A Meerine of the Sirsrenowpers in the Sranoat Steam Navication Compayy was held on Gth inst. at the office of the Agents. Present messrs, Porter, Overweg, Forbes, D. King, Hanssen, ewes, Walker, Gundry, Bush, Mackeller Wheeler, litch, Murray, Donn, Maclean, 1, Miller, Mac-awan, Maccomber, Tootal, Robertson, and Kooing-sing, representing 14,536 shares, Mr. Cuningham, President, in the Chair.
The Presipenr said that he would refer to few points in the report which he was confident ould not fail to give satisfaction. ud effective condition. We have careful reports She vessels of the Company's fleet are in sound upon the state of the boilers, machinery, and those if all the boats ure good for several yeats wear, vith only the ordinary current repairs.
The total value at which the fleet now stands in he books is Tls. 1,424,000. This fleet could not replaced ata less cost than Tls. 1,700,000, even inder favourable circumstances of wages and material. As it has been kept in as perfect condi-ion as possible, all along, there is very little deter-oration, and the above amount is well within their true state and actual value.
Turning to Real Estate—the original cost of erection of the various astites was over Tls. 580,000. The accounts stand at Ts. 375,000, after a season in which nearly Ts. 50,000 has been spent in additions and improvements. The lower yo-downs, which cost the builders Tls. 180,000, not including the iron shed removed last year, now stand at Tls. 60,000. The Dock, now in as good repair as when new, which cost 110,000, is charged at Tls. 75,000, and earns fully Tls. 20,000 per ear to the Company in dockage of its own vessels. hose prime costs, which I mention, are with the Jand at the original prices of Tis, 40 and Tls. 50 per mow, not several thousands as afterwards valued.
The Kin Leo Yune estate, original cost Tls. 207, 000, has had added to it this year nearly Tls. 50,000, and stands at Tls, 200,000, which is less than such a property in such a locality could be built at, to-day. The recent improvements in that quarter are calculated by the Superintendent to save Tls. 15,000 to Tis, 20,000, a year in boat and coolie hire, besides the advantage of the facilities given to the transection of business. They will thus shortly be paid for out of savings.
As with the steamers and the real estate, the accounts of spare machinery and coal, are kept, the former well within. and the latter at, their true vajue. We can therefore assure the shareholders that their stuck account is in as satisfactory a state as they could desire.
the importance of a reserve, already enlarged upon at former meetings, and no doubt fully appreciated by the shareholders, needs no more than an allusion. Without it a steamboat Company is at the mercy of any assailant. With it, end with a healthy condition of its stock account and its general management, it is as safe as any business that can be nated.
The Directors took no early action on the vote at the last meeting empowering them to build new breamers, finding thata delay would bring no disadvantage. In December, however, they sent toward an order for an Iron river steamer, to be built where it could be accomplished at least cost. The funds will come partly from this year and
Text read from the printed page and cleaned; old type leaves the occasional error.