The Maritime History of the Great Lakes
Richelieu and Ontario Navigation Co.
Publication:
The Railway and Marine World (Toronto, ON), March 1911, p. 273


Description
Full Text

Following are extracts from the report for the year 1910, presented at the shareholders' annual meeting in Montreal, Feb. 13.—

1910 1909
Gross receipts $1,437,931.42 $1,238,044.31
Operating expenses 1,016,233.23 932,918.47
Fixed charges, interest, etc 58.582.50 47,563.55
_______ _______
Net profit $ 363,145.69 $ 257,562.29
Increase $ 105,553.40

Four quarterly dividends of 1 1/4% were paid, aggregating $164,430.

The new steamboat, Rapids Prince, for the rapids division, was completed and delivered in Sept. The new steamboat Rochester, operated by the R. & O.N. Co. of the United States (which company you control) had a successful initial season, and has strengthened your position in the Lake Ontario and Thousand Island trade. Continuing the company's policy of expansion, your directors have ordered a large modern twin-screw passenger and freight steamer for the Saguenay division. This vessel is now being built on the Clyde, to be delivered at Sorel, Que., for the tourist season of 1911.

The insurance fund has been credited with $61,000.00 out of the year's earnings and $ 229,140.i95 now stands to the credit of this account. This reserve fund is in addition to the insurance carried with insurance companies on shore properties, steamers, etc. During the year $22,873.33 of the outstanding debentures were redeemed and cancelled in accordance with the deed of trust.

Including the one building the company has 21 boats, with 36,713 tons aggregate tonnage.

Assets.
Steamers, real estate and buildings, docks, wharves, etc $4,774,019.48
Accounts receivable $ 99,883.92
Coal stores, provisions, etc. 79,402.90
179,286.82
Insurance fund investment 155,280.91
_______
$5,108,587.21
Liabilities.
Capital stock $3,132,000.00
Bonds 5% sterling $1,216,666.66
Less cancelled 55,906.66
1,160,700.00
_______
$4,292,700.00
Accounts payable $ 103,758.84
Bank loans 72,018.73
Unclaimed dividends 159.00
Accrued fixed charges 19,345.00
195,281.57
Insurance fund 229,140 95
Surplus 391.464.69
_______
$5,108,587.21
Income Account.
Surplus Dec. 31. 1909 $378,700.86
Net profit, year 1910 363.115.69
_______
$741,816.55
Dividends $164,430.00
Carried to insurance fund 61,000.00
Written off steamers, depreciation, etc. 124.921.86
Net surplus 391.464.69
_______
$741,816.55


Media Type:
Text
Newspaper
Item Type:
Clippings
Date of Original:
March 1911
Language of Item:
English
Copyright Statement:
Public domain: Copyright has expired according to the applicable Canadian or American laws. No restrictions on use.
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Richelieu and Ontario Navigation Co.