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1 correction by JohnFinger43 - Show corrections

ADELAIDE STEAMSHIP

COMPANY.

SHAREHOLDERS' MZETTTNÖ.

The seventeenth general meeting oi shareholder» of the Adelaide Steamshii Company was held at the company's office Currie-3treet, on Wednesday morning, the chairman of directors (Mr. J. Harvey) pre. siding over a good attendance.

i The direci-irs' report for the year ended i June 20 stated:-"After providing for de- preciation and adding «to insurance and re j pairs and renewals accounts, the balance at j credit of profit and loss account is £29,471 111/. An interim dividend of 5/ per share I was paid in March last and a similar ¿in idend has been declared, payable after the ' general meeting. The steamers mentioned 'in last report have all arrived in Australia,

¡and .*re valuable additions to thi company's ¡fleet. Metwrs. A. Stephen & Sons, Glas gow, are builtüng a new vessel named ? Koombana to replace the Bullarra in the

north-west trade» 1 he small steamer Flin I ders was purchased for the Western Au«. ' tr.ilian cvastvi. trade and the sailing vessel ' Lady Palmerston for conversion into a hulk. ¡The Avon has been sold and the Herschel dismantled and condemned. The company   ? has esl.iblihhed a branch office in Port Lin Icoln. An interest has been acquired in the North Bulli colliery in the southern district of New South Wura. This class of coal is largely used in the «company's steamers. The eteamer«j of the fl«eet have not been quite free from accident during the year, but fortunately in no case was there loss of life or injury to pasisengers or crew. The fleet and plant are in an efficient state, hav- ing been well maintained throughout."

In moving the adoption of the report and balance-sheet, the chairman said the gross result of the rear'i operations was not "iiite so satisfactory as that of its imme- diate predecessor. That was due to seve I ral causes. A strike occurred at Newcastle ! in November last, causing the company to I incur heavy expense, anti any , addit onal |Tncney they were able to obtain for then. i «al in stock went but a small way towards

reimbursing _ them for the .heavy lo=a in I running their steamers while the strike

lasted. Also towards the end of the finan i cial yean there was a dimunition in traffic

in some of the trades in which th«îy were opemting. Several increases to their fleet were advised at the last meeting in March, and he need only say that sineo then the Paringa had arrived. «She was designed for trading in Spencer's Gulf, and, with her sister ship the Rupara, was doing geod work. Thp Koombana, intended for the north-west mail service, should arrive in Australian waters early next ye«ar. They had expected to hear that she had been launched, but delay occurred some weeks ago owing to labor troubles, which dcnbtless had postponed the date of launching. Her builders (Messrs. A. Ste- phen & Sons Linthou«*e) bore «such'a high reputation for workmanship and punc- tuality that they might rely upon it they

would not be much behind in their con- tract. The company had purchased a site at Port Lincoln for its own- office and manager's hensc. At the present time the demand for «Mastal tonnage was not so keen as uéual at this time of the year, with practically none for foreign trade, and it had been found necessiry to lay up some of the steamers, including the Echunga, but this would probably enly be temporary.

«Captain Cocker seconded the motion,

which was carried.

Messrs. A. T«tmnant and M. G. Anderson were re-elected directors. The remunera- tion of the auditors for last year was fixed at ISO guineas each, as formerly, and Messrs. Dalton and Hugh« were r«e-elected auditors for the ensuing year.

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