Directors:—John Macgregor, Esq.—Chair-it. FB. H. Bell, Esq., A. McLeod, Esq., 'A, C. Westall, Esq.
Capital Tis, 286,700 in 2,867 shares. rt of the Directors for the Year ended Bist December, 1889, to be submitted to the Anniai General Meeting to be held at the Shanghai Club, on Monday, the 17th February, 3890, at 11.30 a.m.
The Directors beg to submit to the Shareholders the Annual Statement of Accounts for the year 1889, Alter payment of an ad interim Dividend Tis, 6 per share on the lst August last, the profit and loss account shows a credit balance of Tls. 27,496.37 from which sum the directors propose to pay a final dividend of fis. 8 per share, which will
propriate to depreciation absorb sig 92,990.00 kal 3,000.00 Carry forward to next year 1,560.37 During the year the usual current repairs tave been nade upon the property, the Pontoons have received a special overhaul, and has been replaced by Bunding. About one the old Staging, In front, of Ranlet's Lot half the cost of this last named improvement, sny Ts. 5,000, has been transferred to Property Account, Property Account has also been debited with Tis, 3,000, cost of a Dredger, which the Directors were fortunate enough to secure ripon easy terms. The same account has been credited with " like sum being the original cost of the Pontoon Lulu which has been removed to Old Ningpo Wharf. One-half of this amount, viz. Tls 1,500, has been written off from Depreciation Account, the remaining Moiety forming a charge upon Old Ningpo Wharf Property account.
'Phe Godown Accommodation of the Associated Wharves has been increased during the year by one new Godown on Ranlet's Lot, and one in front of the Sailors' Home. A third is in course of construction upon the Old Ningpo Wharf Property.
At Old Ningpo Wharf the volume of business done has increased during the year and the improved result is shown in the accounts, The Company's premises generally may be considered to be in a serviceable and satisfactory condition.
The directors have to record with disappointment that bonding privileges are still withheld from this company.
The Directors and Auditors offer them-eelyes for re-election.
Text read from the printed page and cleaned; old type leaves the occasional error.