CO882-(8-9) — Page 24

PUBLIC RECORD OFFICE

Reference :-

TILLLC.O. 882

8

PUBLIC RECORD OFFICE, LONDON

ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC- COPYRIGHT PHOTOGRAPH—NOT TO:

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ing the wharves. The returns from the machine-shops were disappointing. The Directors account for this by the great rise in the price of iron, unaccompanied by any raising of their charges on the part of the Company.

At the end of the first half of the year 1874 the nett sum available for dividend 1874. was $42,015.68. Owing to an accident to a ship named "England" when in dock, the Company were in danger of being involved in expensive legal proceedings, con- sequently they declared a dividend of only 4 per cent. for the half-year, and the balance of $18,015.68 was carried forward to the next half-year. Á dividend of 8 per cent. for the last half-year was subsequently declared, and the sum of Purchase $25,426.37 carried forward. Ďuring the year two pieces of land adjoining the and Company's property were purchased by the Company, viz., Duxton and Spottiswoode Spottie-

Park.

of Duxton

woode

Park.

1875.

per

In 1875 for the first half-year a dividend of 10 per cent. per annum, or 5 cent. for the half-year, was declared, and for the second half-year a dividend of

per cent.

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The claim of about $50,000 arising out of the damage done to the ship England," which had been decided against the Company, was settled, and to meet this at the end of the year, a sum of $42,475.99 was carried to the Reserve Fund, which, with this addition, then amounted to $110,223.99.

The wharf was extended during the year, the total length at the end of the year being 2,845 feet.

The gross profits for the first half-year of the year 1876 amounted to $97,173.84, 1876. but in the second half they fell to $68,787.29. A dividend of 6 per cent. for each half-year, or 12 per cent. per annum, was declared; $10,000 were added to the Reserve Fund. The Directors, in their report for the last half-year, wrote as follows:-

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The falling-off in the amount earned is to be accounted for by the dulness of <rade during the period in question, and did they not feel satisfied that the depression was not likely to continue, your Directors would hesitate in recommending the pay- ment of this dividend; but having in the first half of the year written off liberally for depreciation, spent during the year $30,804.01 on maintenance and repairs, and added $10,000 to the Reserve Fund, which has now attained the handsome sum of $70,000, they think it unnecessary to advise a reduction of the dividend now paid since 1874, in consequence of an exceptionally bad half-year."

On the afternoon of the 13th April, 1877, a serious fire broke out on the Com- 1877. pany's premises. It originated in the workmen's quarters and spread eventually Fire in the to the sheds covering the Company's coal store. The coal continued to burn for over

premises. a fortnight, in spite of the most strenuous efforts to put an end to the conflagration. The Company's losses consequent on this fire were estimated at $53,208, of which only about half was covered by insurance. In spite of this disaster, a dividend of 12 per cent. per annum was paid, a further addition was mad to the Reserve Fund, and a balance of $18,619.13 was carried forward. The buildings destroyed by the fire were mostly attap (palm-leaf) sheds and houses of a very temporary nature. These were now replaced by new buildings made of more permanent materials. Brick- built coal sheds were erected, capable of containing 45,000 tons of coal, and these, together with the old coal sheds which were left standing after the fire, brought up the total coal storage room to 60,000 tons.

Progress was made with a new growing dock during this year, and the lease of the Bon Accord Dock was renewed for a further period of five years. Sub- stantial houses were also erected for the Company's officers and workmen. Mount Purchase Palmer Estate was purchased by the Company during the year, and they also of Mount obtained a grant from Government of about four acres of land extending to the Palmer 4-fathom line seaward, for the construction of a new wharf. At an extraordinary Estate. general meeting held on the 23rd March, it was resolved that the capital of the Company be increased to $800,000 by the issue of 2,000 new shares. A first call of $20 per share was paid during the year, the paid-up share capital being thus raised to $640,000.