The anvusl general meeting of the Shareholders in the Shanghai Gas Company was held yesterday afternoon at the Shanghai Club, and there were present Mesers. R. Francis (Chairman), J. G. Purdon, F. G. White, and E. J.'Hegg (Directors), W. Pardon, J. M. Young, and F, Borchardt; 57v votes.
The Cuaraaax said—Thero being uow present shareholders holding more' than 300 votes, I will commence the proce by reading the notice calling the meet This having been done, Br. Bore hardt wi appointed Secretary of the meeting.
ne CHAIRMAN thou said—Gentlemen, your permission we will take the mutes of last meeting as read, and as you have all received, and no doubt read Reportand Accuunts, we will, if no one it otherwise, consider them adoption Accounts, L need not detain you long with comments thereon. The Accounts differ but slightly from those of 1884. There has been a slight increase in the Quantity of gas supplied last year, though there lins been a falling off in the receipt owing to the reduction in the price of 2 gas 1884. Residents have giv a better return, but th charges have been rather the total profit previous year. Owl ry condition of trade it i evipis did not fall off more, so that to have been able to maintain our ground, I think be considered favourable, The policy of previous years has been continued of writing down the value of the Company's property, and if any present had horetofore felt doubt of the correctness of the course pursued, such a feeling must aurely be removed whi 4 aspect of aff port, the directors decided to reduce price of gas from Ist of next mouth, thi being the fourth reduction during the Inst six years, Wo are making every effort to keep up the quality of the yas supplied and by introducing uew and improved burn ers and other improvements in lighting apparatus, to 01 better results than w capital, commend itself to idea that our capital has never been equal to our requirements but that until the year 1882, it would not have Leon possible have carried out the course now proposed, 82) out of our own resource: In that yenr the Directors' attention was drawn to the subject, but the formation of a goud reserve fund was thought to be the most important desideratum at that ime, Now that we have such " reserve fund, it has seemed to us desirable to place the Cxpital Account on proper fuotivig, by raising it tow ann which will enable it to cover all our actual outlay and to have a fair margin to: meet contingencies for the next few years, a margin which should not be considered too much when you remember that during the five years 1880-4 we laid out on property about Tls. 85,000, and wal atin was expended during ight sears, the whole of which lias bee defrayed out of th Oming to this want of sutlicient capital, shareholders have exercised much self-denial by foregoing part of their usual dividend for years together, when large gully for gas holders and other heavy expenditure rendered it necessary for them to raise loans which they wished to pay of as early as possible, Hud a less aelf-deuycourse been pursued, and new Capital a raised to meet these requirements, we ould not have been able to make the successive reduction in the price of gus which we have done. Before closing my remarks I would refer to the loss the company have sustained through the death of their work's foreman Mr. Rogerson who died in December last. In consideration ful services during the peat 11 we have considered it -right to ne provision fur his children and to present @ gratuity to his widow. I do not propose to detain you further, but before putting the firat resuluti shall be glad to answer any question which you may desire to put. asked, the following were put Proposed by Mr. R. Francis, seconded by Mr. E, J. Hace, and carried unanimiouely—
That the Report of the Directors and the Accounts for the year 1885, as presented, be accepted and passod, Proposed by Mr, R. Francis, seconded by Mr. F, G. Witire, and carried uuanimously—That the Directors are hereby authorized to deck and pay " Dividend for the half 30th June, 1886, and for the half Bist December, 1886, not exceeding together 12 per cent, for the Proposed by Mr J. M. Youxo, seconded by Me. W. Paxvos, and carried unani-
[hat the Directors are hereby authorized capital of the Company to ares for the 0,000 to Sha of the Compass now share to every posed by Mr. F. G. Wutre, seconded by Ble. J. BIN Yousa, and carried tnanimously—
That the following Directors be elected to erve until the next Annual General Meeting, Mosse, R. Francis, Chairman, J. G. turdov, jand E. Jenner Hogg, with power to add to their umber, Proposed by Mr. J.M. Youno, seconded Mr. W. Panpox, and carried unani-
Mr. Aug. White be elected auditor company to serve artil the next Annual al Mvsting.
Me, Youso proposed a vote of thanks to the Chairman wud Directors for the suc cessful mauver in which they had con of the Company during the meets Revoxr, submitting their Report for 1885. congratulate the the continued prosperity of working is off for depreciation and paid in two semi+ Balance carried fore out of wu year, were pai The result of the year ing is barely equal to that of 1884, but under the circum stances of severe dey which have the ipated, an po ided to reduce the price of Gas to consumers from $2.75 to $2.50 from Let proximo and they trust reduction may cat jimereased conwwption and so modify to me extent the loss to the Com pany.
Whilst thas appropriating to Consumera the present ted surplus revenue of the Company, the Directors have considered it desirable that the Shareholders should derive
Text read from the printed page and cleaned; old type leaves the occasional error.