Balances in hands of various colin 141,785.21
Ta. 513,970.94
/Wouxiso Acooust, You MOLY-TRAR, ENDING 30TH
To Amount sot apart to meet Con-answer any question. The statement was 80 clear however that very few remarks had to be made. The assets were very much the same as at last meeting. This being the half-yearly statement no question of valuation had been introduced, and nothing written off on account of depreciation, but this would of course be done wien the yearly statement was made up. The bonus on the Godown leases also stood at the same figure as before. Godowns were not usually considered to be particularly profitable, though necessary to aid the Company's business, but they were every year improving, and the last half-ear gave a small profit, so that the rectors thought they might write that expense off, out of the earnings of the godowns and' not out of the profits of the Company. The price of coal had been high during the half-year, but that circumstance had been rather to the advantage of the Company, as they had bought " large quantity when it was lower. The amounts outstanding were considerable, but this was only natural during the half-year which had the largest share of business. To freights outstanding the same remark applied; in very short time they would have received them all, half indeed had been recovered gards vances he might say the same. since the sooounte were made up. Ber Asto the ottate of Glover, Dow & Ca, little could be said, till the realisation of the as-rela of Glover d Ca, "The item of bill pending appearing in the accounts Inoatly since been puld No remarks being made, The Cuainaax proposed—That the Report as now presented be adopted, and that the accounts be passed.
Mr. Haves seconde Carried unanimously.
Mr. Buoww had the pleasure to propo That a dividend be paid for the last six months at the rate of 12 per cent per annum, and that a bonus of 5 per cent be retarned to contributors for the same period.
Mr. Rigen seconded, Carried Ananimously.
The Cuatmwaw said the whole balance at their disposal was Tls. 53,000, of- which 'Pls. 38,000 belonged to this half-year and 'Tis, 19,000 was. carried from the previous half-year; and after paying the dividend and bonus just passed, which would absorb ely 'Tls. 12,000 and Tls. 8,000, they would have' Tls. 18,000 over, enough to, meet half the payment on the Glengyle, due in February. If the
current half-year as they had reason to busines went on ax prosperously for the expect, they would be able to pay the whole debt for the Glengyle when due, without any further increase of capital. The steamers had been dying well, ti Rona even, which he thought was scarcely appreciated, had done very well. She had been laid up for three weeks and had' been Japan, and though not giving a profit she showed very little of a deficiency, which she made up for by bringing in coast freight that would no doubt pay well. Her working expenses had been much reduced and he thought now that she was again on the coast she would pay better. He sed to propose that the payment to the auditors be increased. At present it was very low. Instead of Tls. 50, they proposed to make it Tls. 100.
Agreed to unanimously.
Wigzoox then moved a vote. of concluded. thanks to the Chairman, and the meeting The Directors have pleasure in reporting to the Shareholders as follows, regarding the Dusiness of the Company for the six months ending September 30th. The accounts herewith presented, duly audited, show a net result derived from bred working. of the Com-Fie' 39,860.50, eu of which thes ps a muy's steamers, wharves lowns, of dividend for the half-year at the rate of 12 per. cent per annum, and a return of 5 per cent to. net rit of working, of Comand Gaon forte 22,997.93
Text read from the printed page and cleaned; old type leaves the occasional error.