The tenth annual general meeting of shareholders was held on Saturday at the fice of the agents, Messrs. Wheelock Ca. There were present Messrs. 5. G. Low (Chairman), J. G. Purdon and A McLeod (Directors), F.B. Aubert, Grant, J. Ward Hail, E. Hey, E. J. Hogg. P. AI W. Ottomeier, T. Pemberton, Ruttunjee, J. F. Seaman, H. J. Such, F. Thompson, J. Tulloch, and 8. Walker, representing in all 268 shares.
Mr. Aubert having been appointed secretary of the meeting and having read the notice ce ig it, The Chairman said—Gentlemen, the report and accounts have been for some time in your hands, and with your permis—sion we will take them as read, Nu doubt the accounts will appear to you as sitisfaetory as they do to the Directors, but before making any remarks upon them I have to mention that the Directors have done me the honour to appoint me their Chairman, and it is by a printer's error that my name does not appear at the head of the report. Lhave also to say that in necordance with clause 54 of the Deed of Settlement, J. G. Purdon only retires from the direetion of the Company, but offers himself for re-election. On comparison of the Pool Accounts with those of the preceding year it will be noted that although the reovipts for the last six months are very large, the chief increase was in the first six mouths, the in for that period having shown. an increase of 'TMs, 13,267.59, while in the second six months it was Tls, 4,544.87, making a total gross imerease of 'Ts. {17,812-46, which" was wholly Woosung [work and an increase to this Company ut Tis, 7,459.88 out of n total net increase of 'Tls. 11,189.81. Tsee no reason why we may not continue to count upon this part of the Companies' business, 'The income from ordinary harbour work has been the same as before, Of the items at debit of the Pool Account wages have me creased in proportion with the inerensbusiness done, amd agents'
Imission likewise, but in spite of the more constant service of the hunches Uheir wages account has only increased lls. 54, and the coal bill is smaller by Tis, 147, owing partly to Jower prices of conl and wrtly to a stock brought forward feom the previous year, Claims, although slightly in excess of last year, are certainly very suvall Jeonsidering the amount of exrgo exrtied and show the skill und carefulness of the staff employed. The New Year has begun well, receipts in January amount Ts. 6,562, an increase of "Us, 890, against Tls. 5672' last year and the Directors see no reason to look upon the results of last year as exceptional, but hope for fully Jas good returns for 1892 Toruing to ithe Working Account the important [item is that' of repair, The Directors have taken advantage of the increased receipts nut only tu have the boats put jand kept in perfect order, but to increase the efficiency of the fleet by the virtual rebuilding of seven boats which they found ves able to do on unusually favours terms, Profit and Less Account shows Jam interim dividend of 4 per cent. brid to sharehuilers on the Sth August whick will be nude up to 10 per cent, for the year if the shareholders approve of the division of refits indicated m the report, Balance mentioned in the report our 1 a perfect state of efficiency and well suited to. the service required; ne you know our Woosung work las largely increased, and to render lighterage service ty steamers lying sometimes outside the Red Buoy entails very rough work, but the work has been done efficiently and' without delay, and to the sntiafuction of shipowners and) merchants. The amount on fixed deposit has been increased during the year from Tis, 12,624.75 to Tis, 20,000, and after payment of the final dividend, it will be possible to place a further sum to this account, The Reserve Fund and Depreciation Account have been put together and called Reserve Fund and with your -permission we shall increase this recount 30,300.65. With " continuance of prosper rity the time may come when it may be desirable tu reduce the capital of the Company and to write down the amount standing us value of the plant of cargo boats and launches, but at present it seems premature to bring up this question, The Pool agreement with the Ca-operative Ca. has worked smoothly and has still to run up to June 1893, With these remarks I will put to the meeting a resolution relative to passing the
Text read from the printed page and cleaned; old type leaves the occasional error.