SHAREHOLDERS' MEETING - 1908.

The Advertiser (Adelaide) Thursday 17 September, 1908.

ADELAIDE STEAMSHIP

COMPANY.

SHAREHOLDERS' MEETING.

The seventeenth general meeting of

shareholders of the Adelaide Steamship

Company was held at the company's office

Currie-Street, on Wednesday morning, the

chairman of directors (Mr. J. Harvey) presiding 

over a good attendance.

The directors' report for the year ended

June 20 stated:-"After providing for depreciation 

and adding the insurance and repairs and renewals 

accounts, the balance at credit of profit and loss 

account is £29,471 11/11. An interim dividend of 

5/ per share was paid in March last and a similar

dividend has been declared, payable after the

general meeting. The steamers mentioned

in last report have all arrived in Australia, and 

are valuable additions to the company's

fleet. Messrs. A. Stephen & Sons, Glasgow, 

are building a new vessel named Koombana 

to replace the Bullarra in the north-west trade. 

The small steamer Flinders was purchased 

for the Western Australian coastal 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 established a branch office in Port Lincoln. 

An interest has been acquired in the North Bulli 

colliery in the southern district of New South Wales. 

This class of coal is largely used in the company's 

steamers.

The steamers of the fleet have not been

quite free from accident during the year,

but fortunately in no case was there loss of

life or injury to passengers or crew. The

fleet and plant are in an efficient state, 

having been well maintained throughout."

In moving the adoption of the report and

balance-sheet, the chairman said the gross

result of the year's operations was not

quite so satisfactory as that of its immediate 

predecessor. That was due to several causes. 

A strike occurred at Newcastle in November 

last, causing the company to incur heavy expense, 

and any additional money they were able to 

obtain for their coal in stock went but a small 

way towards reimbursing them for the heavy 

losses in running their steamers while the strike

lasted. Also towards the end of the financial 

year there was a diminution in traffic in some 

of the trades in which they were operating. 

Several increases to their fleet were advised 

at the last meeting in March, and he need 

only say that since then the Paringa had arrived. 

She was designed for trading in Spencer's Gulf, 

and, with her sister ship the Rupara, was doing 

good work. The Koombana, intended for the

north-west mail service, should arrive in

Australian waters early next year. They

had expected to hear that she had been

launched, but delay occurred some

weeks ago owing to labor troubles, which

doubtless had postponed the date of

launching. Her builders Messrs. A. Stephen 

& Sons Linthouse) bore such a high

reputation for workmanship and punctuality 

that they might rely upon it they would not 

be much behind in their contract. The company 

had purchased a site at Port Lincoln for its 

own office and manager's house. At the 

present time the demand for coastal tonnage 

was not so keen as usual at this time of the year, 

with practically none for foreign trade, and it

had been found necessary to lay up some

of the steamers, including the Echunga,

but this would probably only be temporary.

Captain Cocker seconded the motion, which 

was carried.

Messrs. A. Tennant and M. G. Anderson

were re-elected directors. The remuneration 

of the auditors for last year was fixed

at 180 guineas each, as formerly, and

Messrs. Dalton and Hughes were re-elected

auditors for the ensuing year.

1903:

The balance at credit of profit 

and loss, after payment of interim dividend,

providing for depreciation, repairs, and renewals,

and adding to insurance account, is £34,604  11/11.

A dividend of 5/ per share was paid on February

25 last, and a similar dividend has been declared

payable after the general meeting,

It appears that the Adelaide Steamship Company's profit had dropped by £5133  - 1908 compared with 1903. Mention was made of the new steamer Koombana which was a opulently appointed passenger/cargo vessel destined for the Northwest trade. Quotes at the time were made that the Koombana was so luxurious that she was 'too good for the trade'. Despite profit dropping, management were not cutting back on prestigious steamers. The Koombana, like the Yongala, was destined to founder in a cyclone with all hands. The drop in profit was blamed on the coal strike, which is feasible, and in all probability unpredictable - but no provision appears to have been made by the company for such eventualities. Times were a changing and workforce strikes becoming part and parcel of the industrial landscape.



to be continued.....