The following was the report for presentation to the shareholders at the sixth ordinary general meeting, held at the offices of the Company, on Saturday, the 21st inst. at noon The general managers have now to submit to the shareholders thely report on the sixth June 1889. After paying all running expenses, ear's working of the company, ended 30th
amia of insurance, remuneration to consult~ ing committee and auditors' fees, there remains a net profit of $149,618.98, and in accordance with the articles of association it is proposed with the consent of the shareholders to appropriate this amount as follows To place the amount of $72,434.50 to reserve fund, being the equivalent of 8 per cent. on the values of the steamers, wharf, moorings, &e, on the 30th June last, and to pay a dividend of 8 per cent. on the paid up capital of the Company, absorbing a further $75,124.00, and leaving a balance of $1,760.48 to be carried forward.
Although the result does not admit of a larger dividend than is given above, the gen-cal maungers are pleased to be able to say that the earnings for the year under review compare favourably with previous experences. It will be observed that the sum to be written to reserve account is some $10,000.00 greater than last year's appropriation for that purpose, owing to the increased value of our assets. Moveover the Company has, in common with all steam shipping in-tercets, suffered from the sareity and high price of coal; this fact will be more fully appreciated when it is said that the avera Rring the year ended 30th June, 1888, being rice has been SI per ton more than was paid
on a consumption of about 17,000 tons, or equal to nearly 2 per cent. of lend.
"The Company's fleet has been maintained in the usual state of efficiency: the Folien has assed her Lloyd's No, 2 survey, and the Thales will come under No. 3 survey during this autumn.
Shareholders are aware that the 1,144 unallotted shares in the Company were offered for public tender early in August, but the tenders received were so low that the general managers and consulting committee decided that it was not advisable to make any allotment. Since then, however, an offer of $73} for these shares has been accepted, and the premium thus obtained, some $26,060, will be passed to credit of reserve fund.
'The local insurance companies have been induced to lower the rate of premia charged on the blocks of the company's steamers by 1 per cent.; this isa matter for congratulation and. will' beneficially affect the company's working to the extent of about $10,000 per annum.
In the usual course it may be stated that the amounts appearing as freight due and accounts receivable on 30th June have all been collected since that date.
Consulting Committee.—Since the last general meeting Mr. J. Bell-Irving has resigned his seat, and Hon. J. J. Keswick has invited to fill the vacancy. The Committee now consists of Hou. Mr. Ryrie, Hon. Mr. Layton, Mr. J. F. Holliday and He Keswick. In accordance association all these gentlemen retire, but being eligible, offer themselves for re-election.
Auditors.—The present accounts have been audited by Messrs. J. H. Cox and R, Lyall, who retire, but offer themselves for re-election, Dovoras Larrark & Ca., General Managers.
Jose, 1889. assers.
To value of corny steamers: haitan, Hai. value of wooden wharf value of buoys and moorings at Swatow, Amoy, Tamsui,' and Hong-Kong, and of the steam launch the Hongkong and Shangh: the Hongkong and Shanghi Banking Corporation... Banking Corporation depo cash account... oe... balance of claim on Oriental Bank Corporation in liquid 116,491.34
13,421.91
100,000.00 9,112.49 freights due 30th June sundry accounts receivable value of coals in godowns value of capstan and 1 shaft in hand.
Text read from the printed page and cleaned; old type leaves the occasional error.