; balance brought forward, April 1, 1902, £862 0s 9J ; tot si £5855 14s lid. Tha following appropriation of this amount is now recommended: To tha payment of a dividend at the rate of 7 p3r cect. Pr anncm, half of which was piid to shareholders on November 17, 1902, esan interim dividend, £4874 18a 41; leaving a balance to be c Tried to the credit of pr< fi k . and loss ac-ount, £9BO 16 * 7d, The new is-ue of 40,000 shares offered in May last was readily subscribed by shareholders, who would have taken more shares had they been avai!»ble, In the course of i he chairman's remai in moving tha adoption of the report, be said, inter alia, " Ibe freedom frcm serious accidents which wa have enjoyed for a roßsiderable period h\s, I am sorry to say, been interrupted, ard our insurance account has beea oiled upon to meet some heavy charges. In Jui;e las'; the Kanieri was s'r.inded at Wai'ara in a dangerous position, but after givat labour and expense was refloated and brought to Auckhnd for repiirs, which were effected in a sitisfactory manner. The vers 1," lam I pleased to say, has not been permanently weakened by the accident', but is now in first-c!a«s order. Later on a fire broke out on the Ohinercur, bu', was fortunately extinguished before the vessel had been seriously damage). Tho heaviest loss, however, occurred on January 6, whea the Gairloch ran ashore on the coast of Taranaki, atd eventually b.camo a total wreck, the first wo have had to record. Happiiy, the accident was unattended with 1-S3 of life, 'but wo cannot but regret tho loss of such a useful vessel, which was specially adapted for tha service in which she was er.gaged. Ths Glenelg, which was out of commission at the time, was immediately; placed on the Gairloch's servic?, 1 and carried it on without disorgani- i sation. These losses have led to the ] consideration of the general question

of in'urance, with the result that wo have tak-.n out a policy over the Ngapuhi, for, although our insurance acount has boon increasing f>.r many | years, ycur directors and I thkk you will agr.'e wi'h us, that it was imprudent to continue to carry such a lirge risk in one bo'torn. The j manager returned from his visit to ' GrOit Britain-in December last, where he we;jt along wih our superintendent engineer for the purpose of obtai< iog a ve33(l sui'able fur cur Whangsrei

trade. Although about 50 steamers 1' were inspected in ifioglend, Scotland, t Germany, he was unable to find c one with tha required condition o , and a we therefore instructed him to call for i tendeis for a new vessel. The con- i tract was tinned and ail arrangements ' made before he It ft Great Britain, i The contractors, are Mfssre Gourhy< Bro'h rs end Co,,(f Dundee, the build- * <rs of the Ngapuhi, and we have every 1 confidence that tky will provide u3 < with a first-class serviceable vessel.;' Captain Blaoklockhss been sent Home J to biing the vcfsel out by tho Suc-z - Canal route. She was su?cessful'y i launched on April 30tb, and we hope,' i all being wel l , to have her here by the | end of Sep'eaiher. She will be named ] Bavaw#, after one cf our Northern ' tribes, and will be placed in the New 1 Plymouth service, the Ngapuhi taking up'ho Wbangaroi trade, now carried! on by the Wellington." We. regret that ro reforenca was m*de of any in- 1 [ tention to establish and maintain a. . daily service between here and One-1 f hunga, but hope when the new boat is J " started the Company will ha able to see its way to do this. In the meantime . we heartily congratulate the Oompmy on the success which hss hitherto attended their efforts.