The annual general meeting of sharehold ders was held on Saturday at the office of the agents, Messrs. Wheelock &Co. There were present Messrs. J.F. Seaman (Chairman) T. Wood and Tong Mow-chee (Directors), J. Jacques, C. F. Woodward, E. Huis, F. B. Aubert, C. A. L. Dunn, F. Gove, F. E. Haskell, Shur Lee, P. A. W. Ottomeier, G. Galles and W. Lamond jr., representing 305 shares and 110 votes.
The notice convening the meeting having been read, and Mr. F. Gove having been elected secretary of the meeting, The Cuarrman said—There is very little add to what is stated in the report and accounts, which I presume you have read, and which I will with your permission take as read, The earnings ut the two companies under the pool agreement have been very slightly less than they were in the previous Buniness in the first six months of 1890. ear, due mainly to a falling off in the
This was made up by much better receipts in the last half year. This company's earnings are Tls. 900 better than in the previous year, but this is due entirely to the fact that the repairs to the wooden cargo boats were less by Tls, 1,000 than before. Repairs will be necessary this year at the time of the anraal overhaul in the spring, when we shall probably have to spend from is. 1,200 to Tls. 1,500 in the annual repairs. The Directors therefore, in dealing with the sum at the credit of the Company, recommend the payment of a dividend of Tis, 4 per share and the transfer of Tls. 3,000 to reserve. They would have been very glad to recommend a dividend of Tis, 5 which, perhaps, would have met the wishes of some of the shareholders, but as it is several yours since anything was placed to the Reserve Fund and nothing has been written off for depreciation of the boat looking to the interests of the Company the Directors think that the reserve fund should be increased, and they think that the shareholders will feel that in doing this the Directors are acting for the shareholders' interests.
Mr, Jacques thought the Directors might have recommended a dividend of 4} if not 5 per cent., and that Tls. 3,000 was a very liberal amount to place to reserve, being somewhat out of proportion to the amount of business. However, the Directors were the best judges and he was quite willing to accept the accounts as they were, The Cuarrmas replied that the Directors had looked to the ultimate interests of the Company in recommending the placing to reserve of Ts. 3,000, which was really very small percentage on the capital. It was ome years since any credit was made to the ret fund, which was practically a depreciation fund.
Mr. Gaxtes thought it improved the position of the Company to have a larger reserve fund.
The Cuawan then proposed, Mr. Tong Mow-cheo seconded and it was carried, "That the accounts as put before the meeting be accepted and passed." On the motion of Mr. Bois, seconded by Mr. Dunn, it was resolved That the Directors be authorised to divide the amount standing to the credit of Profit and Loss account as follows: A dividend to shareholders of Tls. 4 per share, transfer to Reserve Fund of Tls. 3,000 to be placed on fixed deposit with the Hongkong and Shanghai Banking Corporation, and the balance of Tls. 1,985.71 to be carried forward."
Messrs. Seaman, Wood and Tong Mow-chee having been unanimously re-elected Directors, and Mr. Wilmer Harris having been. reappointed Auditor, the meeting closed with a vote of thanks to the Chair-wan, Directors and Agents, proposed by Mr, Dunn, In ting the annexed Accounts for
Text read from the printed page and cleaned; old type leaves the occasional error.