NEW ZEALAND SHIPPING COMPANY.

Gisborne Times, Volume XXVII, Issue 2667, 24 November 1909, Page 4

NEW ZEALAND SHIPPING COMPANY.

ANNUAL FLEETING

FPnu Puiiss Association.! CHRISTCHURCH, Nov. 23. At the annual meeting of the New Zealand Shipping Company to-day the chairman (Mr. H. P. Murray-Aynsley), in moving the adoption of the report, and balance-sheet, said that the reduction in profits was partly due to the falling off in the quantity of cargo carried from- London to the Dominion and partly to the low rate of freight at which a large portion of the wool freight .was carried Home. Last year was, however, satisfactory, notwithstanding these drawbacks. The dividend had been maintained at 10s per share. ~ Sir George Clifford, in seconding the motion, referred at considerable length to the movement, chiefly in the North Island, for a reduction in wool freights, and expressed the opinion that the movement was the'result of a misconception. He pointed out that New Zealand rates are lower than Australian, while there were many reasons why tliev should he higher. He further stated that, if the company was forced to reduce rates to a figure which did not pay, it would materially injure the company’s ability to continue a regular and prompt service for. the conveyance of- : the Dominion’s dairy produce and frozen meat to -The Home market. He also drew attention to the fact, that the company’s were not excessive, and he might safeiy say that the company’s shares had not reached the point to which they had been written down, which was £B, whilst the quotations in the newspapers gave their value at £7 10s. The report and balance-sheet were adopted. Messrs John Anderson, J. It. Blair, and F. H. Pyne were re-elected directors.