(Daily Press.) shareholders of the' above Compeny was The ordinary half-yearly meeting of the held at the office, Queen's-road, on the 24th ult, There were present the Hon W. Keswick (chairman), E. R. Belilios, W. Reiners, A Lind, G. Sharp, W. Dolan, J. T. Chater, H. Smith, W. M. Morgan, A.
i. Robinson, Katz, P. Jordan, H. N. Mody, and P. A. da Costa (secretary.)
The Carian said—Gentlemen, the report has been published and has' been in your hands for some days, and with your Permission we will dispense with the formality of reading it. The report and statement of accounts give full information on the position of the Company. The directors consider that the half-year's earnings are satisfactory when regard is had to the competition with which we have had to eon-tend on the Canton River. On the subject of that competition I have nothing to say old except that while it continues we must meet it, and considering the excellent state and condition in which the Company's fleet is, and the way in which the employes of the Company do their duty, hi and well, we have every confidence in the result and' in the continued prosperity of the company. I propose that the report as Before putting the resolution fo the masting ited and the accounts be adopted, bat Ishall be glad to answer any questions on the affairs of the Company which it may occur to any shareholders to put.
'Mr. Mopy asked if, in the opinion of the directors, the fleet' was under or fully valued.
The Carmtax—In reply to the inquiry just made, Iam happy to say that in the opinion of the directors the fleet is not over valued. We have five steamers, which are valued at $539,000. Many of these steamers are costly, their machinery is excellent, and I think anyone who will take the trouble to take a piece of paper and pencil and make the a cal ion find that at the present rate of exchange it would be very difficult indeed to get even a very moderate class of vessel to replace even the last costly one we have. There may be some of the steamers which stand on the books of the Company at a figure slightly above what the 43 directors would like to see them, but others are under valued, and the fleet as a whole is worth more than what it stands at in this statement. The Kinshan, repaired at a ater than we were led to expect six months ago, is as good as if she had left the stocks yesterday, and the same may be said of the entire fleet. Of course, there must always be a certain amount of depreciation going on and certain repairs required, but the extraordinary repairs we consider have been completed, and they will now assume an ordinary character.
Mr. Mopy asked if the steamers could be replaced at the prices at which they stood on the books.
Phe Cuarmacax—As I have just remarked, if anyone will make a calculation they will find that such steamers cannot be replaced at the amount they stand at in our books. I believe that will be the opinion of my Mr. H, Sarr seconded the motion for the adoption of the report and statement of accounts, which was carried.
On the motion of Mr. Bezst10s, seconded by Mr. Morcax, the election of Mr. Lind to the board by the directors was confirmed.
On the motion of Mr. Rersers, seconded by Mr. Cxaran, the retiring, auditors messrs. H. Smith and L, Hauschild, were re-elected.
The Cmamwax—The dividend will be payable on Friday next; the dividend warrants will be issued immediately. That, Gentlemen, ends the business of the meeting.
Text read from the printed page and cleaned; old type leaves the occasional error.