The annual general meeting of sharon holders in the Shanghai Gas Company was held at the Club yesterday. Present: J. T. Brand, Esq. in the chair, Sir Edmund Hornby, Messrs, F, B, Forbes, J. G. Purdon, J. I. Miller, J..G. W: Cowie, 0. Brandt, W. Saunders, E, McLoughlin, T.
Mead, and G. J. Yeo, representing 311 shares.
After some delay occasioned by the difficulty of constituting the meeting, owing to the small attendance of shareholders, The Cuamatan said a sufficient number of votes being represented, they might now proceed to business. Having read the notice calling the meeting, he remarked that it was customary to read the minutes of last annual meeting, but as they roferred toa bygone year, and there was nothing of special consequence in them, if the meeting were agreeable, they might take them as read.
It was agreed, on the motion of Mr. Cowrz, seconded by Mr. SAUNDERS, to take the minutes as read.
'The Ouarmaan said he had now to propose the adoption of the Directors' Report and accounts for the year, and in doing for the first time—ho was not unhopeful it might be the last—he was reminded on looking back of the excellent services rendered to the Company by the able and good men who had formerly headed its direction and who had given much time and care to. its offal these gentlemen none had more assiduously looked after the interests of the Company than their last Chairman, whose resignation was as unwelcome as it was unfortunate. The Directors were happy to be able to report that the affairs of the Company continued to prosper, but still, to many original shareholders, the results taken asa whole did not give more than about six per cent since the Company had been formed, and under these circum: stances he did not think consumers or the Municipality had much ground for grumbling at the present returns. On the other hand, shareholders would have to make up their minds to do without any higher rate of dividend for some years to come, Many new mains had to be laid down, and in the district of Hongkew, which it was dificult to supply to the contentment of consumers, there was much to be done; while a second holder at the Works was also needed. The Directors could not therefore suggest any less price for gas than was now charged; but as with former members of the Board so with the present ones, they were only too anxious to produce @ good article and supply it at alow rate. So soon as they had carried perfect the lighting of the Settlements, through the arrangements necessary to
they hoped to be able also to reduce the price. He would now propose—'That the Directors' Report and Accounts for the your 1872 be approved and passed, and that the balance of Profits during the year, Tls.-9,007.77, be carried to reserve and depreciation fund, as proposed by the Directors.
Mr. Mrcuex begged to second, and the resolution was passed unanimously.
Text read from the printed page and cleaned; old type leaves the occasional error.