The eighth annual general meeting of the Shanghai Cargo Boat Company was held on Wednesday at the offices of the agents, Messrs. Wheelock & Ca. There were present Messrs. F. H. Bell (Chairman), Jantzen, E. G. Low, J. G. Purdon, and F. Gove, Directors; Drummond Hay, C. Cromie, J. Welch, J.F. Seaman, A. Stewart, F. B, Aubert, J.D. Thorburn, 'T. Pemberton, E. Halton, H.R. Kinnear, H.R. Hearn, J. M. Young and E, Hey, representing in all 337 votes.
On the motion of the Chairman, Mr. P. Wickham was appointed secretary of the meeting.
The Cuarkmax, in moving the adoption of the report and accounts said: The accounts of the Company and the report of the Directors have now been in your hands for some tine and I think we may take them read. I have every confidence that they willie considered satisfactory. Theaccounts set forth everything 40 amply and the report deals so plainly with all points ut interest that there is little or nothing left for me to rework upon, unless any shareholder should require any further explanation, which I shall be very happy to give to the best of riy ability. On Jooking at the: comparative figures of last year, during which the two companies were running in competition, the Directors still feel well sutisfied~in fact I am sure they were previously more than satisfied—with the result of the joint working. The improved return that we are enabled to recommend to the shareholders arises from great saving in the running of the combined fleets and not from any increase in the gross receipts of the two companies. A a matter of fact th gross receipts during the past year were not quite so large as they were in the previous year when the two companies were working separately. It will be in your recollection that last year I strongly urged upon you the necessity of laying by a substantial sum as a reserve fund, not only to cover depreciation—for stean launches and cargo boats will require replacing and renewing from time to time—but also to pay off the goodwill of the company which we bought. I am glad to say that within.p- the past few years a fair amount has been set aside for this purpose. It has not, however, ceased to commend itself very strongly to the Directors that we have still a great deal to do in this direction; and it has been matter of anxious consideration and not free from doubt whether we were justified
cent. for this half year, making 8 per cent. in recommending to you to appropriate 5 per for the year. At the same time I am very glad to be able to assure you that the fleet is in exceptionally good order and we no.reason to anticipate any large expen ture for repairs for some time to come. Nevertheless I must honestly tell you that the Directors have on this occasion stretched to the utmost limit the amount they propose to divide; and you must not feel dissatisfied if during the next year we should not have such good earnings and There is every possibility that we may have repose not quite sv large a dividend.
even better results, but at the same time weare not altogether exempt from exceptional accidents and we must be prepared
Text read from the printed page and cleaned; old type leaves the occasional error.