The annual meeting of shareholders was held on Tuesday at the Hotel, There were present Messrs. P. Mignard (Chair. man), John Morris, H. Sillem, A. Seisson (directors), Comte de Gualembert, Eh. Brown, E. Puthon, E. Ricco, U. Videnu and C.'H. Dalls (Secretary), representing in all 1,326 shares The notice convening the meeting having been taken as read, the minutes of the lust meeting were read by the Secretary and confirmed.
(who fulfilled the duties of Chairman) suid-—I am very sorry the indisposition of the Chairman prevents him from spanking on this ocossion. The report and have been in your possession for some time and may be taken as read, if there is no objection. We have little to add tothem. Although the receipts are greater than last year, the profits are not so large. The falling-off is partially accounted for the fall in exchange and also in the most profitable department of the business, That may be classed under three heads—residents, table @'hdte boarders, and travellers. The latter, who are the most. profitable of ull to us, were not so numerous as usual, owing most probably to the riots and disturbances in Chit Another item to be taken into account is a dinner we provided at Hankow at the time of the Czsrevitch's visit. That added to our receipts but not to our profits. It is to be hoped that this year travellers will be more numerous and our profits correspondingly greater. expenses are very much the same as last year, except salaries to the European staff, about Tls. 800 in excess. Wages of Chinese staff appear to be greater, but are not so in reality, as the account was divided into two last year. We have already paid an interim: dividend of 34 per cent., and with the balance in hand we propose to pay further 3 per cent. if the shareholders pass the accounts. We had to trespass upon Messrs. Brown and Videav, to bring up our profit to the guaranteed 7 per cent,, for the sum of Tls. 1,172, which we ad: vanced on their depositing security in the shape vf shares. We hope it: will not be necessary to call upon them again, and that they will get back what they have paid us. On behalf of the Chairman I now beg to propose That the report and accounts as presented be di.
ar Sillem seconded.
Comte de Galembert asked if the guarantee was confined each year to 7 per cent. o whether it meant 21 per cent. for the three y In the first case, if there was a dividend of, say, 20 per cent. one year and Lper cent. the next, the shareholders in the latter year would not get the benefit of the guarantee.
Morris replied that the guarantee was T percent. per aunum net profit for the first three years, which the Directors always took to mean 21 per cent. for the three years.
Text read from the printed page and cleaned; old type leaves the occasional error.