Thames River Steam Navigation Company.

Thames Star, Volume XVI, Issue 5003, 24 January 1885, Page 2

Thames River Steam Navigation Company.

ANNUAL MEETING.

The fourth annual meeting of the shareholders in the above company was held in the company's office, Brown street, last evening. There were twelve shareholders present, Mr L. J. Bagnall occupying the chair. After the minutes of the last annual meeting had been read and confirmed, the report and balance sheet were read. The report stated that there had been a great falling off in the company's business, owing to dullness of trade at Te Aroha, and to the railway to Auckland via Morrinsville taking some of the goods and passengers which would otherwise have been carried by the company. The p.s. Te Aroha had been,leased to H. Dalton, the Waitoa was not running, owing to the trade being insufficient for more than one boat, and it was recommended that both boats be sold if fair offers were received. The p.s. Patiki had been.lengthened oft., sheathed with wood, and generally repaired, and was now a first-class boat, working well. All the company's pro» perty was in thorough good repair and condition; Owing to the dullness of trade, and tho company being hampered with £275 interest every year, no profit was being made, but the last six months' operations had cleared expenditure. The balance sheet for the year ending, 31st December last showed :— To unallotted shares and subscribed capital, £10,000; Bank N.S. Wales, £1981 14s sd; mortgage, Te Aroha, £500, mortgage, Waitoa, £650; bills payable, £401 12s 9d; sundry creditors, £661 12s Id; total, £14,144 16s 3d.—Cr.: By unalloted shares, £4950; uncalled capital, £663 2s 6d; cash on hand, £32 12s; Patiki steamer, £1891 15s 4d ; Te Aroha steamer, £1243 15s 3d; Waitoa steamer, £1113 15s ; Memsahib steamer, £235 14s 6d ; barges (2), £250 0s 3d; receiving stores. £168 14s 6d; due by Agents, £179 17s 9d; H. Dalton, £84 7s 4dj sundry debtors, £108 14s; shares held by Company, £167 7s 6d; Profit and Loss Account, £3056 3s 4d ; t0ta1,,£14,144 19s 3d. Profit and Loss Account: To balance last year. £592 7s 3d ; J. Kennedy, £14§ 18s. Depreciation steamers — Patiki, £800; Te Aroha, £700 ; Memsahib, £100; punts, £150; Oarr's estate, £246 16s 9d ; J. Lavcry, £70 10s; total, £2805 12s. By Campbell's estate, £3155; by balance, £280117s ; total, £2805 lt}s. To balance: £2801 "17s; general expenses, £744 7s; coal, £904 6s 7d ; wages, £1295 6s 9d ; advertising, &c, £151; interest, £329- 9s lOd. By passage monoy, £1280 16s; freights, £1890 8s Id ; balance, £3055 3a id ; total, £6226 7s sd.

The Chairman, in moving the adoption of the report, said there was very little need for him saying more than what was mentioned in the report. The company was hampered by the amount of interest which

bud to be paid annually., and unless the trade improved, it would be tieoeusary for them ,to sell one of the boats, when, by reducing the amount of the overdraft, and lessening the interest, they would stand a better chance .of bringing the company into a good financial condition. An bEer to purchase the Waitoa had been received from Mr Cunningham, and the directors were favorably inclined to accept it. The shareholders would also notice that a large amount had been written off for depreciation, and the boats were now set down at a fair value.

Mr P. Lamb seconded

Mr Renshaw said tha reason the com* pany's operations had been conducted at a loss was because they were ready for abig trade and were disappointed. It had cost £3124 to earn £3171, but they could have done double the amount of work with very little extra cost. He was not in favor of hastily selling any of the boats, as he still had faith in the expansion of the up-river trade. It might also be advisable to enquire in other places before closing with Mr Cunningham.

Some conversation then ensued as to the desirability of taking the Te Aroha off the Paeroa trade, Messrs Price and Frater thinking that it would be better to make the Pa tiki do .the whole trade, missing a trip to Te Aroha once a week, but it was pointed out that this would not be practicable unless the road to the Junction was made; otherwise the Te Aroha.trade would be greatly injured. The general expression of opinion was in favor of selling some, if not all, of the company's boats, and some shareholders went so far as to say that it would have been better to have wound up the company last year. Eventually the report and balance sheet were adopted. Mr Price moved, and Mr Townsend seconded, "That" the directors be empowered to sell any or all of the company's boats, on a suitable offer being received." —Carried!

In answer to Dr Kilgour, the Chairman said the whole of the amounts due by agents bad been settled except the current accounts, and that in Carr's estate, which had been a dead loss. The manager also mentioned that the amounts due by agents were £400 less than those due last year, and the whole of the sums so due were secured. '

Dr Kilgour expressed satisfaction at the arrangements with the agents, and Mr J. Bead thought the company was in a better position now than last year. Tho retiring directors, Messrs Dean, Marshall, and Townsend, were re-elected, and Messrs Frater and Fleming were reappointed auditors.

A vote of thanks was passed to the Chairman, and the meeting adjourned.