The first annual general meeting of the Shanghai and Pootung Foundry and En-neering Company was held at the Shang-ai Club on the 24th inst. Present Messrs. F. D, Barnes (in the chair), A. Hennequin, E. G. Low, F. G. White, W. K. Kent, E. MoLoughlin, W. Stok, W. Schmidt, 0. Brandt, "-M. Banyard, Capt. Macqueen, D. Muirhead, Manager, and J. Mackenzie, Secretary—representing 735 shares.
The Cuamwan presumed they might take the notice calling the meeting as read, and as the Report had been in the hands of the Shareholders for some days, the reading of it might also be dispensed with. It stated very fully and clearly the position of the Company at the time; that the profits had only been some Tls. 720, and that this small balance had been caused by the fact that there had been a large falling off in business, which for several months during the period reported on, had been virtually at a standstill, while the wages of the permanent staff had, of course, to be met. There had, however, been any quantity of work since, occupying the stai night and day. He might state that the working of last month, since the Report was made up, showed, according to "rough statement of accounts, a profit of Tls. 2,800, and if it would only continue in the so portion, they would have a good di by-and-by, but of course the great difficulty was during the months of slack time, when it was hard, with the present competition, to make sufficient to pay wages. At the same time the Directors thought that, with the increasing business at the Port, every-and giving it all the business they could, body being very friendly to the Compan they ought to be able to make a good dividend. All they wanted was plenty of work, The accounts were stated so as to show the amount actually earned, less the cost of wages and material; the. gross earnings were Tls. 78,000, from which had to be Teducted the cost of coals and of Chinese labour Tls. 58,000, leaving a balance of Tls. 19,000, The balances on the other side were fully set forth, and the amount stated separately of the cost for manager and foreign staff. The Directors were sorry that the statement of accounts should be so unfavourable, but they were all equally interested as shareholders, and they hoped at the end of the year to be able to give a better report than that now submitted. He would be happy to answer any questions, and now begged to move—that the Report and Accounts for the past year, as presented by the Directors, be accepted and passed.
Mr. Henxequiy seconded and the resolution was passed unanimously.
The Caiman said the next business was to elect Directors for the ensuing year, Mr. Nissen and Mr. Low retired, but were eligible, and were willing to serve again. But if any other shareholders were ing to join the Board, they would be glad to have their advice and assistance.
Capt, Macqueex proposed and Mr. Wurre seconded—That Messrs. Nissen, Hennequin, Low and Barnes, be elected Directors for the ensuing Passed unanimously.
The Oasnatan observed that an extraordinary general meeting had been held on the 19th August last, of which he would read the minutes.
These were now confirmed.
The Cuarnaan said the next business was to elect auditors. Mr. Kent, who had taken a great deal of trouble with the accounts, and devoted much valuable time to the Company's interests, was compelled from pressure of other business to withdraw. Messrs. Banyard and Morel had agreed to serve, however, and he begged to propose that they be elected for the ensuing year. ited without permission.
Text read from the printed page and cleaned; old type leaves the occasional error.