The annual meeting of the Shareholders in the above Company was held at the offices of the General Managers, Messrs. Jardine, Matheson and No., on the 23rd ult. There were present Hon, W. Keswick (Chairman), Messrs W. Reiners, A.
Ewen, 't Jackson, 0. D. Bottomley, H. Smith, A. Newton, W. Watton, Belilios, A. E, Vaucher, H. H. Nelson, Coxon, 'R. Deacon, F.'D. Sassoon, Chater, M. B, Polishwalla, H. L. Dairy ple, M. Murray, J.T. Chater, EH. F. Alford, ete, 'The CHarnscax: said—With your permission, gentlemen, it will be convenient to take the report' as read. The disastrous fire that occurred in 1878 will have prepared Shareholders for the smaller profit on the working account of the year than on previous occasions, but I think it will be factory to them to get $43 per share, or about 21} per cent. on the capital, for the year 1878—(hear," hear)—independent of the return of 20 per cent. to Shareholders on the contributions of business, and the reserve fund left intact. Applause.) The Jeduotion of the $21,188 which have to be eat 1879 shows a satisfactory sum. After
fait of the year, we shall have a comparison aid for return to contributors in the first
of gain of $222,282.72 with the previous yeat, and if, as I hope we shall, we get through the remaining risks attaching to 1879 as satisfactorily as we have usually done at this period in previous years, this time next year we shall be in a position to declare a handsome dividend. The year which we are now in, 1880, has commenced very favourably. Our collections to date are larger, I think, than they have been in any other year with the exception of the first year. " I don't think there is anything further in the accounts specially to draw T'am sure you will agree with me in our attention to, but there is one matter
pressing satisfaction with, and that the manner in which the Volunteer Fire Brigade has assisted this office and this community in the protection of property. (Applause.) At great personal inconvenience they have appeared often and done good service. Fortunately we have not had an serious fires, but the alacrity of the brigade has in no' respect diminished on that account. (Applause). I shall be happy to answer any question, gentlemen, you may have to put with regard to the report or accounts presented. If there are no questions, I have pleasure in proposing that the report and accounts be accepted and adopted.
Mr. Bguiiios seconded.
Carried unanimously. placing before the Shareholder the eleventh The General Managers have pleasure in annual report of the Camps Che accounts for the year 1878 showes February an estimated balance at credi $147,000 as mentioned in the report then ued; that sum has, however, been further reduced by subsequent payments attaching to that year, and the amount now available for apportionment is $124,421. Under the amended Articles of Association it devolves upon the General Managers and Consulting Committee to arrange the division of this sum, and they propose to pay to Contributing Shareiolders a return of 20 per cent. on contribu. tious $38,421.00 Shareholders dividend of $43 per share or 214 on paid up capital... $86,000.00
$124,421.00 rye Fund is thus left untouched at and the General Managers trust the wolders will deem the result of 1878 factory, cor ing the unusually heavy losses which attended the business of that ear, Phe accounts for the year 1879 show at credit of working account a sum of $243,420.72, but to make a fair comparison with former years the cash bonus paid during the past six months should be added thereto, wiz,, $22,633.90, which increases the earnings to $266,054.62, Shareholders who coutributed business during the first half of the however, still to receive the Bonus thereon, and it ix proposed to settle the same now by a payment of 20 per 1,138 and leave ab 72, which, subject to ig $0 1829, will be w Jackson, and J. selves for re-onagers have recommending the election Manger in place of Mr, Botton Who retires in consequence of absence from the colony.
Smith and a, election, tion of Mr. Nexsox, secon by Br, Nuwrox, the following gentlemen were elected as the Consulting Committe—Messrs. Reiners, McEwen, Jackson, dos Remedios, and Manger.
On the motion of Mr. Vavcuer, seconded by Mr. Dateyate, Messrs. H. Smith and A. Coxon were re-elected auditors.
Mr, Borroutey proposed that the usual gratuity of $500 be given to the gentleman who acts as Secretary (Mr. Alford).
Mr. Coxon seconded.
Carried unanimously.
The Cuarawan—That closes the business of the meeting. The dividend warrants will be ready for issue to-morrow. I may mention, gentlemen, the change which was introduced last year of making the cash return the same as that given by the Home offices represented in China and Japan has worked satisfactorily, and I think w have reason to be satisfied with the change that was then adopted by the neighbouring office (the China Fire) and ourselves. It appears to have given satisfaction to the contributors of business, and it puts all the offices on the same footing as the Home offices.
On the motion of Br. Newroy, seconded by Mr. Vavcusr, a vote of thanks to the General Managers and Consulting Ca mittee was passed, and the meeting terminated.
Text read from the printed page and cleaned; old type leaves the occasional error.