The annual meeting of sharelivlders was held on Monday, 2nd March, 1891, at the Shanghai Club, when there were present Messrs. J. G. Purdeti (Chairanin), A. G. Wood, H. R. Hearn, J. Walter and E. J. Hoxg (Directors), H. Wilkinson, Isanc Ezra, A. Burman, T. W. Kivgawill, P. McGreg'r Grant, C. Cromi Jas, Purdon, H.R Kinnear, R. Francia, J. Lembke, R. C. Fittock, J Buchanan, J. Jacques, A. Stiethlage, C. F. Woodward, J.E. Judah, J. Buse, J. Welch, M. Moss H. Lavers, F, Anderson, B. Ruttanj Douglas Jones, Zee Lan Char, P. C. Ps lanjee, L, Moore, and W. Lamond, jr., representing 9,672 shares.
Mr. HE. R.'Kiswean having been pointed Secretary ut the meeting and having read the notice convening it, The Cuairman (after stating that he would take the minutes of the last meet ay read) said Gestiemen—The Directors, in common no doubt with all the shareholders, - would be very glad if the accounts, which have now been in your hands for more than a week, bnd enabled them to recommen a larger dividend, but while it is to be regretted this could not be done, it should not be x matter of surprise, The necessary cost of management, which is undoubtedly heavy at present in proportion to the business, will nut be greater when the revenue is many times larger than to believe wil short time, as it is the Directors to push on with building as rapidly as possible, It must be evident ww all that, even were it possible, it able to cover all our property at with buildigs, but that we wust meet the demand jor the different classes of houses as it arises, and to lock ty the near future when all No, 2 estate, for instance, will be well built over' and yielding a very five interest. on the investment, Tue demand for houses, small foreign, semi foreign and Chinese, is steadily on the crease, as is apparent from the fact that our houses of all descriptions are taken as soot as ready. It must not be overluuked that the returns from many of our lately pleted houses now vecupied did not begin till after the first of the present year, while the cost came out of last Year's account. We feel confident that when further improvements are wade and the proposed roads through No, 2 Estate are completed, you will have an exceedingly valuable property. Owing to the unsettled state of the money market and the advance in sterling ex-shor-ly after the nuthorisution issue of our debentures, the applications for them were very limited, still, in all we have issued, close upon Ths, 100,000, and we trust, with a lower and steadier rate of exchange, we will be ere long able to double the amount, The proposed new Hotel Company which was referred to at the list meeting, never was floated, as you are all doubtless aware, and the negotistios regarding the lease of the site of the Astor House came to an end, The Cuareman, after referring to an error in the report by which two Directors were stated as retiring by rotation instead of one, concluded by moving That the report and accounts as presented be xccepted and passed."
Mr. H. R Heaxn seconded the motion.
Mr. F. ANpEnson, referring to an entry By sundry rental recounts (net)" in the working account, asked what was the difference between the gross and net rentals, The Jaarmmax replied thatthe net rental was the rental after the lire insurance, water rate, repairs and taxes were taken off, The figures of the gross rental were not at hand, at that moment,
Text read from the printed page and cleaned; old type leaves the occasional error.