The annual general meeting of shareholders in the Shanghai Gas Company was held on Wednesday at the Shanghai Club. There were present Messre. J. G. Purdon by R. Francis, and E. Jenner Hogg, Directors; W. R. Eastlack, J. Waiter, W. Saunders, K. E. Wainewright, M. Young, T. Phipps, F. B. Bell, and Burman, with Chr. Scheppelmann secretary) and H. Edwards (Ingineer), representing in all 582 votes and 1,541 shares.
On the motion of the Cuarmwan, Mr. Chr. Scheppelmann was appointed Secretary of the meeting.
The notice convening the meeting having been read, The Cuarnvay said—The minutes of the last annual meeting are on the table; they were published and circulated among the shareholders. Is there any shareholder who wishes them read? As there ap; to be none, we will proceed with the bus ness of this meeting.
As usual the report is very full one 1d, with the accounts, gives all essential information, leaving me but little to say. It must be satisfactory to all of us to see the favourable position of the Company. Business is still increasing and, as far as we can see, everything points' to a conti-nation of this prosperity. As you all are bably aware, there is a great deal of
our staff have been employed to the utmost building going on in the Settlement, and in fitting up new residences with services for the supply of gas, in addition to the work of extending mains. From all this it is reasonable to anticipate that the present year will show a decided increase in consumption over 1889. As mentioned ble in the report, a new holder is required cubic feet, while our largest consumption in 24 hours has been, since the beginning of this year, 243,000 feet.
It may be appropriate here to again allude to the great improvement in gas burners, and to point out to consumers the great advantage there is in having the new styles; they would not only get a muck better light, but they would nut be paying more for it. Consumers appear to take very little trouble about their burners 5 they seem to think any old one will do, na matter how long it has been in use or how much it may be rusted. If they will take the trouble to compare the light given by the new burners with that from the olde fashioned "bat's-wing" they will realise the difference. This Company supplies the new burners at cost price, charging nothing for putting them in.
Referring to the accounts you will see that the Reserved Fund now stands at Tls. 90,000; this is very nearly the amount the Directors have always considered would be sufficient for that account, say 100,000; and gives a very substantial amount to fall back upon in'case of need. The policy of reducing the price of gas whenever justified in.doing so, has proved very beneficial one, and it is intended to to make another, to private consumers, from the 1st July next. You will observe that, in answer to an advertisement in the pers, the Directors made a tender to the rench Municipal Council, which has been accepted, for the entire lighting of the French Settlement for five years from the 3ist March, 1891, the price for the as to be $2 per 1,000 cubic feet to the Municipality and private consumers, The Directors have also made an agreement with the French Gas Company to purchase, on the 31st March, 1891, their works and plant for Tls. 30,000.
Before moving the adoption of the report I shall be glad to answer any questions which may be asked.
No questions being asked, The Cuarnswan moved—"* That the report of the Directors and the accounts for the year 1889 as presented be accepted and passed."
Mr. Fraxcts seconded the motion, and it was carried.
On the motion of the Cuarrman, seconded Mr. E. Jexnex Hooo, it was agreed "That the Directors are hereby authorised, to declare and pay a dividend for the half year ending, 30th June, 1890, and for the alf year ending 31st December, 1890, not exceeding together 12 per cent for the year.
Mr. Purrrs: moved, Mr. Warxewriuut seconded, and it was carried, '*That the following Directors be elected to serve until the next annual meeting:—Mesers. J.G. Purdon (Chairman), R. Francis, and E. Jenner Hogy, with power toadd to their number."
On the motion of Mr. Youna, seconded by Mr, Burman, Mr. Aug. White was re-elected auditor to serve until the next annual meeting; and the proceedings then terminated.
Text read from the printed page and cleaned; old type leaves the occasional error.