I.—lc

32

The Third Annual Report and Balance-sheet of the Lake Wakatipu Shipping Company (Limited), to be submitted at the General Meeting of Shareholders to be held at the Registered Office of the Company, Beach Street, Queenstown, on Tuesday, the 12th August, 1902, at 2.30 p.m The directors have pleasure in presenting a statement of the company's affairs to the 30th June last. After making provision for depreciation the net profit for the twelve months, including the amount carried forward from the previous year, amounts to £2,222 14s. Id., which the directors now recommend should be appropriated as follows : — £ s. d. To dividend for twelve months ending the 30th June, 1902, on 30,000 fully paid-up shares at the rate of 6 per cent, per annum 1,800 0 0 Balance to be carried forward to next year ... ... ... 422 14 1 £2,222 14 1 If the appropriations be confirmed, warrants will be issued to the shareholders on Thursday, the 14th day of August, 1902. In terms of clause 88 of the articles of association Messrs. T. Hicks and D. Mcßride retire from the Board, and, being eligible, offer themselves for re-election. The retiring auditor also offers himself for re-election. Jambs Douglas, Chairman. Queenstown, Ist August, 1902. Balance-sheet for the Year ended the 30th June, 1902. Liabilities. Assets. £ s. d. To Capital Account— £ s. d. |By Res. rye fund on fixed deposit .. 5,780 3 9 35,000 shares at £1 .. £35,000 Cash on hand and in bank .. .. 1,947 16 8 Less unallotted- Sundry debtors .. .. .. 1,285 2 1 5 000 shares at £1 .. 5,000 Stores and coal on band .. .. 978 19 4 30,000 0 0 Mail subsidy due .. .. .. 137 10 0 Sundry creditors .. .. .. 564 10 10 Wharves, buildings, freehold properBalance to profit and loss account .. 2,222 14 1 ties, slip, &c. (reduced value) .. 4,287 14 11 Steamers (reduced value) .. .. 14,003 810 Goodwill .. .. .. .. 4,286 17 6 Timber-yard stock .. .. .. 79 11 10 £327787~4~n £32,787 4 11 Profit and, Loss Account. To Salaries, directors' and auditor's fees, £ s. d. | & s ; , rates, and office expenses, &c. .. 1,446 10 1 By Balance on tho Ist July, 1901 .. 2,069 5 1 Depreciation .. .. 1,188 6 5 Net earnings of steamers .. .. 4,062 11 6 Dividends paid .'. .. .. 1,500 0 0 Interest 225 14 8 Balance 2,222 14 1 £6,857 10 7 • £6,357 10 7 Proposed appropriation— £ s. d. » ■• d - To Dividend for twelvemonths ended By Balance .. .. .. •• i,Ut 14 1 the 30th June, 1902 .. .. 1,800 0 0 Balance to be carried forward .. 422 14 1 £2,222 14 1 £2,222 U 1 T- HIOM, | Directors . D. Mcßbide, ) E. T. Wing, Secretary. In accordance with the provisions of "The Companies Act, 1882," and its amendments, I certify and report to the shareholders that all my requirements as auditor have been complied with that I have examined and audited the books and accounts of the Lake Wakatipu Shipping Company (Limited) for the year ended the 30th June, 1902, and that, in my opinion, the above balance-sheet is properly drawn up so as to exhibit a true and correct view of the said company's affairs as shown by its books. ■ Queenstown, 18th July, 1902. F. W. F. Geisow, Auditor.

Final Report and Balance-sheet of the Lake Wakatipu Shipping Company (Limited), presented to the Shareholders on the Final Distribution of the Company's Assets. As the shareholders are aware, since the last report and balance-sheet was submitted to them the company disposed of the whole of its assets (except its reserve fund and book debts) to the Crown for the sum of £ 15,000. A deposit was paid on the sale, and the balance of the purchase-money, with interest added, was paid to the company on the 17th April last. On the 7th May last the directors paid each of the shareholders l4s. in the pound as an interim distribution of the company's assets, and a second and final distribution of 384 d. in the pound is now made to each of .the shareholders. The company will now be wound up in accordance with the resolution passed by the shareholders. . Queenstown, 12th June, 1903. Thomas Hicks, Chairman.