The annual meeting of shareholders in the French Gas Company was held Monday at the offices of the Agents, Messrs.
'énhard and Ca., in the Szechten Road. Mr. E, Morel, the' Chairman of the Board of Directors, presided; and there were present, Messrs. Douglas Jones, J. Mackillop, E, Millet, (Directors); Dr. Galle, Can Krebs, F. G. White, P. G. Hiibbe, and A. Nachtrieb; Agent, representing 279 shares out of a total of 500.
The meeting was called for three o'clock, and at a quarter past the Chairman said sufficient shares were represented to enable them to proceed with the business. The first thing they had to do was to appoint two scrutators, and they generally chose the gentlemen who represented the greatest number of shares, and on- this occasion it would be.Dr. Galle, 97 shares, and Mr. White, 11 shares.
Mr. A. Nacurazen, the Agent, was chosen to act as Secretary.
The OamaN said the report and accounts had been in circulation among the shareholders for the last two or three days, and if there was no objection he would take them as read.
No objection was offered and the report and accounts, of which the following is a precis, were taken as read. sur Jo Période d'Exploitation clu ler Janvier an 31 Décembre, 1878.
notre dernier raj votre Compagni La consummation qui 0 durant Pexercice preced 0 conti faire dans di doin fuitos 5 ni qui est un résultat trea Tableau de la Fabrication, de la Consommation et des Fuites tolales pendant Année 1878. Chtsin indgute an Compton de Un Lost Dec. 1st We8l Dee 1877.
Fabrication des 12 mo Consommation Fuitertotates de anne Les bduéfices réalinés durant 1 B:—Tie, 7,681.89 que nous vous pro-poona de répartir de In maniére suivante:
1,920.47 Taunée aux Fonde de reserve.
Un quart sur les bénétices de
2,750.00 " Divideude do 54% dela pays.
3,000.00 Dividende de 6% A payer 11.42 A porter 4 nouveau, Tle, 7,681.89 total. iérone, Messieurs, que vouz approuvorez entitrement cette repartition.
Lo Fonds de Reserve se trouvo ainsi porte Taels 6,436.23. Pour utiliser une partie de Fonds, Ie conseil a cru de Vintérat des Actionnaires @acquérir lo terrain poison PUsine, ce qui fait quo la propriété comprend murdbui tout lo corre ait ries de Saigon, clu Wei-kwé et lo Quai nie clu Gaz de la Concession Frangaise do Shatghai, Les Agents, Scuonmarp & ('o, lo 4 Janvier, 1879.
Mr. Hiissr—I find in the report that you hare bought a please of land, and I id that you have algo sold a piece?
The Onamwax—Yes, that is so. We bought a piece of land adjoining the works, and we sold a slip of land which has been the subject of negotiations between us and the French Municipality for the last two or three years. This is apiece of land on the Yang-king-pang, which the Municipality wanted to give the necessary width to their street, and we sold it to them at a price based on the proper value of land at that time; and we have built a wall to Pie Huser—T only wanted to know tect our property.
whether you had both sold and bought a piece of land.
The Cuarrscax—Before going on further with the business of the meeting, I think it iny duty to say a few words with regard to the steps we took some months ago with the view of extending our mains in the foreign Settlement. After the corresdence which took place between this company and the Municipal Council, our intention was to ask the Landrenters to decide upon the subject at their next mecting, but since then circumstances arisen which made us alter our decision. We think the present moment is not opportune to promote our scheme, and therefore we leave the question in' abeyance.
Mr, Wurre—Is it advisable to extend the Company's property when Gas Companies are in a very doubtful position with regard to the electric light? I ask the question because I understand the Directors have bought the piece of land adjoining the works.
The Cuarmwax—Our intention in buying the land next to the works was to get control over it. Our idea at present is not to extend the works themselves.
Mr, Wirre—You have bought the land, but you are not going to extend the works at present.
The Ouarncax—Thatis it. We had apart of the reserve fund to invest, and it i is left with the Board of Directors to invest it, The property we bought was an offer. The person who wished to sell it was leaving for Europe, and we thought that if we did not buy it then we should not have another opportunity; and we thought it was the best investment that we could make for the Company with the reserve fund. The proty in that part of the Settlement has
aug and it can be worked to pay very well.
increasing considerably and constantly special idea we had was to get control over the land of our neighbour, so as to be able to leave a certain space between the works and the other buildings to prevent any risk of fire or anything of that kind. Tt was entirely to our interests to have complete control over this piece of land, for if it had been sold to a Chinaman, Chinese houses of the most inflammable character might have been built, and then there would have been fear and danger. Having sole control of the land we can dispose of it as we like, and if the time should come when it might be thought advisable to extend the works wwe shall have the land to do so.
Mr. Wutre—My only object was to know whether you had bought the land for the purpose of extending the works at the present time.
The Cuatnwax—That was not the idea we had when we bought it.
Mr. Wurre—I think you got it at a very reasonable price?
The Cuarnstax replied in the affirmative, and repeated that he thought it was the best investment the Directors could have made with the reserve fund in the general interests of the Company.
Mr. Wane asked whether it was the same piece of land that the Company once sold.
The Carman replied that it was abortion of the original lot of land bought on the formation of the Company, but as the Company was at one time very short of fonds, and did not want half of the land, they sold it. This was soon after the form: ation of the Company, and when they were largely in debt.
Mr. Ware said he remembered the circumstances.
Mr. Hiisze asked whether this was the piece of land mentioned in the accounts as Achats de Proprietés Tls. 4,244.007"
The Cuarmwan said that was it, and expressed his belief that under any circumstances they could get more interest out of the investment than they would have done if they had invested the money in any other way.
In answer to a further question by Mr. White, the Chairman said there was nothing in the Deed of Settlement to prevent the Directors investing the reserve fund as they liked.
Gate then proposed that the report and accounts as presented be passed, Mr. Hitpne seconded, and the motion was unanimously adopted.
The Cuamarax—I now beg to propose, gentlemen, that the profits be divided as proposed in the report, and that. the dividends be paid or and after the 24th of this month.
Mr, Ware seconded. The motion was passed nem con.
The Cuaratax—The time for which one of the Directors, Mr. Mackillop, was that he be re-elected for another: phriad of elected, has elapsed, and I beg to propose three years.
Dr. Gatte—I have much pleasure in seconding Mr. Mackillop's election.
The motion was unanimously passed.
The Cuarax—Wo have now to elect auditors for the ensuing year, and I propose that Messrs, 0. Brande and'. Vinay re-elected.
Mr. Wanrre seconded the motion, and it was adopted.
A vote of thanks to the Directors for their services during the past year was recorded on the motion of Dr. Galle, seconded by Mr. White, and a similar compliment having been paid the Chairman for presiding, the meeting dispersed.
NINGPO RATEPAYERS' MEETING, Muxorzs of the Annual General Meeting of the Foreign Subscribers and others interested in the Fund for lighting, paving and cleansing the streets and drains of the Foreign Settlement of Campo, at Ningpo, held at the Ningpo Book Club, on the 10th February, 1879.
Present:—H. B. Meyer, Esq., inthe chair; Messrs. Lord, Drew, Wheatley, Golding, Walters, Rickman, Lepissier, Bates, Armstrong, and Cooper.
The Minutes of the last annual meeting were rend and passed, The Reports of the Treasurer and Secretary were read and accepted, It was resolved on the motion of Mr. Wheatley, seconded by Mr. Lepissier, that in consequence of the small attendance at the meeting the summary of receipts and disbursements, and the Secretary's Report, be circulated for general information.
The members of the Committee, consiating of the Treaty Consuls at the port, the Commissioner of Customs, and. the Rev. John Butler, having tendered their resigna: tions, it was proposed by Mr. Rickman, and seconded by Mr. Lepissier, that the same Committee be re-elected. After some remarks by Mr. Drow, to the effect that judg. ing by the universality with which the residents contributed, the absence of 40 many of them from this meeting was, he thought, attributable to satisfaction rather than indifference, and that he for one would be ready to take on himself the duties of Treasurer for another year. The other Committee men having also acquiesced, the motion was carried by acclamation.
After a vote of thanks to the Chairman the meeting separated.
(Signed)
ili. B. Mevzn, Chairman,
Text read from the printed page and cleaned; old type leaves the occasional error.