The half-yearly general meeting of shareholders in the U.S. N. Ca. was held at the offices of the Company, yesterday afternoon, when there were present the following directors and sharcholders—Messrs. R. Francis, in the chair, J. Ashton, T. Probst, Samuel' Brown, J. M. Ringer, A. Robinson, S. J. G.' Jellicoe, F. M. Youd, W. Lent, C. C. Rainbow, T. R. Wheelock, Endicott, W. B. Pryer, W. S. Rosen thal, R. W.'M. Bird, Inwagent to the Ca., Stoddard general manager, and W. Mitchell, auditor.
The minutes of last meeting having been read, The Cuamwan submitted the Report and Accounts. In doing so, he said it was to be regretted that they were not more favourable. The earnings of the Tunsin had been about as large as usual those of the Glengyle had not been so large in proportion to her former work, and the Rona gave a loss of Tls. 9,300.
The Directors now present the accounts for the half-year ending 30th September, 1870, showing "a balance of nct profit of Tle 1,953.25, The net earnings of the steamers have boon Tis, 25,685.38, against Tls. 14,501 in half-year ending'Stst March last, and is. 44,301.18 3 corresponding half-year of 1869. The unfav able comparison in the latter ease arises part from the tim lost, whilst the "Rous" and rerations, and partly. from the low rates of "Glengyle" were: undergoing repairs and al-freight on the coast." The loss from the latter cause has been partly obviated during the present quarter by the substitution (temporarily) of the ""Glengyle" for the "Rona."
It will be observed that the Reserve Fund stands at Tls. 18,544.77, instead of Tls. 20,544.77 as stated in last Report. On making up the account finally, the balance proved. to be Tis, 243.09 only, and it was not thore-fore practicable to write off Tls. 2,000 as then proposed out of the earnings of the half-year.
The offices of the Company were removed from the premises of Messrs. Glover, Dow Ca,, to those rented from Messrs. Meynard, Cousin & Ca., on 24th Sept. last.
The Shareholders are aware of the Bankrupted of Messrs. Glover, Dow & Ca., the late Agents in Shanghai, and the Directors regret to have to inform them that the firm's indebteduess to the Company is between Tls. 17,000 and 18,000, As this amount is more than' the profit earned, they cannot recommend the iment of any dividend for the half-year, on freight be paid to contributors. ut suggest that the usual bonus of 6 per cent In the early part of last year, arrangements were entered into with Messrs. Glover, Dow &Co,, under which it was agreed that the Company should allow them Tls. 6,500, and take over all their interest in the premises on the French Bund, now occupied by the Company. 'The Leases held by the firm were consequently allowed to revert to the proprietors, who have granted new' Leases direct to the Company:
The Directors have appointed Mr. L. H. Stoddard General Manager of the Company.
To meet the necessity of occasional alterations in the Deed of Settlement, the Directors propose the adoption of the following clause, to which the written consent of every' Share: holder is invited "That the Company may from time to time, by resolution passed by a majority in number representing at least two-thirds in value of the Shareholders present at an Extraordinary General Meeting, holding not less than Tls. 50,000 of the Capital Stock, called and convened as by the Deed of Settlement provided, repeal, alter or make new provisions in lieu of or in addition to any regulations of the Company, contained in the Deed of Settle ment; provided that such resolutions be sul mitted to and confirmed by a subsequent general meeting to be held not less than two months thereafter."
To meet overdue and future payments on account of the Glengyle," the Directors recommend the issue of Debentures bearing interest at 10 % (ten per cent), fora sum not exceeding Tls. 120,000; Shareholders' applications to have the preference.
Messrs. Samuel Brown and J. M: Ringer have been ai Directors in_place of W. Jackson, and F. A. Groom Esq., subject to confirmation by present meeting.
Srareest oF Accousts, 301m Serreunen, 1370.
Text read from the printed page and cleaned; old type leaves the occasional error.