holders of the Shanghai Tug Boat Company, The third general meeting of the Share-Limited, was held at the ofice of the Agents on Tuesday, the 26th February, 1880, at 3 p.m. There were 12 Shareholders present representing 302 shares. Mr. R. Francis was in the chair, and Mr. J. Morris Seretary. The notice calling the meeting was read, The minutes of the second general meeting were read, confirmed and signed.
CHAIRMAN stated The net earnings do not compare unfavourably with those of 1887, considering that since the completion of the Whan about June last we have lost the carrying of passengers for the French mail steamers, a loss which will be more marked this year. We had a fair number of oil ships, 23 alto gether, and various salvage operation help-~ ed toward the success of the year, which enabled us to pay dividends of 9 per cent. and to writeoff'as depreciation Tle. 6,545; and as Tis, 6,084 were spent during the yearn re~ pairs we may consider that our small fleet is not overvalued. Our salvage pump which was lost on the Leesang has been replaced by anew one. Our fleet is in good order except the Samson, which will not last much longer (but we have written Tls. 2,000 off her value.) The Fairy is hardly large enough for our requirements an if an opportunity should offer to dispose of her we should avail of it, and pur-
Samson. Wrecking pontoons might form chase a larger boat to replace her and, the a desirable investment for the Company, but the circular which was sent out last year did not apparently attract favourable attention from shareholders, and as our funds when available will be required for a new steamer, it may be necessary to leave the question' of pontoons in abeyance for the present. The working expenses have been on about the same scale as last year.
'The thanks of the shareholders are due to the working staff, superintendents, oticers and men, 'A short discussion ensued with reference to the amount written off for depreciation, also as to the advisability of giving more' detail of the expenditure in the printed accounts, The following resolutions were then put to the meeting and carried Proposed by Mr. R. FRaxcts and conded by Mr. W. B. Suorr—That the Report and Accounts be passed as presented.
Proposed by Mr. G. Gattrs and seconded by Mr. R. E, C. Frrtock—
That Mr. T, R. Wheelock be elected Dirocfor in place of Mr. John Sharp, deceased.
Proj by Mr. C, Moir and sor conded by Mr. T. R. Wxrxtocx—That Mr. H. J. Limby be appointed Auditor for the current year, The meeting was closed by a vote of thanks to the Chairman proposed by Mr. 'T, R. Wuezoc.
Text read from the printed page and cleaned; old type leaves the occasional error.