Thames River Steam Navigation Company.

Thames Star, Volume XV, Issue 4701, 31 January 1884, Page 2

Thames River Steam Navigation Company.

The third annual meeting of shareholders in the above company was held last evening, Mr L. J. Bagnall presiding. There were 13 shareholders present.

After the minutes of the previous meeting had been read and confirmed, the Chairman read the annual report and balance-sheet as follows :—

Gentlemen, —The tbird annual balancesheet; now before 70a shows a very large fallii?g off in the business of the Company this year, principally caused by the opposition of other steamers, and aleo the dulneas of trade at Te Aroha, owing partly to the failure of Messrs Carr and Sons, and the tramway con. uecting mine and battery not being finished. The battery, tramway, &c, being now at work, and the returns proving that a large payable goldfield is now open, and also that tha surrounding district is a large agricultural one, your directors fuliy believe that the Te Aroha trade will be a large and paying one, and with this view, and to do away with the present opposition, they have purchased the steamer Waitoa for the sum of £1109, which includes all wharves, stores, &o. The steamer is now running for the Company, and enables them to start a boat every day from esch end. The steamer Te Aroba not leaving any profit, nor likely to do so, but rather a loss, the directors have resolved to retire the beat from the Paeroa trade, and' sell her. In con* sequence of the other boats-landing passengers at the Junction, it will be orly necessary, if found desirable to continue the trade to Paerp3, to send a barge, with cargo once or twire a week. Mr H. C. Gillespie has been appointed Manager for the Company, vice Mr Hudson, resigned, and further changes made have effected a saving of about £300 per annum. The steamers during the year have been kept regularly running, and are in good repair. The Te Aroha has been strengthened by angle iron beams, and is now a strong serviceable boat, The Company having vow the carrying trade in their hands, and good boats for the purpose of carrying it on, your directors have the fullest confidence in the ultimate succcbs of the Company, but as it impossible to efficiently carry on the business, owing to the capital not being taken up, which obliges your directors to become individually liable to the Bank for the necessary funds to do so, and which they do not consider a business way to conduct the affairs of the Company, they recommend that a reconstruction of tbe Company should take place, and now leave the matter in tbe hands of this meeting to fully discuss and settle as to the most advisable way to do so.—F. C. Dban, Chairman, Meeting of Directors. Balance sheet. —The following was the balance-sheet for the year ending December 31, 1883:-

Dr.—December 31, 1883: To capital, £10,0 C0; Bank 2T.S. Wales, £1917 10a 4d ; mortgage, Te Aroha, £500; bills payable, £431 0a lOd j sundry creditors, £585 Is 3d. —Total, £13,433 12s sd.—Cr.: , December 31,1883, by uncalled capital, £6,012 10s 41; cash on hand, £27 10s 6d; Patiki steamer, £2458 Is 8d ; Te Aroba do., £1943 15s 3d ; Waitoa do., £100 ; Memsahib, do., £335 14s 6d; barges (3), £528 Os 3d; receiving stores, &c, £115 Is lOd; due by agents, £86863 9d; do. Carr'a estate, £248 16s 9d ; sundry debtors, £38 Os 2d ,- shares held by Co., £167 7s 6d ; Profit and Loss Account, £592 7s 3d.—Total, £13,433 12s sd.

Profit and Loss Account. —Dr. December 31,1883 : To Wages, £3,030 2s 3d ; Coal, £1,160 17s 5d ; general expenses, £1,652 12s 4d; advertising, &c, £154 4s 6d j interest, discount, &c, £103 11s—£5,001 7s 6d.—Cr : December 31,1883 by balance last year, £248 13s 4d ; freights, £3,080 15s lid ; passages, £1,079 11s Od; ba'anoe loir, £592 7s 3d— £5,0017s 6d.

Assets and Liabilities. —Dr.: December 31, To Cash on hand, £27 10s 6d; Patiki, £2458 Is 8d ; Te Aroua do, £1913 15s 3d ; Waitoado, £100; Memsahib do, £335 14; 6d ; barges (3), £528 Os 3d ; receiving stores, Ac, £115 1b lOd j due by agents, £868 6s 9d j Carr's estate, £246 16s 9dj sundry debtors, £38 Oa 2d j shares held by company, £167 7s 6d; Profit an 4 Loss -Account, £592 7s 3i; total, £7421 2s sd.—Or.: December 31st, 1883, By 3875 £1 paid-up shares, £3875} paid on £180 contributing shares, £112 10s— £3987,10s i Bank N.S. Wales, £191710 a 4d; sundry creditors, £585 Is 3d 5 »«"■ payable, £431 Os lOdj mortgage, Te Aroba, £SGOj total, £7421 2s sd. . In answer to a question as to whether there was a likelihood of the Te Aroha being sold, it was stated that an enquiry had been made for her, bat nothing definite had yet been done, _ Mr Kenshaw expressed hisopiqion that it would be better to keep the boat idle, for a time at any rate, so as to have her if required, M£ Frater. questioned the advftability qfjprchasing the Waitoa, asif she would barely pay under private management she was not likely to prove a successful speculation. The idea of baying up the opposition was a mistaken one, as if the trade

was to increase, this policy would be the very thing to create opposition. He would also like to know how a saying of £300 per annum had been effected; why the directors, some nine months back, bought up shares from private persons at double what they could be obtained for now, and when there were no private buyers in the market; and also why the cost of repairs, <tc, were in the balance-sheet added to the primary value of the boets^ instead of a deduction being made for depreciation in value. In reply it was stated that the Waitoa was bought because, having only one boat that suited the chief trade—that to Te i Aroha—thecompanycould not compete successfully with opposition, but now, haying two good boats, they were in a position to do so, and could also dispose of the Te Aroha, which was not paying, the other boats doiner the passenger trade to the Junction, while the cargo could be taken on to Paeroa in barges two or three times a week. The whole expense of the . Te Aroha would thus be saved, and the money from the sale would go to purchase the Waitoa. The saying of £300 had been effected by discharging one of the hands, v by the present manager's salary being £100 leas .than the former one, and by other changes. The purchasing of the shares had been decided on at a meeting when three-fourths of the shares of the company Were represented, but the directors had found that the policy wag a mistake, and had therefore stopped it. It was true that shares eofrld now be had 1 for half the price paid, bjut no one thought they would have depreciated £o much. A, depreciation in the value of the' boats should have been shown," but nothing>had been added during the jtis*'j Mr Townsend thought" *liat if they could only dispose of the; Te Aroha at a reasonable price, the .purchase of the Waitoa would be found to prove a wise step. ' Mr E. Farrell said that, though the directors represented three-fourths of the shares, and were willing to commit them* selves to the purchase of the Waitoa, they should have considered the interests of smaller shareholders, and called a general meeting to consider the advisability *>f the step. Mr Mennie concurred. Mr Renshaw said that at last annual meeting it was agreed that another boat was wanted, only a suitable one could not then be found. The Waitoa wit fitted for the trade, and he considered the directors had done well in purchasing her. There was not time to call a meeting of shareholders, as only one day was given to consider the proposal. Mr Mennie considered the failure of the company was due to their trying to do - too much with too small a capital; they should first have made one boat'pay, and then increased the capital when they . wanted to extend the business.

Mr -Read stated that the other- steamship companies, such as the Waikato and Kaipara, had pursued the same policy, and the former was now paying.

In reply to a question, Mr Benshaw said £100 had been .paid down for the Waitoa, £150, was due at three months, £250 in six months, and £600 within two years. In answer to Mr Mennie, the Chairman said the trade warranted them in sticking to it, but they must hare suitable boats.

Affcer some further conversation, in which the general opinion'expressed was that the meeting should adjourn to enable the manager to be present and to allow the directors to bring forward some scheme for the future working of the company, it was decided, on the motion of Dr Kilgour, seconded by Mr Farrell, that the meeting stand adjourned to February 13th. Mr Townsend gave notice that he in* tended to resign from the directorate, and the meeting then separated. ;