The contract of the North Atlantic steamship companies has given satisfaction to the united parties during the past year, and has been the cause of still closer relations between us and the Norddeutscher Lloyd. We have closed a contract for several years with the administration of the Norddeutscher Lloyd, by which we in common shall carry on, not only the lines between New York and the Mediterranean, but also the cabin traffic to and from Hamburg, Bremen, Southampton, as also the outgoing freight traffic; and have regulated the division of receipts, and thus set aside competition between our companies. That through this union the earning capacity of the two companies is greatly increased is certain, and there is no doubt that this union of the German companies gives a power which will be sufficient to keep competition within bounds and afford protection against all competitors. The results of the West India Merchant Line were satisfactory, although the traffic was naturally affected by the unfavorable circumstances cited above. It was possible to extend the voyages of this line, in that we increased the number of expeditions from seven to eight per month, at the same time making new connections with Jamaica and harbors of the Island of Cuba. A step of great importance, from which we certainly expect great results for the development of our corporation, is the construction of four immense twin-screw steamers, which are not only arranged for steerage and freight traffic, but also especially adapted on a large scale for forwarding live stock and the transportation of meat in cold storage. These steamers, which can be arranged to carry about 2,500 steerage passengers each, and by utilizing their entire capacity, can load very near 7,500 tons freight are, by the use of all the new inventions and improvements, so economical in regard to running expenses that we are guaranteed a speed of 13 miles per hour with a consumption of coal of only 55 or 60 tons per day. The first of these two vessels (445 feet long, 50 feet wide, and 34 feet deep) which are being constructed in the well-known shipyard of Harlan & Wolff, in Belfast, and which we have named Prussia and Persia, are to be delivered in the spring. With the two contracted for in Germany, with the Vulcan Works, in Stettin, and Blohm & Voss, of Hamburg, we have increased the dimensions still further. These vessels will be 460 feet long, with a width of 52 feet and a depth of 35 feet. Two steamers of the West India Line, India and Europa, which are too small for our trade, we sold to firms in this place, and bought from the German-Australian Steamship Company two steamers built in 1889 and only recently supplied with new boilers, named Barmen and Eberfeld. At the extraordinary general assembly of April 24, last year, it was decided to call in our first preferred loan, amounting to 8,750,000 marks, and in place of it give a new one, in amount 15,000,000 marks. This decision was carried into effect in May. On December 1 of last year we transferred our works from the American quay to the Petersen quay, behind which we have erected our repair shops, which were partially destroyed by fire in 1892. The equipment magazine has again been erected on the place near our dry dock. We had no great accidents in the past year, but a succession of average damages has unfavorably influenced our reserve insurance account. The additions thereto were 272,285.17 marks, and the account now amounts to 5,749,179.22 marks. The contributions of our company to the sick, invalid, and retired insurance funds was 120,364.78 marks in 1893. During the year 1893 315 round trips were made, on which 103,114 passengers of all classes, and 1,226,354 cubic meters freight were transported. 7325 NAV- -10 PROFIT AND LOSS ACCOUNT, 1893. Profit of transatlantic voyages Profit of river steamers and lighters on the Elbe Dry dock on Little Grasbrook, profit Equipment magazine and workshop on Little Grasbrook, profit. Landing place in Hoboken........ Accrued interest.. Reserve insurance account, carried forward Steam vessels Administration building Dwelling, storehouse and workshop at Little Grasbrook. Workshop building at Sluicequay. Immigration barracks Storehouse in Montreal. 4,060, 753. 91 4, 792, 231. 44 4,792, 231. 44 Cash account: BALANCE, DECEMBER 31, 1893. 51 seagoing steamships: Albingia, Allemannia, Ascania, Augusta Victoria, Australia, Baumwall, Bavaria, Bohemia, Borussia, California, Cheruskia, Colonia, Columbia, Cremon, Croatia, Dania, Europa, Flandria, Francia. Fürst Bismarck, Galicia, Gellert, Gothia, Grimm, Helvetia, Holsatia, Hungaria, India, Italia, Kehrwieder, Markomannia, Moravia, Normannia, Polaria, Polynesia, Rhenania, Rhaetia, Rugia, Russia, Saxonia, Scandia, Slavonia, Steinhoft, Suevia, Teutonia, Thuringia, Valesia, Venetia, Virginia, Wandrahm, Wieland.. 2 twin-screw steamers, under construction, on which we have made payment up to the present of 8 river steamers, 6 steam sloops, 1 steam-hoisting machine, 3 box barges, 1 barge.. 21 iron lighters 2 lighters at St. Thomas Dry dock on the Little Grasbrook. Dwelling, storehouse, and workshops on the Little Grasbrook Sinking fund account: Premium 15, November, 1887; preferred obligations not taken up... Dividend account: Premium 1888 certificates not taken up..... Premium 1890 certificates not taken up.. Workshops at the Sluicequay. Premium 1891 certificates not taken up.. Prepaid tickets to be used at any time Assistance account: Condition. Of this is invested. 125, 000, 00 Marks. 615,000.00 315,000.00 over the seas 40, 000, 00 4,000.00 Sundry credits. Acceptance account, drafts (assignments) to be collected from agencies Insurance premium account to be paid in 1894. 532, 328. 70 Supply on hand here Coal in Swinemunde, supply on hand. Coal in West Indies, supply at St. Thomas Equipment magazine dock. Insurance account, premiums brought into account in 1894 FRENCH STEAMSHIP COMPANIES. [Money equivalent: Franc (100 centimes) 19.3 cents.] The following reports have been selected as best and most fully illustrating the modes and extent of French steam navigation considered from the economic point of view. The operations of the Compagnie Générale Transatlantique are on the Atlantic and the Mediterranean; of the Compagnie des Messageries Maritimes, on the Atlantic, Mediterranean, and, via Suez Canal, the Indian and Pacific. The various lines operated by these corporations connect France with North and South America, the West Indies, Africa, Asia, and Australia. The Compagnie Générale Transatlantique constructs, at its own yards at St. Nazaire, many of its own vessels. The report is for the calendar year ended December 31, 1892. On May 31, 1893, the fleet of the company consisted of 66 steamers, of 172,423 gross tons and 174,400 horse power, the most powerful steamship being La Touraine, of 8,740 gross tons and 12,000 horse power. The Bureau of Navigation is indebted for the copy of the report to the courtesy of M. A. Forget, general agent, New York. The Compagnie des Messageries Maritimes constructs, at its own yards at La Ciotat, many of its own vessels. The report is for the calendar year ended December 31, 1892, when the fleet of the company consisted of 58 steamers, of 208,048 gross tons and 158,200 horse-power, the most powerful and largest steamships being the Armand Béhic and Ville de la Ciotat, of 6,550 gross tons and 7,000 horse power each. The Bureau of Navigation is indebted for the copy of the report to the courtesy of the director-general, Paris. COMPAGNIE GÉNÉRALE TRANSATLANTIQUE. Following is the report for the calendar year 1892, dated June 29, 1893: Francs. On December 31, 1891, the fleet of the company, equipment, general property, agencies, and plant generally represented, after deduction for depreciation, the net sum of.... 137, 979, 107.50 This amount has been increased during 1892, first by the value of the steamship Général Chanzy, by improvements, and electric-light plants for several vessels, by... Second, by machinery, furnishings, tugs, tenders, wharves, etc........... Francs. 2, 923, 632. 79 Total From this should be deducted the value of the Maréchal Canrobert, for which we are prosecuting suit for reimbursement Leaving balance........ Deducting from this amount the sum carried this year to account of depreciation of the fleet Chargeable to issue of 3 per cent bonds Depreciation of property, shipyards, machinery, equipments, etc Making a total reduction to be made from gross earnings of.. This balance sheet shows thus on December 31, 1892. 3, 203, 403. 63 141, 182, 511. 13 593,833.38 140,588, 627.75 5, 220, 156, 43 85,000.00 95,576. 01 5,400, 732. 44 135, 187, 895. 31 Comparative statement of expenditures for 1891 and 1892 for maintenance, damages at sea, renewals, and repairs. The assets of the company on December 31, 1892, are: Fleet, equipment, shipyards, machinery, office stock, cost of original plant, less depreciation Francs. 135, 187, 895. 31 3, 398, 679. 81 3,326, 738. 85 2,064, 418. 10 12, 358, 944. 41 8,177,096.80 164, 513, 733. 38 The liabilities are: Capital stock. Five per cent bonds (not converted) Three per cent bonds. Capitalized at 6 per cent, 17 annuities of 440,732.90 francs, due to the old Valery Com From which must be deducted for damages at sea, fire insurance in port, and insurance on vessels in New York............. Leaving reserve insurance fund December 31, 1892 After making deductions above indicated, we have as result of operations for 1892 a net profit of.... From which must further be deducted for legal reserve. Leaving a net sum of....... Francs. 40, 000, 000. 00 40, 500.00 96, 688, 379. 20 4, 407, 737. 30/ 3,099, 044. 00 18, 650, 285. 48 1, 634, 827. 40 164, 513, 773.38 15, 866, 211.80 3, 283, 967. 10 19, 150, 178. 90 3, 148, 615. 21 16, 001, 563, 69 1,714, 827.40 80.000.00 1,632, 827.40 Carried to profit and loss, from which should be deducted the dividend of 20 francs which we propose to distribute for 1892. Operations for 1892. RECEIPTS. First, the receipts from traffic, including subsidies and navigation bounties, amounted to Francs. 54,821,873. 20 Fixed charges (interest on loans, premiums on conversion of bonds), losses by sea, other losses, tenders, small boats, tugs... Total..... Receipts of all kinds for 1892. Expenditures.......... Receipts over expenditures Of which, after writing off according to our rule a reserve for depreciation, etc., and the legal reserve, there remains as indicated above... Francs. 39, 543, 449. 17 422, 347.57 6, 213, 729.90 4,913, 514. 70 51, 093, 041. 34 58, 208, 601. 18 51,093, 041. 34 7, 115, 559.84 1,634,827. 40 60, 215, 562.78 58, 208, 601. 18 2, 006, 961. 60 52, 187, 962. 36 51,093, 041. 1,094, 921. 02 8, 027, 600. 42 7, 115, 559. 84 912, 040. 58 89, 313, 884. 78 94, 714, 617. 21 |