The Dorset County Express and Agricultural Gazette.
Dorchester, Dorset, England, 1882-02-14 00:00:00

OUR STEAMBOATS.

The sixth annual meeting of Comes and Co.
(Limited), the Weymouth aod Portland stems: coin-
=was held at noon at the Orows Hotel, cm
7 last. be Pens being limited be the Gott
time. Dr. Dens chairman, presided, sooported
Captain Chimney: Mews. A. Dees* A. Graham,
R. Reynolds, Bragg, dydealtana (Poole), C 0...., K.
K. Mem, Northover, and Simpson, Dr. Moo/head, and
Mr. 8. J. Fowler, secretary.
The boohw was to receive the directors' report, to
elect an auditor, mad for general business.
The ellelftltaN referred to a suggestion motabied In
the supplementary report with regard to having •
fixed dividead. That was surronoded with difintildes
It wee thole halation to ham mad* up a amea deed
dividend, and afterwards han declared • further
mount at the end of the 55550 when It was Moira
what the *imams were. Thsrepilstbadbes. very be.,,
In NUN years, and they found the scheme
with so assay difilcultam that they bad not beesi &hie
to draw up • satisfactory propoobion. The Chalmsaa
then read the directors' report.
" Ladies and Geatlimm—La Seeing before FOS the
balance sheet of lamas and Commay for the POW lel,
year directors feel they have left little to explain, the
monde haring bass prepared with • view of giving Si.
shareholders the neatest amount of informatics the own.
paay's hooks e•a MUM. There are, however, nese few
1t... of interest which mad en appear ea therm, d the
mount,, sad to these you: directors would now solicit
your atteation. la working the Boarsounouth &mice
your directors found Is seramary—from remain wog rEr.
contatmose—to have the supply of mil for the bests ea
Mug statics tame Nader their immediate ocestrol, amid for
that purpose they purchased Ws Mtn Mernian, of 86
tons buittert, for the mua of Afifil, sod by this MIMI
they not only rendered themealms entirely ladopeadest
of other amen of supply, but the lavestneat has proved
In miser ways, **tie/ actorily resounerativa. At the last ,
genera meeting of the shareholders, your directors held
out some hope of the Prince beim profitably employed I.
usetiec when net engaged in pommy" treat and So'
that verticalsr branch of trade your directors gave their
especial attention, but, they regret to say, that owing to
the distance from this part to the trawling beds—the con.
sump.ian of coal to and from the same---and other
circum.tanese over which they could have no control. the '
en terpriee has not proved remunerative, and. commend,
It has been abandoned. Your director' also wish to remind
the shareholders that the dividends during the put year
bare been lower than was anticipated, in consequence of
the dientrous and almost unprecedented stormy weather
of the whole of A month smelly *anal to my other
two in the season for profit—for, win Ste 'awe steadier
e spinosa the earnings of the beata fee that month IA
• wt of the previous Ailinst by ta• sum of C3BO. During
the past year also, the company's engineering shop and
storages have hen entirely reconstructed and enlarged—
!newel Important and excessive implement. and
machines have also been added to the calm:may's appli-
ances—thus enabling much of the work hitherto done by
ether firms to be completed on he company's own
promisee, and under their own supervisioa. The cat of
these improvements and additions your directors propose
to spread over a term of years. The reetorstiass asd
repairs of the Prism sad Premier, this winter and spring,
will also be more expensive than on mastery nee-
dons, but as them vowels will not require the rams
amount expended on them for some few years to came—
air moths., also, your amain propose M even over a
certain period of time, so es not to depreciate the
diridends of the present year —by paying the whole of
their re•dt out of the earnings of the curreat swum. The
two retiring director' for the present year are Yr. A.
Dennis and Dr. Drew, both of whom being eligible, offer
themselves toy re-election. At this mettle; Mr. Cross, the
auditor, win retire, but at the request of the directors he
alms his Dame to stand for re-appointment.
datum Dazw,
Chairmen."
December 31st, 1881.
Dr. Drew continued As a short supplement to the
report just read, I would just remlod the share.
holders, that owing to the most unusually stormy
month of August Mt year, we carried on the Wey-
mouth stall o 9,000 passengers lase than we did on
the previous year, and this very materially redneed 1
our income, as our standing expenses were the same.
We have, however, g ,od cause for congratulation in
She fact the financial pada: of Cvans and Co. stands
higher in the estimation of the public than it ever did.
I have been connected with the company for very
many years; I have seen it prow from little to moth,
and from much to more, and we don't know what may
be developed, as to docks In our Backwater, we do
not know anything of the future, neither can we
speculate on it, but judging from the past, we have
seen it growing on, and bsooming great, and we may
expect to be greater still. Our £lOO shares have
exchanged hands at £517 10s. premium and our £lOO
debentures at a premium of E... 5 10i, :eds. our net
revenge In the gear amounted to £2.662 Se. AL which
with the balance brought forward from the previous
year of ESN 18s, makes the total net cash aredit of
£2,188 16s. 6d., out of which we have paid •
dieidend of £7 per cent on £16,400 in shares, ant of
£5 per cent. on £lO,OOO in debenture baths. Your
directory have also added £250 Ss. 41 to the reserved
fond, and they now aim forward • balance of
£892 17. 21. to the amount of the present year.
Mr. NOirgovii =and at MIMI future des, they
should (say off the tore bonds.
Dr. Dam said they looked forward to that • but he
felt about the debt like the National Debt; the higher
It was the more ware we are, and while they can
employ the mosey et £7 per cent, there was no reason
why they should not borrow at per amt. He
believed If they *oak' pay £8 per mat., they should
hesitate to borrow a 515.
_ _ .

tht-intriaiotTdl-I;ink it would be Intim to buy
• powerful tug.
The CH/mints said that had been under the con-
sideration of the di,ectors, wit, had been in communi-
cation with almost every eteam•tug builder in England
and tiootianl.

P. : That would be more advleable than
paying off debenture bends.
CHAIRMAN udder—if they could buy • power-
ful tag for £4,000 or ,000, which would hem Interest
of 050 • year, that tug would earn £7OO • year or
MORO. _

Dr. MooensaD, speaking for himself, most say he
thought they might have had a larger dividend, perhaps
£lO per oent, butted of ET. At present the bond.
holden and ahareholders wets placed on an equality,
occalderlog that the £lOO shares are at • premium aod
fetch £lll7 10e. The bondholders have absolute security,
whereas the shareholders are liable to accidents, He
Was both • boadholdsr and • shareholder, and the
property of the latter is precarious; a boiler may
bunt, or a c occur, and before the directors put
away 000 or MO, it worild have beets a proper
question whether they should not recommend •
dividend of £lO per cent., for £7 per omit. Was prac•
tinily only ES per cent, on the shares. The cod of
the ketch Mermaid, instead of being taken out of
revenue should, be thought, have hen borrowed at £5
per cent. They bad been very f *toasts in securing
such a large sum from salvage, for it had paid both
the interest on the Intimaters' and the shares. At the
suns time the directors had the largest *take in the
shares, and know what they were about, and he felt
they had given their best attention to the oompany's
Luterests.

-71Vatuntirnir assured Dr. Moorhead that these
questions arise seriatim in the office, and have Us'
attentlos of the director; not only week by week but
day by day. Every word Dr. Moorhead had towitiosed
had been said to the directors over and over again, and
the outcome wee in their hands as the Warm
sheet. _

Mr FOWLER. 111 to the purchase of the "Mermaid,"
explained that In October they charged their ersiolo of
accounts. He had gone through them with the
assistance of a professional accountant, and it vim
necessary, under the company's act that the purchase
of the Mermaid Mould be put to the amount it was.
Al to paying less into the reserve fund and more as
dial lend, they hadithe amount mentioned, not in cob,
but as book debts. Had they It In cash they would
have been very pleased to pay a larger dividend; but
as it was, there was no alternative.
Dr. idoosumu still thought there was not a due
proportion between the return. on the shares and the
debentures. Would it not have been PracticaN• to
borrow £5OO of the bank. To pay for the Mermaid
out of current revenue wae hardly fair to the share-
bolder, of 1881. _

Mr. Ramis said supposing there had been so
Mesmald, VW of the money must hare been taken out
and paid beck; tbey could not kayo used It as Dr.
Moolb.sd said, for it was • matter of capital mown
they were hokUng, aid under the law it had Is be
taken out and placed to capital account; there was so
other course to be ador
Dr. ii0011111AD: MOS MI mad• • vsey good um of
It, because it is a source of profit.
The Caitlin/LI said they had directed Mr. Fowler to
take measures to moertaia their true position, and ha
had coaealted with members of the dna of Bole,
114 kw sad Nwtowi who bad put their balance 'beet
right and appoov.d of every Una Ile proposed that the
report sad sheet be
Mr. Gummi semeded, ea= beiag no amend-
ment the same woe carried.

DIRICI'OII3 AND ADDLTOL

Dr. 1100111 MAD Isboved that the retiring directors,
Dr. Drew and Mr. Death, be reelected. Dr. Drew
bed been there so lowg that he wee head and
looked ups as father of the company, and kg. Pe•M"
In the chair was Moog leatile from their cork.
timed aziatesaa Kr. Dui was • osisprisSivsiy
am/ digester, but re doubt he reitedsd Use geeetimes,

sod wee cif the greatest value in looking after the
compaay's Werra As for Mr. Orr looking at the
very elaborate repxt lowed. hie rine had not bra •
dream He proved the wrilecroo.
Brooded by Mr. B. B. MAO% sad curried.
The Oarsman returned thanks, saran that if he
only oonsulted his own feelinp, be should retire; be
knew not what the morrow might bring forth. But r
to taking the credit Dr. Moorhead had given his, be
raid not allow that to go forth. The success and
=ty of the company were very much due to the
and exertions the escretary, Mr. Fowler, had
thrown into it. The direotoes certainly planned, but
hie were the hoods to wear.
Mr. DINER also returned thrive, and promised in
the future, as in the paw, to do hit beat to farther the
interasto of the oompany.
Mr. W MTN moved ths thanks of the sharehoiders be
orreyed to Mr. Sydrimat, their agent at Bourne-
mouth, for his emargeri management of their briars
at that Matra.

—Soor;d-e-trbi Kr. Gonna*, and carriod usanhnotteli•
Mr. Benin/WI did act anticipate this expremim of
failing, but it was th• more acceptable. An oiler
baring bets mode to put • demob rt as the Matins.
he tried to do an, and got some bloods; but ha had
Matins.
N. coldthonidurl berg taboo in hind by this com-
pany. be did what he conk!, and We esti of the eta-on
showed that ha and tisk armor wen right. Not-
withetamtnamtir stress opposition, ited very meat
sitars scares Mord and Outlaw sod
tErs makini about E
thur ir motr• than
priecipal tamer in the unpleasant opposition had lett
the company, sad tb• directors now wish the two com-
munist to go as halmosiensly, and that might be deo*
at mocb lees explore. Thh computy wets quite in
wont with them to work Into mon other's hands, sod
its:third company ant.
Clitialtall said then must be two boat' at
Bournemouth. and if they did het inapt:gas: others
'maid. At Bournemouth they had a number of
muipatideere, wad the director@ of the north
company ant more than ern disoord to work in
harmony with Moen so that oach compsoy might
ham its day sod its ground.
Mr. Normovis proposed • Tont of thanks to the
Askewa and dirsols.se. .

Seconded by Di. 4-003112•4 who ..id that fur the
admirable swam la Mike tAii directors die:bergs
their duty,
ers they deserts the gratitude el the share
hold

The On•Pmgan aoksowladped the vote.
Kr. Grain proposed a vete of charts to the
mareessy, eaperes, ant saws of the compsay,
esmaeldeg am their energy aml reit courtesy.
Brosied by kb. Darin
Dr. liotramao sapported. Nit such canarty rhe
meatiord had hammed ; the boat, had not come
inhere, ant into coiner., nor hod the captstes run
do wa shy vesesL
The airman said they never had aa accident to
life or limb, though they had carried millions of Her
's
b=
J. tna respooded. It had bre the
height of kis ambition driag the 17 years he had been
connerad with the oompasy, to ass It rise to its
blghuls sad best. They had opened op are fields of
woad to works never before contemplated •
they 1111“ sot half-hearted, but it • thing did or
I answer, the directors had pluck enough to drop it, 68d
M new doom ore, they would thrust their way in.
The reparentatives bad bra airad to come, advirdly,
became them wee* bondholder, not reprasested at the
tordng, who might like further information Too
directors were not ashamed of the report, nor of the
Nurse, for the fleanoial poeitioa of Comas and Ce.
was straw than the world was prepared to give run
credit for. _

OMNI. se mkt captain, responded,
rentieridas it was one 30 peen sines be galena steam.
The raiesdrig then &mired.