To be presented to the Shareholders at the Eleventh Annual General Meeting on Wednesday, 18th March, 1891.
"The Directors' have now much pleasure in submitting for the information of Shareholders the audited General Statement of Accounts and Balance Sheet for the year ending 3ist December, 1890.
The total Income of the Company from all sources amounts to Tls. 90,606.96 and the Working Account shows a balance to Credit of Tls. 55,629.93, which has been transferred to Profit and Loss Account, On the 18th July last an interim Dividend F8° of 3% was declared absorbing Tls. 16,877.38, and there now remains a further sum of Tls. 35,424.97 at credit of Profit and Loss Account for appropriation.
From amount the Directors recommend the payment of a final Dividend for the past yeatof £1 per share, or 5% on the Capital of the Company, equal to £7,200. To Share: holders on the Shanghai Register the Dividend will be payable at the current rate for Bank drafts on London, on demand, at the date on which it is declared, The new Pumping Engines and Boilers, ferred to in last year's Report, have been received from England; the Boilers have been placed in position and tested; the erection of the Engines is now almost. com. pleted, and the entire work is reported upon by the Company's Engineer-in-chief a5 most satisfactory in every t. The Dire-tors are greatly indebted to Mr. J. W. Hart for the care and attention he hus giv in superintending the construction and shi ent of this important addition to. the Cou pany's plant. uring the past year the whol the Company's works, plat, mums, 22, have been maintained in an efficient state of repair, and they are at present in excellent working order.
Mr. J. M. Ringer resigned his seat on the Board on leaving Shanghai, and Mr, T, Wood was elected by the Directors in his' place: this appointment now requires the confirmation of the Shareholders.
In accordance with the provisions of the Articles of Association Mr. A. McLeod retires from office, but being eligible, offers himself for re-election.
The present Auditors, Messrs, Andrew Burnian and Dummond Hay, offer themselves for re election.
A. McLyop, Chairman, Shanghai, 10th March, 1891.
Workrxe Accovst, FoR THE YEAR ENDING Sisr Deceusen, 1890.
Exrexprrvne, Dr. Tis.
Salaries and wages, cleaning filter beds and reser-vairs, repairs to mains and works generally To 'Auditors' fees Directors' fees supply to natives from street hydrants.
76 12,152.21 London Agency—Secretary's salary, rent, &e, £390 General charges £427
Committee's fees £200...... 834.78 2,637.03 Balance carried to Profit, and Loss Account 55,629.93
90,606.96
By Amount received on account of Or. Tis, water stipply and from other vourves " sve 90,608.96
Ts, 90,608.06
Prove asp Lass Acgoess, Sloe Decesne,
To Final dividend for 1889 Dr. Ths, at 5%, £6,849. 1.0.at4/34 32,073.60 London Directors—Ba-Lance of £1,800 voted for services from 1882- 1887 say £800 at 4/94... 3,839.13 Income. tax for I £204.13.6 at 4/44.
Interim dividend for 1890 at 3%, £4,140.4.8 at 4/103...
Depreciation—On'boilers and engines On extension account On furniture...
Allowances and bad debts 1890, By Balance brought forward from last account......4,154.74 Amount overdebited dend account Interest account Balance of work 1890.
Text read from the printed page and cleaned; old type leaves the occasional error.