Stamagers' Sony Br Seats peels Sr lat nave exmane ouchers of Ube Company, an Unt the, foregoing Accounts svt Balae She! are correct alin son Mr, ANDERSON—Mr. Chairman, I notice that the cost of plant, ete., is put down here as Ts. 98,754.52. I should like to ask whether that is the original cost, or whether anything has been written off for depreciation.
The Carax—Nothing has been written off for depreciation.
Mr. Anpersox—That is the cost two years ago then The Crarnaan—Seventeen months ago.
Mr, Axpnsox—Well, neatly two yeats then. I would suggest that something should be written off for depreciation. Those lighters certainly are not in the same condition that they were in two years ago. They cannot be at all worth Tls. 98,000.
The Cuammux—We have had them surveyed by a thoroughly competent ma and he is prepared to put them in thoronghly good repair for Tls. 1,000.
Mr. Axpensox—Then that is Tls. 1,000 depreciation. And even then they will not Beas good as when they were uew. Vessels are always depreciating, however much yon may pay for repairs.
The Cuarwax—Just so, That is why we recommend that Tis, 1,000 should be Reserve Fund, in addition to leaving a balance of Tls. 800 which will be spent for repairs.
Mr, Mooze—Mr, Chairman, I seo here wages and coolie hire," nearly Tls. 3,000 for the half-year. What does "wages" represent The Secretary—The wages of coolies and lowdahs on the boats.
Mr. Moore—It does not include the wages for the native stof?
The Secrerary—No; that is included in the item for office expe The Oxaman—Yes, the native staff is included in the Tls. 1,00.
'Mr. Bucwanan—Comparing thes accounts with those of the Shanghai Cargo Boat Company, it would appear that in the Intter the agents' commission, office expenses, etc, amount to Tls. 3,300 for collecting Tls. 43,000; while we pay Tis, 1,783 for lecting Tls. 11,000. That is, we are paying about twied ay much for the working of this Company as the shareholders of the Shanghai Cargo Boat Company pay for the working of theirs.
The Cuxarmatax—Yes; but we could really do a great deal more business with the same staff, while we cannot do the busin we have without that staff You can quit understand that we could double the hi ness and not increase the expenses in proportion. That is the only explanation we can giv Dopwext said the Tls. 3,000 tioned by Mr. Buchanan was Messrs, Wheelock's commission only; he would find that other office expenses were put in a separate item.
The Szcrerary—Their commission is er cent, and,000 and our's Tls. 20,000.
Mr. Bucmanay remarked that there was an item of 246.58 for cargo short and dain-aged, etc., and claims paid. He asked how it was that there was such a large amount under this head.
The CHamaay explained that Tle, 200 of this amount was money refunded, which should not have been included in this item 11, but should have been subtracted from the receipts. The gross receipts ought thus to be less by Tls. 200, Mr, Bucwanan remarked that this reduced the item for cargo short and damaged to a reasonable amount, It had cernned to him a little odd that they should have to pay so much.
The Secrerany said it was an error in making up the accoun!
Mr. Buczanax—The accounts are as good as they can be, ppose; but thers is nothing left to write off for depreciation of cargo boats.
The Cuarntax—Practically that is done, because we ask you to allow us to take Tls. 1,000 forward, so that that amount will be in hand for anything like that, And in addition there will be a balance of Tls. 800, and we know we can put the boats in thorough order for Tls. 800.
Mr. Buczaxax—Yes. Tls. 190 spent on repairs to lighters and steam-launch cannot represent what ought to be spent on them during the year.
The Cxarewan—Mr. Anderson, with reference to the condition of our boats I may mention that a large number, the iron boats, are only about fifteen months old, so that they cannot have depreciated much. They have been at work only twelve months.
Mr, BocwaNan—Iron boats would hardly depreciate in that time.
Me. Axpersox—How many are there?
the Cxareatan—Twelve iron boats, Mr. Axpexsox—But that is not a very large proportion.
The Szcretanx—It is a large proportion of the tonnage, because they are the large boats.
Me. ANpeRsoN—How many are Inid up rule?
he Szcrerany—Thatalldepends. Just now we have more than thirty. The average is twenty to twenty-five. We have have lad a very bad season; we have carried no rice. Canton has taken no rice at all hardly. As a rule Shanghai sends away million piculs or more probably in the season to Canton alone, and we have had none of that work, Who CuatnwaN—t will now propose That the Report and Accounts as presented be accepted and Mr. Suen seconded the motion, and it was curried unanimously.
Crareacan then proposed.
the Directors be authorised to divide the amount standing at the credit of the Working Account as follows, that is to say, that a Dividend of is. 3 per share be paid to shareholders, that ils, One Thousand be carried to credit of Reserve Fuud, that a return of 10 per cent pro rata be made to contributors of business for the six that the balance be carried forward, Mr. AxDERSON—Do I understand that that a for the past six months, or commencing the Ist January The CuatnaaN—'The past six months, Mr. Seaman seconded the motion, and it was carried unanimously, The Cuarrwax—The next business of the meeting, gentlemen, is the election of directors, You will see that we have now only four on the board, Mr. Ching 'o-chiai and Mr, Fong Cheek-kew having resi We four now retire, but we are eligible for but don't you think four is sutlicient?
he CuarMan—We think so ourself" The Deed of Settlement allows us to yo on it nid it is for you to say whether hat is enough or not.
Mr. Moore—I propose that the four xeutlemen at present on the Directorate be re-elected.
It was moved by Mr, Moore, seconded by Me. Anderson and unanimously agreed Phot M inger, J. B.S J. Such and Toug Mow-chee be Directors to serve for the present year.
It was then proposed by the Cxarwan and seconded by Mr. Dovweut Mr. Wilmer Hacris be auditor till meetin terminated with a vote of thanks to the chairman, moved by Mr. Moore.
Text read from the printed page and cleaned; old type leaves the occasional error.