The annual meeting of the Shanghai and
day at the Shanghai Club, There were Hongkew Wharf Company was held Tues-present—Messrs. J. Bell-Irving (in the chair), F. H. Bell, A. McLeod, A. Westall, H. Sutherland (Directors); A. Hennequin, Hubbe, J. M. Young, R. D. Skelly, R.'S. Gundry, A. Thurbum J. H. Vail, &. Daly, J. Jacques, E, W. Rice, H. J. Such, J. Buchanan, and W. H. Tapp representing over 1,000 shares.
The Gnaizuax, im opening the proceedings, said—This meeting has been called in the usual way to receive the Report of the Directors for the past year, to elect Directors for the current year, and to transact general business. As the Report has been in your hands for a few days, I presume it may be taken as read. 1 think the shareholders have every reason to be aatisfied with the result of the year's working, as the net earnings of the Wharves have exceeded, by about Tls. 8,000, the amount of Tis, 64,200 aimed al as profits for distribution at the time of the amalgamation. I would point out to you that while the gross earnings of the Wharves for the past year exceed those of the previous one by is. 23,000, the principal item of expenditure, viz., wages, coolie hire, &., has not increased in' the same proportion. There is a reduction also of Tls. 5,000 on the discount allowed to contributors, which will no doubt be satisfactory to those shar: holders who so strongly object to dit counts. The Hongkew Wharf property is now in good repair, and has been permanently benefited by the new godowns recently erected to replace old ones and increase the storage accommodation. The demand for storage is still increasing, all the accommodation being fully ocoupied, As the largest new godown was only completed towards the end of the year, these accounts do not show much increase of profit from that source; but the result for the past two months' working has fully justified the expectations of the Directors. The business of the Wharves is steadily increasing, and a prosperous result from this year's working may be looked forward to. With regard to the unoccupied land at the East end of the Wharf ('Raulet's Land"); it has been advertised for some considerable time, but so far the Directors have not
Text read from the printed page and cleaned; old type leaves the occasional error.