Report of the directors submitted at the eighth annual ordinary general meeting of shareholders, held at the Cunnon street Hotel, in the city of London, on Monday, the ith day of April, 1890.
The directors have the pleasure to submit the general balance sheet and profit and loss account for the your ending 3ist December, 1889, duly audited.
'The net profit, including the balance brought "forward from last year, and after providing for the general expenses for the current year, directors' fees, income tax, interest, &e., amounts to 99,516 17 11 An interim div lend of per share, was paid on 25th October, 1889, amounting to 4,858 0 0
Leaving a sum of 34,658 17
Which it fs proposed to apply as follow:
"depreciation, Loiler and reserve fund".
18,000 0 0 (thus raised to £70,000)
In payment of a further dividend of 16s. per share, free of income tax, being (with the interim dividend) ut the rate of 9 percent. on the culled-up cubital 9,716 0 0 Balunce t be carried to new ACCOUNE. eons 6,942.17 1
£34,658 17 12
Notwithstanding the continuance throughout the year of a low average rate of freight, both outwards and homewards, the Directors have satisfaction in again plaging before the shareholders, accounts which indicate substantial progress.
The vessels have all done their work well, and no accident of any kind has ocourred, Of the contracts referred to in lust annual report, the Pak Ling, was successfully launched) from the ship-building yard Messrs. J. L. Thompson & Sons, of Sunderland, on the 6th of March, and will shortly take' the berth for the Straits, China and Japan, wing to labour difficulties and pressure of work on the Clyde, the Ping Suey, contracted for by Messrs. Barclay, Carle & Ca., Limited, will not be launched till the Sti April.
'A contract for a third boat, after the type of the Ping Suey, was entered into fast August with Messrs. J. L Thompson and Sons, and it is expected that this vessel, to be named the Keemun, will be ready for sea about midsummer.
With the prospect this year of a fleet of nine
and being anxious to carry out their long high-class steamers of lange carrying capacity, cherished desire of running an unaided monthly line, the directors decided to terminate their agement with Moors. Gellatly, Hankey, Sewell & Ca., from the Ist January, 1890, and they have every reason to anticipate that the arrangements they have made will afford results satisfactory alike to shippers and shareholders. and Son, and Mr. Jamieson Elles also offer retiring Auditors, Messrs. John Baker themselves for re-election,
Text read from the printed page and cleaned; old type leaves the occasional error.