WANGANUI GEAZIEES' STEAM SHIPPING COMPANY, (Limited).

Wanganui Chronicle, Volume XXII, Issue 9119, 20 May 1880, Page 2

WANGANUI GEAZIEES' STEAM SHIPPING COMPANY, (Limited).

The annual meeting of shareholders in the above Company was held nt the offices of Mr F. R. Jackson, Victoria Avenue, yesterday afternoon. Present —Messrs W. T. Owen, Griffiths, Davidson, Duthie, Parsons, O.ren, Lowes, F. Uichards, Winks, M. Hicliards, W. H. ' Watt, Graiif, Leys, Harrison, Stent, Cross, Cowper, Dickie, Jackson, and ' Peal. Mr David Peat, the chairman of the Directors, presided. Tlio following report and balancesheet for tlie year ending Februry 29th, 1380, were submitted to the meeting :— " The Directors beg to present the nalanee-shect for the year ending Feb. 20th, 1880, but owing to an oversight, at the general meeting held last j'ear, an Auditor was not appointed, the balancesheet is therefore submitted without being duly audited ; it will bo necessary io el-ct one at this meeting, so that the .iceounts may be audited without delay. Thu Directors may state that the accounts have been checked by Jlr Kdvrd. Ohurlon, and found correct. " The statement shows that the gross earnings of the s.s. Wallabi during the year have been £4876 13a, whilst her working expenses, including a large sum .-pent on repairs last mouth, amount to £3Slti J9.-1 7d, leaving a profit of £1059 33s 51 ; this, your Directors regret to say, has been nearly absorbed by a loss witli the St. Kilda, and interest on loans. " As regards the St. Kilda, the shareholders nro aware that in September last it became absolutely necessary to lay this steamer up for repairs ; her working account is therefore only computed for six months, which is as follows: — Gross earnings, £2717 12s 41. Disbursements— Coal (including wages of captain and engineer whilst the vessel was under repairs), £3022 6a 4d ; showing a loss of £30-1 14s. Your Directors attribute this loss chiefly to the depressed state of trade, and keen competition from opposition boats. Your Directors nevertheless thought it advisable to have the steamer put in a thorough state of repair, which was done by Mr David Murray and Mr Law, at a cost of £2000. The steamer is now in splendid order, and will not require any further expenditure for some years. Your Directors think it advisable, now the opposition is removed, to put the St Kilda in the Southern trade again, with confidence that, with export freight oE timber aud stock, she will leave a margin of profit. Your Directors are encouraged in this opinion by the reduction they have lately made in the working expenses of the steamers Wages have been reduced from £287 10s per month to £239 lOj. This alone makes a saving of over £500 per annum. 'I ho provodore accounts have also been considerably reduced. Taking those facts into consideration, the excellent state of repair the steamers are in, and improved prospect of trade, your Directors belice that there will be a satisfactory profit at the termination of the ensuing year. " It will be interesting to shareholders to know, that the Wallabi has taken away from this port during last year, 1070 head of cattle, 10,015 sheep, 391 pigs, and 24 horses, 'ihe St Kilda, during the six months she was running, cleared with 85 Fat cattle, 1311 sheep, 332 pigs, and 01 h >rses. " Your Directors propose to carryforward the small credit balance of £105 Bs4d. "The Directors retire from office iv accordance with tiie provisions of the Joint Stock Companies Act, but are eligible for re-elect on. " David Peat, Chairman." -Statement of the ordinary receipts and expenditure for the year commencing March Ist, 1879, and endiu:; February 29th, ]BdO. TJeeeipis. — Freight and passage mone}- * s Wallabi, from March Ist, 1579, Io L'obruary 29 th, 1881), £4576 13s ; freight and passage moneys s. StKilda, from March Ist;, 1«79, to September Ist, 1879, £2717 12s 4d ; amount transferred from capital account to repairs account, £2000 ; total, £959 1 5s 4d. Expenditure.— Wallabi coal account, £152 19s Id; charges account, £143 13s 4d ; St Kilda coal account, £595 lGs ; interest account, £297 15s 7d ; Wallubi repairs account, £539 4s 4d ; St Kilda repairs account, £1999 0s Id ; rft Kilda disbursement account, £2426 10s 4.1 ; Wallabi disbursement account, £3124 10s 2d ; commission to Manager from March Ist, 1879, to February 29th, 1880, £209 2s Id ; net profits for year ending February 29th, 1880, £105 8s •Id ; total, £9594 5s 4d. Balance-sheet of the Wanganui Graziers' Steam Shipping Company, Limited, for the year commencing March Ist, 1879, and ending February 29th, To paid-up capital, £4690 ; number of shares, 100 of £100; overdue calls, £310; bills for calls, £5000; outstanding debts due by Company, £681 16s I'd ; Bank of Australasia balance, £234 13s lOd ; profit and loss balance, £105 8s 41— £11,021 19s Id. By purchase of St. Kilda and Wallabi, £8000; transfer from capital account to repairs account, £2000; overdue calls, £310; outs:anding debts due to Company, £277 53 6d ; billa receivable, £(19 8a 41; cash on hand, £15 5s 3d— £ll 021 19s Id. F. R. Jacjksojt, Manager. The Chairman said that the report and balance-sheet were not quite as satisfactory as he could have wished, but taking into account the depressed state of the country, and the great opposition they had to contend with in the steamboat trade — many of the boats running at a heavy loss — the results were not so bad as they might have been. He considered that the action of the Directors in laying up the St Kilda during the period of the severest pressure had saved tho Company a large sum of moncv. Latterly she had again been put on the ti'ade. and there waa now every reason to believe that her services would prove remunerative, The Directors had thought it desirable to tender for the supply of coal for Government purpo3es in Wanganui, and their tender had been accepted. It would come in as back freights for their boats trading to the West Coast with stock. On the motion of Mr Peat, seconded by Mr Owen, tho report and balancesheet as read were adopted. Mr Watt moved and Mr Lowes seconded, That two auditors bo appointed. Mr Winks moved as an amendmone, and Mr Dickie seconded, That one auditor be appointed. The amendment was carried. Mr Duthio proposed and Captain Leys seconded, That Mr Churton be appointed auditor at a salary of £10 10s. Carried. On the motion of Mr Owen, seconded by Mr Lowes, Messrs Peat, Duthie, Watt, and Cross were elected Directors ; and on the motion of Mr Cowper, seconded by Mr Watt, Mr F. ltichards was added to the Directory. Ihe meeting thoa broke uj,