The annual general meeting of the shareholders in the above-named Company was held on Wednesday afternoon in the offices of the agents, Messrs. Wheelock & Ca. Mr. 5, F. Seaman presiding.
There were present—Mesers. Tong Mow Ghee, Yeend Duer [Directors ]T. Woogeds, A.'L. Dunn, J. Sullivan, Tong Wie Kee, J. Jacques, J. M. Young, H.T. Wade, Drummond Hay, G. Galles, T. R. Whee:
Mr. Hay—And it was found impracticable?
The Caatrsan—Yes, and the Directors declined to fall in with it; they found that it was a suggestion contrary to the interests lock, F. Gove, representing mall 376 shares, of the Company. or 110 votes.
Mr. Svxurvaxy—The same resolution as The Caarruax—Gentlemen, in the tem-was carried at the Ca-operative Cargo Boat: porary absence of Mr. Ringer it falls upon Company meeting, was also carried at the me to occupy the chair in his lace, and meeting of the Cargo Boat Company agaitist the Secretary wi ow read the notice the Directors.
It seems strange to me to convening the meeting.
The notice having been read by Mr. Gove, The Cxarmmay said—The business of the meeting is now to consider the Report and accounts as printed and circulated, and I will take them as having been read by you. There is very little to comment upon in them more than is printed. The first half of the year's working shews a slight increase over a similar time last year, which was not at all satisfactory. Durin; the remaining six months we did a business which compares very favourably with that of any similar time for the last three years, and the result has been similarly satisfactory. I will be inclined to answer any questions you may have to put before moving the adoption of the Report and Accounts. If you have no remarks to make I beg to move—
That the Report and Accounts as printed be adopted.
Mr. Jacques—Before you put the resolution I would like to ask why has notice been taken of the resolution passed ut the last meeting regarding the bonus to contributors. I see you put in the Report that the amount to be dealt with at the credit of the Profit and Loss Account is Tls. 5,781.79 of which the Directors have appropriated for the proportion of the return to the contributors of business for the six months ended 31st December 1888, the estimated sum of Tls. 1,000, and I would like to know how that sum was made up, and if there is a list of the contributors'to business in the ofice, upon which bonus has been returned, and also what difference does this make to the arrangement between the Companies with regard to the question of bonus.
The CuarnmaN—At the last annual meeting the resolution which was carried read as follows; That the Directors of the Ca-Operative Cargo Boat Ca. of Shanghai, be requested to enter into negotiations with the Shanghai Cargo Boat Ca. to have the present return of 10 per cent to contributers of business withdrawn on the 30th June next, or at an earlier date should the Directors see their way to do so." We carried out the terms of that resolution strictly, and we have conferred with the Directors of the Shanghai Cargo Boat Ca. and found that they were thoroughly opposed to the stiggested discontinuance of e return. They considered it would be highly detrimental to the interests of the Company, and further some of the most i ituents strongly protested, festly impossible for this y to take independent action, and retain any of its business, and therefore there was no option but to continue the practice of the other company, and this was in accordance with our own interests and the best interests of the Company. They considered that if the bonus was discontinued, the contributors might decided to take steps which would impair the business of the company.
Mr. Jacques—But the same resolution was passed at the meeting of the Shanghai Cargo Boat "The Caamaas—Yes, and they took the same action and continued to make the return.
Mr. Davaacoxp Hay—Was that a resolution passed or merely a suggestion?
The Cuamwax—It was a_ resolution suggesting to confer with the Directors of the other company, have the shareholders of both companies agreeing to a resolution to be carried out, and that the Directors of both companies should go against their ideas.
The Cuarxmay—I cannot answer for the Directors of the Shanghai Boat Company, as to how they carried out the instructions of their shareholders. They must answer for themselves. the Cargo Boat Company and have a diss Mr, Hay—I was at the last meeting of
tinct recollection, when this motion was brought forward, that it was left as a suggestion to the Directors to carry it out if possible, There was no motion passed at the meeting that a bonus should not be granted and if the Directors after consultation with the Directors of the other Company did not find that it was practicable, I fail to see how it could be carried out.
Mr. Sutuavax—There is another very important question which I should like to puts are these contributors of business all shareholders? And did you give bonuses to contributors "maskee" whether they were Shareholders or not?
The Cuarnxay—Yes, the Company gives bonuses to all, except to those with whom we make special terms, Mr. Suttivay—Then this Company exists and is run for the interests of the public and not of its Shareholders The Cuamax—Yes, that may appear so, but it is manifest that the contributors of business are those who support the Company.
Mr. Dexx—Mr. Sullivan, I bog to assure you the Directors ha their best for the shareholders of this Con pany and that they are not running it for the public of Shanghai. It is perfectly impossible for this Company to continue running without paying this bonus of 10 per cent. as long as the Cargo Boat Ca. continue to pay it.
Mr. Svturvan—I don't see where the impossibility comes in. Are you afraid then of competition, or native opposition? If I may tell you that no insurance office will insure native cargo 7 Mr. Wueztock—Gentlemen, if you will allow me, I will read you a letter written to the Shanghai Cargo Boat C which will give you an idea of how the matter is looked upon outside by contributors. I merely read this unofficially and perhaps I should not read it to you, but it will enlighten you as coming from one of our largest contributors.
Mr. Wueetock then read the letter referred to, in which the writers said that if the bonus was stopped they would very likely take their business away from the company.
Mr. Witeztocx, continuing said, that this Jetterrepresented the feeling of great many of the large contributors, and assured the meeting that if the 10 per cent. return was discontinued the interests of both Compa-panies would suffer very materially. Personally as a shareholder in both Companies he would like to see the 10 per cent, Tonue discontinued, but it would be detrimental to the interests of both Companies, Mr, Jagues—I merely wanted when I raised the question, to post myself up, for Trely upon the Directors to do their best and exercise their judgment for the best interests of the Company. The letter we have just heard read shows the shareholders that there is outside of them a strong interest which I am very sorry to see. Itlooke like a threat.
Text read from the printed page and cleaned; old type leaves the occasional error.