the 29th Feb. at the Shai Mr. Paterson, Chairman of Directors, presided, and there were also present Messrs. A.' McLeod, F. H. Bell, and P. J, Hiibbe (directors), P. Maclean, J. Buchanan, W. B. Jamieson, E. P. Laleaca, J. M. Young, S. Daly, J. McKie, W. Cauca, ©. Rivingtou, A. J. How, W.
Clark, R. H, Letchford, G. 0. de St Groix, K. Davis, J. Dasth, G. G. Hop! and D. Glass (Manage [The report and accounts have already appeared in our columns.
The Cuarmcan said—Gentlemen, with our permission we will begin the business.
presume that, as usual, we may take the report as read. The report has been in your hands for some time, and goes so fully into matters connected with the working of the wharves that there is little left for me to comment upon. Although the earnings during the past year compare unfavourably with the previous twelve months, still I think when we consider the depressed state of trade that the earnings may be considered fair. The old Ningpo Wharf being in the market, as mentioned in the report, your directors thought it ery advisable to purchase it, and ¥ am glad to say that the monthly earnings of this wharf show " steady increase; and I think in a little time it should be able to cover the interest on the outlay. If there are any questions to ask shall be only too happy to answer them, Mr. Dagra—You have not mentioned the rate of interest. You say cover the interest what would be the rate?
The Cuareaax—Kight per cent.
Mr. Dazy—Could not the money be had cheaper than that? I should say eight per cent. was rather high. The Municipal Council borrow money at a lower rate, and I should think our security was equally good, Ishould think it could be obtained cheaper.
The Cuarrwax—I rather doubt that it could be got cheaper. If it could,, the directors would be only too happy to get it cheaper, but I rather doubt it.
Mr, Latcaca—May I ask in what way the borrowed money is paid for? Is ity mings of the Ningpo Wharf of ciated Wharves? ying off of the purchas wharf has not been ori for. are no further questions to ask, gontlome it is proposed by myself and seconded by Mr. F. H. Bell That the Report \d Accounts of the Com: pany for the year ending the 3lt December, 1883, a8 presented and circulated, be adopted and passed.
The motion was carried unanimously.
Mr. McLeop proposed, Mr. Hitnne so-conded and it was nuanimiously agrevd—jetora he authorised to pay for 1883 at the rate of Tie, 7.30 per shai Mr. Jasreson proposed F. A. Boll, P. J. Hubbe, A. stall and the senior partner Matheson Mr. Youre seconded the motion, and it was adopted unanimously.
Mr. Boowaxax propered, Br.
seconded, and it was agreed pletes the business, an obliged to you for your attendance.
Text read from the printed page and cleaned; old type leaves the occasional error.