LIMITED, Locality of Dairy Lou Bridge inapocted the cattle koptat the abore varied places Bouiay, Weduoway and Friday of lage Week and thea all in good health and condition.
Tats A. Wexd, Submitted, It, ult rap. of Markets, Phe Meeting then adjourned.
Public Garden.—the following letter from the Houogury Secretary Public Garden Committee is ordered to be published with the Minutes of mittee be bring tu your uotios damage that is being d the unrestrained gaubols of the itala play ground, The newly pi bulb bede on which we depend for our Si Show of hyacinths and Tuli inamolated by t put a stop hopeless Committe notice, they cam secure more cou they fear that it will at every entran seems to read quite impossi with the very uuext meeting; perhaps the publishing i the minutes would bring it more effect to the notice of the Public, and bring about a Detter supervision of the crowd of children who frequent the Garden, Lam, Sir, Your obedient servant, Gzo. R. Connzn, Hon, Secretary, Garden Committee. [Notice.]
Owing to the wanton mischief done to the newly planted bulb beds in the Recreation Garden, the Committee regret that they have boon compelled to give instructions to the Polige to immediately remove apy que jrans-
The Acting Chief Manager began th proceedings by reading the notice cun ing the meeting, The CuarmMan then read th (alrendy published), and, in present Report and acounuts for adupti Gentlemen, I think it a fair cubi-ct of cun-gratulation that the em for the Inst half year have been quite up to the average, although we had to contend most_perplexing nct \ge, the London prices fur silver having ed' from 42 to 47d, per ounce, Your Directors only regret having to make such heavy provision as $500,000 fur losses, and would mention that this has become necessary owing to the depressed atate of trade inone field of the Bank's operations, the Philippine Islands. It is principally duo to the ahirinkage in the value of seourities, pledged to the Bank. Our Inspector has' been for several months engaged in vestigating the position of our advances there and we have made the fullest provision recommended by him, Although we have had to reduces the Dividend to 30/ for the bult year we are of opinion that the result must be considered a good one, being return of about 144 per cent, per wonum on the paid-up es pital of $125 per share, Turning to the figures of the accuuuts, these compare favourably with those of the preceding gulf year and have only to deaw your attention to vue or two items. With regard to our investment, the amount on 30cu June last was 44 million duilars, oF, a8 Emontioned at ti our whole rewove fund had been invested in this manner, whilst the present accounts only show the sum of $3,573,258.30, In view of the uncertain future of your directors thought it advisable to duce ne" holdings of Indian Government Rupee Stuck and we have cousequoutly sold 20 lacs of 4 por cet able terms; the securities he amount maintained and the figures are slightly over those of last report. During the bait year under review the Bank concluded of Tls. 700,000 with the Hoppo of Canton, which has been successfully fluated to the public. Gentlemen, am glad to of the Bank all points continues sound and profitable and we look with confidence to youd results in th Before moving the adoption ud accounts [shall be to answer avy questions or give any formation with regard to same.
There being no questions, the Chairman formally moved thy adoption vf the Report and accounts as presented.
Hon, O, P. CxtaTex—I have much pleasure in seconding your proposition.
Carried unanimously, Mr. C. D. Borrosey propused the next resolution as follows:—I have much pleasture in proposing the re-election of Mees: Dalrymple, Huntington and MacEwen, the Directors who retire by rotation, Mr. H. W. Davis seconded, Carried uvanimvuely.
Mr. Horrivs proposed that the appointment of the Hou, Bell Icving and Mr, passed with one disseutiout, Ordivaty General Meating of the Straits Fire Ineuraves Ca,, Limited, was held at noon on the 16th ult, in the Offices at Singapore, re t;—Mosers Th. Sohat, Acting wid others, representing in all that first Resolution, he remarke pou the ace counts which were before the shareholders, They covered on early period of the Company's working existence, and results had naturally been small and'not una factory, and he hoped with some conti-deuce that success would attend the Ofio operations in the future, similar to which had been met with by the Mu Company, With regard to the item of $2,837.16 for For Charges, he moderate, in view of Use duty larger and thought that such might be considered ver,
other expenses incidental to the starting, ofa public company. The item of $1,651.20 appearing ax duy for interest to the Slat December might call for some explanation, Tutorest on mortgages was paid every the months, and this amount represented i terest to the end of the year, but ni actually due for payment, With regard to the charge of $1,260 for Directors' Fees, recent letters in the local daily paper savined to necessitate w few remarks upon the item. Those letters apported to have been written undye x misupprohension, as they implied that the Directors before the Company start the Inbour ce: 1d with it had been exceedingly heavy, and although for a short time after the Ist October, Board meetings of the two Companies had been held on the same day, it was soon found tha 6 of three hours were fr ly not sufficient to complete the busi-hand, and it was determined to hold the two Couspanies' Directora' Meetings on Te was far from the D: to be in any way grasping They had in the present instance been included in the accounts in accordance with the provisions of the Articles of Assvciati but the Chairman distinctly assured the meeting that this sum of $1,260 would be refunded should the result of the Company's business at the end of the current year nut neem to warrant its reventi he Report and Accounts had been in the hands of Shareholders for some days, and he would therefore take them as read. Before proposing that they should be passed, he would be happy to ati swer any questions shareholders might put.
Mr. Smith wished to know if the Articl might be assumed to be legally in order, they not having been passed by Shareholders. The Chairman replied that the Company's legal adviser had stated that they were perfectly hindu order.
No further ques cing asked, the Chairman proposed,—' That the Report to the Slst December 1886 be adopted, and that the Accounts, as published, be passed. Lhia was seconded by Mr, McKean and
Text read from the printed page and cleaned; old type leaves the occasional error.