directors have now to submit to you yearly report with a statement of accounts to 30th June last, During the period under review there sels docked and repaired thi ix months, the tonnage amon airist 80,103. The work has exceedingly low rates, howeve but still the profit has been fair, and rorult-of the halicyear would have been. mors satisfactory bad an unfortunate claim under contract made in May, 1874, for building the steamer Lipa, not been decided against the Company; the claim, amounting to $4,444.52, the sum of $1,403.75, part. cost of a wall and an extension of the boiler-Kowloon, have been paid out of earnings The gross receipts of the Com amount to $202,768.20, and thi net profit to $33,711.89 To which has to be added the Valance brought forward from last account... 10,744.46
Making available... $44,456.35
'From which has to be deducted Bonus to contributing shareholders Directors' fees 'Auditors' fees The Directors recommend that no divi be declared, but that $25,000 be paid Hongkong Fire Insurance Company in reduction of loan, and the balance, $14,706.35, carried forward to new account.
The sum of $40,000 lias been received from the Chinese Goverment on account of the Whampoa Docks, and they have still $40,000 to pay. The amount received and the $15,000 appropriated at last 4 in reduction of loan, and the del at $35,000, but will shortly be reduced to $20,000, by the balance due from the Chinese Government: and if the; appropriation of $25,000 out of present profits be sanctioned by the shareholders.
Text read from the printed page and cleaned; old type leaves the occasional error.