The annual general meeting of the shareholders in the above-named Company was held on Tuesday in the Shanghai Club, Mr.
Messrs. E. J. Hogg, J. G. Purdon (Direc-Francis presiding, There were present tors), C. S. Sharp, J. M. Young, E. Davis, R. E, C. Fittock, J. Buchanan, G. How, and J. W. Harding, representing in all 1,495 shares or 550 votes, Chr. Scheppelmann, Secretary, and H. Edwards, Engineer.
The notice convening the meeting having been read and the minutes of the previous meeting signed, The Cuarruan said—As mentioned in the report, the comparison of the accounts with those of 1887 is affected by the circumstances that the price of gas in the first half year was 10 per cent higher, so that had other things been equal, the receipts for the past year would have exhibited a falling off of 5 per cent. whereas there has actually been a small increase thanks Principally to the addition to the number of Chinese consumers. From the nature of the case, it is evident that the future development of the Company's operations mirist be derived principally from this source and the directors propose to do all in their power to continue to push the expansion in this direction. The increased receipts from Gas are Ts, 486, from residuals Tls. 244, whilst the expenditure, omitting the exceptional item of gratuities, is heavier by Tle, 2,717, about half of which is attributable to increased outlay on repairs and maintenance and purifying materials, coal accounting for three-fourth of the balance. The outlay on coal, whilst necessarily greater owing to the largely increased quantity of gas made has been less than might have been expected, owing to the reduced amount of escapes, and the low cost last youn compared' with any former year.
is to be regretted that an equally favourable result cannot be expected during the current year, as coal is much dearer, and our income will be affected by the reduction in the price of gas fecting the operations of the entire year instead of half of it. The provision made in the Municipal Bud get of 1888 for an increased outlay on gas effect, as only six additional lamps have ighting of is, 1,000 was not carried into been lighted during the year, but the extension of the Hongkew Settlement and the desirability of more lights in the back parts of this Settlement are likely to necessitate a considerable increase of public lamps, It does not occur to me that I need dwell further upon the accounts, but if any shareholder wishes any other explanations of them, I shall be happy to give any information in my power.
There being no questions, The Cuarrstay proposed, and Mr. Hoe soconded—
That the Report of the Directors and the accounts for the year 1888 as presented be accepted and passeed.
Carried unanimously.
The Cuatratax next proposed That the Directors ure hereby authorised to declare and pay a dividend for the half your ending 30th June 1889 and for the half year ending 31st December 1889 not exceeding together (twelve) 12 % for the year.
Mr. Puxvox seconded the resolution which was carried unanimously.
Mr, Suan proposed—That the following Directors be elected to serve until the next annual general meeting Messrs, John G. Purdon (Chairman), fk Francis, E. Jenner Hogg, with power to add to their number.
Mr. Youve seconded the motion, which was carried unanimously Mr. Davis proposed That Mr. Aug. White be elected Auditor of the Company to serve until the next Annual General Meeting.
Mr, Hanpina seconded, Carried nem. con.
In reply to Mr. Snare, the Chairman said they had made partial contracts for the coal this year. The increase, he found, would be 15 mandarins on the bulk of the coal and 40 mandarins on the remainder. They had two different kinds of coal, one being more expensive than the other. thanks to the Chairman which was carried Mr. Davis having proposed a vote of
by acclamation, the meeting adjourned.
Text read from the printed page and cleaned; old type leaves the occasional error.