The annual meeting of the shareholders in the Shanghai and Hongkew Wharf Company was held on Monday in the Shanghai Club, Mr. John Macgregor presiding.
There were also present Messrs. A. O. Westall, F, H. Bell, A. McLeod (Directors), R. Francis, J. M. Young, A. Burman, W. J. Clarke, Jas, Buchanan, G. T. How, PR. Arnhold, H. M. Bevis, and Danean Glass, representing in all 1,732 share The notice convening the meeting having been read by Mr. Glass, The Cuareaax said—Gentlemen, the report and statement of ssovunts which I ave to submit for your acceptance have already been in your posse days, and with your permission I shall take them as read. In the report we have brought to your notice the steps taken during the year for the improvement of the Company's property and the developments which seemed called for and necessary to meet the increasing wants of the trade of the port; and the result of the year's working will, I hope, justify to you these steps as being desirable and prudent.
The enlarged volume of business done at the wharves gives a net balance to this company from the Association of Tis, 59,041.76 against Tls. 51,388.63 in 1888; and the moiety of the balance at debit of Old Ningpo Wharf has been reduced from Tis, 6,899.43 in 1888 to Tls. 1,106.20 in 1889, brought about by improved earnings as well as the reduced interest cha: which has bad its full effect this year. will no doubt be a satisfaction to you, as it is to the directors, that the present condition of affairs proves that the acquisition of this estate was a prudent step, and that it is not the white elephant which at one time some people thought it to be.
The accounts show that after payment of an interim dividend of Tls. 6 per share the balance at credit of profit and loss account is Tls. 27,496.37, out of which we propose to pay a second and final dividend of Tls. 8 per share, transfer to depreciation account Pls. 3,000, and carry forward to next year the remaining balance of Tls. 1,560.37. The treatment of the outlay in connection with Ranlett's Lot will no doubt commend itself to you. Advantage-was taken of the rearrangement of pontoons there to have these ducked, redecked, and thoroughly overhauled at a considerable cost, which has been paid out of current earnings. It will be satisfactory to you to know, and it proves the usefulness of dredgers, that we have been able tu dispense with the upper pontoon, and that where it was stationed there is now, as the result of dredging, sufficient depth of water alongside the wharf for the largest steamers which visit the port. The godown on Ranlett's Lot was completed carly in the year and has been well utilised, and a similar building at Old Ningpo Wharf is now also finished and ready fur occupation It does not seem to me that there is anything further in connection with the accounts that I need specially refer to, but before asking you to pass them I shall be glad to give any additional information miny power should it be desired. We have again to express our disappointment and regret that bonding privileges are withheld from this Company, and it scows to me that we must just wait and watch for an opportunity of convincing the Chinese authorities of the unwisdom of the course they pursue, I am sorry to see so few shareholders present, but the only thing is, I hope, that we may take it that they are satisfied with the report and therefore they do not think it necessary to come here for further information. In the report and accounts we have tried to make the statement as full and complete as possible so that everything may be before you.
Dir. Fraxcts—I am sure the shareholders who are present and those who are not are all very much indebted to the Directors for the very efficient manner in which they have conducted the affairs of the company and brought about the highly desirable result you have presented us with in the report, particularly in regard to the matter of returns from the Ningpo Wharf. Although there is still a slight loss (apparently) upon if an independent company raised capital in shares it would give a dividend of over 5 per cent., which cannot be regarded as anything but extremely satisfactory, and, as the Chairman remarked, the turning of this white elephant into a paying concern is highly satisfactory. With regard to the working account I find that there is an item of fifteen hundred taels interest paid to the Shanghai and Hongkew and Associated Wharves, but I do not find it on the other side. But though this is only a small item I think that if it appears on one side it ought also to appear on the other side, but of course the accounts were treated generally. Last year it was similarly treated, but then it was only Tls. 200 and it did not so much matter, but as it will be increasing every year I think it would be well to keep the interest separate.
The Cuarwas—We are very much obliged to Mr. Francis for the complitnentary remarks he has made about the working of the wharf, and I assure him it is very gratifying to the Directors that their efforts are appreciated. What he has mentioned is simply a matter of accounts, which we shall be quite prepared to state in future. The building was still going on, and as we have not the capital in hand we Nave to borrow. That is how it occurs, but we shall take note of your remarks and the item will appear on both sides. I no one else has anything to say, I beg to propose—That the report and accounts as printed and circulated be adopted and Mr. Bert seconded the resolution, which was carried unanimously.
Mr, Fxavcis proposed, Mr, Youse sec-ended, and it was unanimously agreed, "That Messrs. F. H. Bell, A. McLeod and A.C. Westall, in conjunction with the senior representative of Messrs, Jardine, Mathe-sun & Ca., be elected as Directors for the ensuing yenr."
Carried unanimously.
Mr. Bevis proposed "That the directors be authorised to pay.a dividend of Tis, 8 per share to shareholders on the register at this date."
Mr. How seconded the resolution, which was carried nem. con.
Mr. Becuaxax proposed and Mr, ARNHOLD seconded, "That Mr, Andrew Burman and Mr, C. J. Dudgeon be appointed auditors for 1890."
The motion was carried unanimously, and the meeting terminated in the usual way.
Text read from the printed page and cleaned; old type leaves the occasional error.