The annual meeting of shareholders in the Shanghai Waterworks Company, Ltd., was held on Wednesday at the office of the secretaries, Messrs. Drysdale, Ringer & Ca. There were present Messrs. A. McLeod (Chairman), H. R. Hearn, and R. Mackenzie (Directors); J. M. Young, F. Anderson, Brown, E. Halton, F. A. de St. Croix, S. Walker, D. Jones, F. C. Bishop, J. Buchanan, H. M. Bevis, M. Kalb, F. B. Aubert, S. Leslie, J. R. Hagyitt, L. Rous-tan, P.' Atnhold, R. E. Wainewright, H. Morriss, and W. Buchanan, with the Secretary (Mr. T. Wood) and Engineer (Mr. A. P. Wood).
The advertisement convening the meeting having been read by the Secretary, Mr. T. Wood, The Cuainaan said—The report and accounts of the Directors for the past year have been in your hands now for some days, and with your permission we will as usual take them as read. Befure asking you to pass them I shall be happy to answer any questions that avy shareholder may wish to put or to give any explanation in my power which may be desired; and I will also with your permission ask to make a few comments on the past year's
the Directors in thinking that the accounts working. I. trust 7 will agree with we have put before you are fairly satisfactory. The service of the company has been carried on throughout the year without the slightest hitch or interruption. Our revenue, as you will see by the accounts, shows an increase of something like Tls. 10,000 over the previous think a satisfactory feature of th this revenue has been arrived at without any material increase in the working expenses. On the expenditure side the figures are very much the same as last year but there has been a slight increase in the amount expended at the works at Yangtsepoo, which is accounted for by the thorough renovation of the four filter beds we had in use when the Company first started. They are now in the most perfect working order and Imay say the same of everything in connection with the works. Our increase in revenue you will be glad to know has been derived almost entirely from native sources. During the past year somethin; like 1,100 more Chinese houses or blocks houses have been taking our water through fittings, and notwithstanding this increase in the houses thus supplied, the revenue derived from the supply of water to the native population from street hydrants shows no diminution on that of last year. The amount of water which has been jumped this year for the supply of the population, for municipal purposes, and in fact for every purpose, shows, I am happy to say, a decrease on that of last year of something like 34 million gallons and our engineer attributes this in a very large measure to the efficacy of Deacon's waste water meters, which we have placed now in eve district of the settlement. The expenditure that has been incurred in placing these meters in the settlement we are of opinion has been amply justified; for this decrease in the amount of water running to waste through the underground leaks which are so difficult to discover, of course leads to a decrease in the quantity of fuel burned and the quantity of work to be done by the pumps. I might perhaps read you here an extract from our engineer's Report regarding these meters, which shows what care has been given by our staff to the detection of these leaks "During the year the night inspection of the mains has continued. The introduetion of Deacon's waste water meter system to all parts of the settlement has proved of and I think the best proof of the saving the greatest assistance in detecting leakage, effected is that we have been able to supply 1,118 houses, with a decrease in the water gallons. I wish to thank Mr. Clifton, my inspector, for the great assistance ho has given me and the amount of extra time he has devoted to this work; but there is no finality in the work we have commenced, as it will only be by the most careful attention and constant supervision that the mains in the settlements can be kept in a proper state of repair."
You will see in the report that the Directors are alive to the increasing demand by the natives for water supply and, as they thought it desirable to keep well up to requirements, they ordered from home a very powerful pair of pumping engines and boiler. These engines were contracted for at a very favourable tie and by our latest advices from Ins. Hart, who is superintending the construction of the engines at home, we are informed that to place the contract at the time he wrote (Bist, January) would necessitate an expenditure of 16 or 20 per cent. more than we are paying for these engines. We hope that when they arrive andre placed in position we shall require no further additions: to the plant for many years The engine is capable of pumping something like 44 million gallons in 24 hours, and is in capacity more than equal to the present two engines we have muse. It will place usin a position of very great security, should there unfortunately be any mishap to the present engines at the works. We do not anticipate it, but as Ihave said the new engine will place us in a position of security and enable us to carry on the supply of water for the whole of the Settlements. You will also notice in the report that the Directors intend calling up the final £5 per share on the new 1,200 shares. I think this has been advocated by shareholders before.
amount, £144,000. Should at any time It will bring the aptal up to the full further "extensions of the Company's works be necessary—which we do not anticipate—I feel confident we shall be able to raise any money we need on debentures at very much lower rate of interest than we are capable of earning on our capital at present.
Mr. Kans asked if any steps had taken with regard to going into the nati city. He understood that the new Taotai
provements brought about by Europea was dik satly more favourable to the imcivilisation generally; and he thought the present time was a favourable one for re-opening the question with the native authorities.
The Cuarmman said the Directors had never for a moment lost sight of the matter. They had not adverted to it in the report because they had been so frequently in communication with the late Taotai, and had been so often on the point as they thought of gaining their object; but they had met with disappointment on every occasion, It was only the other day that Mr. Wood had an interview with a representative of the Taotai with the object of getting him to promise his support. They had been in communication with the late Taotai up to a very recent date, but it was not for a general supply of water to the ity. At the Taotai's suggestion we were to endeavour to first supply all the yamens—the Taotai's and the city magistrate's—and if the two yamens would take the water through the small mains it was proposed to lay down, they would induce the population generally to use the water.
A Shareholder asked if there was any prospect of the Municipal Council for the settlement north of the Yang-king-pang making a contract with the Waterworks similar to that made by the French Municipal Council for the supply of water to the public generally. 'The suggestion was made the Chairman at the ratepayers' meeting.
'The Caargmay thought the Chairman of the Council at the ratepayers' meeting intended'simply to point out that in the future
Text read from the printed page and cleaned; old type leaves the occasional error.