The annual meeting of shareholders was held on Saturday, 26th April, 1890, at the Head Ottice, Shanghai, There were present:—Messrs. J. Morris, (Chairman), W. W. Clifford, W. H. Short, J. Nolting, S. Walker, and H. J. Dyer (Directors), General Mesny, J. A. Stewart, G. R. Corner, J. Wilson, D, M. David. J. D. Clark, E. Tuck, J. Macmorran, and W. Hayward(Secretary), representing in all 4,22% shares and 241 votes, The notice convening the meeting and extracts from the minutes of the last meeting having been read Ti he CHAIRMAN said-—We have assembled to consider the report of the Directors and the accounts of the Company to the 28th February, 1890, which were' issued to you some days agu and may be taken as read. The Shanglai business shows a profit of $27,970.86, whilst the Hongkong one, owing to. misfortunes, realised a Toss of $11,066.58, thus reducing our net profit tu Tls.12,340.12. This, added to the balance ofthe previous year's profit and loss account, eaves at our disposal Tls. 27,340.12, out of which we suggest that n dividend be d clared of Tle. 2 per share, which will absorb Tis, 12,000, and carry forward the balance to the next account, Settin, aside the misfortune that was the principal cause of the loss in Hongkong, that branch has considerably developed, the aulos for 10 months amounting to $112,944, and as it is desirable that it should'stand on its own bottom, and be able, when required, to extent its cubital to furnish stock for its increasing business, it was made into a sepa rate company, and registered in Hongkong in December last, as the Hongkong Trading Company, Liniited, and has traded under that head since the IstJanuary, The shares were offered to the public by advertisement before the accounts to the Bist Dec. 1889 were closed, but on the result of the year's work becoming known to the Directors they considered it advisable to wait awhile before waking allotments, The managers are alive to the necessity of keeping down expenses, and if we avoid accidents a fair business may be looked for during the current year. With reference to the Brewery, at our new premises, on the Yang. tsze-poo' road, commodious cellarage has been made and uew machinery has bee imported, which will be in use durin, the next season. "The louse of the old Empire Brewery will run out in December next, which will diminish our rent account by Tls. 1,600, Of our debentures, 100 were paid off in August last, and into: rest to the end of February 189) has been id ow the balance, According to the terms of thearticlesof assuciationall your directors retire, except Messrs. Short and Dyer, who are directors as long as they continue managers. Mr, S. Walker is about to leave Shanghai. The number of Directors may be reduced to five or inerensed to seven. Messrs. Clifford, Nolting, and myself retire, but are eligible fur election, Befure asking you to pass the report and acenunts, we shall be glad to hear any remarks thereon, In reply to questions by General Mesny, the Chairman said the reason for holding one share in the North-China Insurance Company was to secure a return of contributions. As to the fifty shares in the New 0.B.C., the money was earning 6 per cent. dividend instead of lying in London at 2 per cent. current account. The item of
Text read from the printed page and cleaned; old type leaves the occasional error.