The notice convening the meeting having been read, The Cuamwax, in moving the adoption of the report and accounts, said:—Gentlemen: I will now make a few remarks on our business with your consent, and following the usual routine we will take the report as read. The report shows that during the past year we have encountered even @ more severe competition than in 1888 with lower rates on kerosene, and though doing a slightly larger share of the business of the port the ultimate result is not so good, caused by a large portion of it consisting of coal and iron storage leaving only a small margin of pro On comparing the figures ut the wor ing of the company in 1888 and 1889 I find that they stand:—Gross cornin; Tls. 36,072.77 against Tis, 37,811.77, showing an increase of say Tis.'1,800; but the expenses stand at Tls, 27,711.90 against Tis, 33,623.17, an increase of say Tls. 6,000, caused, as shown above, by the handling of s0 much common cargo. In the first six months of 1889 I note the business was must unsatisfactory, the income only equalling the expenses, so that our net earnings have really been made during the last half Tam, however, pleased to be able hat the working account for net profit of about which is " pleasant promise for the future.
For the present year I can speak much more cheerfully. oar Directors have come to an agreement for one year with Messrs, Jardine, Matheson & Ca. and the Eastern Wharf and Godown Company to raise the storage rates of kerosene oil toa basis which will ensure a fair profit, and a further agreement has been concluded for the same period with the Eastern Wharf and Godown Company to work jointly together as regards kerosene storage, pooling our earnings on the basis of an equal division of net results. The annual expenses of the Company have always hud the serious attention of your Directors, but hitherto it has not been practicable tu reduce them. I can, hor ever, now inform you that during the present' working year they see their way to effect an economy of about Ts. 1,500 to Tls. 2,000, which may another year be increased to Ts. 2,000 to Tls. 2,500. Ican also say for the agents that until the shareholders receive a dividend up to six per cent. they will not demand their full commission. I also draw your attention to the fuct that the guaranteed interest of 7 per cent. on the preference shares ends in December next, sv that, generally, with better working agreements, increase in number of constituents, and' economy in expenses, our business prospects promise much more favourable results. Mr. Such was invited to join our Board and accepted. Mr. Haskell resigned on leaving for home, and Mr. Eastlack was invited to take his seat. Mr. Eastlack lately sent in his resignation, which was accepted. Your Directors think it better to defer for the present electing a director in his place. Mr. Wheeler and Mr. Jantzen offer themselves for re-election and Mr. Such's appointment requires your confirmation. Before asking, you to pass the report and accounts, shall have much pleasure in answering aby questions.
Mr. Cart Jantzen seconded the motion.
Mr. Sylva asked for an explanation of the fact that the report was published in the newspapers five or six days before it was issued to the shareholders.
The Cuarnman said that after the meeting of directors which took place on Jan. 29th some alterations, causing one day's delay, had to be made in the report. On the Slst the report was sent tothe printer's office, where the delay tonk place, which he regretted.
The motion was then carried unani linously.
On the motion of Mr. Jaques, seconded by Mr. How, it was unanimously agreed "That Messrs. C. Vincent Smith, C. Jantzen, H. J. Such and G. H. Wheeler be elected directors, to serve until the wext annual general meeting.
Mr. Jaxtzex then proposed, and Mr. Suc seconded, 'That Mr. J.' A. Taylor be elected auditor, to serve until the next annual general meetin; Mr. Bucuasay that he had fault to find with Mr. Taylor's abilities, but he thought that as a sharebroker Mr. Taylor should not be auditor of a public company. The two things were incompatible. Mr. Taylor was originally ap-Pointed when te was wot a sharebroker, now he was known to be one. Auditors of other companies had, in the past, resigned as soon as they became sharebrokers. In the case of the Pootung Wharf & Godown Ca. it was particularly desirable not to have a sharebroker, as every certificate for shares in this Company had to be signed by the auditor.
The CHarrMax remarked that although it was true that Mr. Taylor saw the transfers, he did not see the list of shareholders. However, the election of an auditor was entirely 'a matter for the shareholders themselves to decide.
The amendment being put to the meeting, it was declared lost by a show of hands. A poll was then demanded, by which it was ascertained that 7 shareholders (representing 500 shares), voted for the amendment and 8 shareholders (representing 742 shares) voted against it. The amend was therefore declared lost, and the original motion was put to the vote and carried, after which the proceedings terminated in the usual way.
Text read from the printed page and cleaned; old type leaves the occasional error.