The sixteenth annual general meeting of the shareholders in this company was held on Thursday afternoon, the 19th inst., Mr. A. McLeod (Chairman) presided and there were present, Messrs. H.R. Hearn, A. Probst. G. A. Matthews (Directors), Davis, W. H. Poate, Thos. Brown, E.S. Perrott, G. M. Dyce, G. Galles, H. Morriss, 'A. P, Wood, John Cooper, OG. A. Pullan, and J. M. Ringer (Secretary).
Mr. Ringer having read the notice conening the meeting, The Chairman said—The report and accounts for the past year have been in your hands for the period prescribed by the articles of association and unless any shareholder should wish otherwise T would suggest that we take them as read. I shall presently bring forward resolution asking you to approve and ass these accounts, but before doing' so would like to make a few remarks with regard to them. If you will first take the credit side of the Working Account you will see that our gross income from all sources during the past year has amounted to the sum of Tis, 154,959.32, as against Tls. 131,833.89 for the year 1894, or an increase of Ts. 23,626, and I hope, gentlemen, you consider that this increase shows a satis-tory state of affairs with regard to the Rettlements. On the other side of the regress the company is making in these account we have divided the expenditare under the usual headings. The first is the Engineer's department, and that naturally shows some considerable increase on account of the rey much larger quantity of water that had to be filtered, and the larger amount for wages, cleaning filter beds, etc. The total for the year is Tls. 33,487.30, as against Tis, 27,903.67 last year, or an increase of Tls. 5,584, and may say that the two large items of increase are coals Tls. 1,500, and wages of the coolies, and filter_beds' etc., Tls. 3,500; that accounts for Tls. 5,000 of the total increase. The next item is "Management and General Charges," and these are cisely the same as the previous year, they are Tls. 14,761 as aguinst Tis, 14,572—simply a difference of Tls. 190. You will see in the accounts however, that the total amount under that heading is Tls. 20,761.21, but there is in that the item of Tls. 6,000 for the interest on our debentures last year. Now I am almost inclined to think that the Directors will alter this entry next year. In 1894 we charged interest to Pro-it and Loss Account and we then had debit interest in Profit and Loss Account of Tls. 3,472; this year in Profit and Loss Account we have credit interest of Tls. 1,325, the two together making Tls. 4,800, which by rights should be deducted from that Tls. 6,000. I think it would be desirable next year that we should have one interest account and that the balance of interest account only should appear to the debit of Working Account instead of the total amount here and another amount on the credit side of Profit and Account. The amount that we carry forward to the credit of Profit and Loss. Account from Working Account this year is Tls. 95,747, as against Tls. $4,533 Jast year, a difference in favour of 1895 of Tls. 12,214. We ought to add to this the Tls. 4,800 balance of interest account, which would make the real increase in the balance of Working Account Tls. 17,000. In the Profit and Loss Account you will see we ay nate as against Tls. 49,716 in a have now an eons Po eas 2 Glfereace in favour of this year of Ts. 16,300, and that, I think, is a fairly satisfactory progress to record. (Hear, hear.)
id ends that the shareholders will receive for last year are 13s. for the interim dividend paid in July, and, if the report is passed, 28s, which is now to be paid, making together 36s. for the year to London shareholders and representing 9 per cent on the, capital. The shareholders in Shanghai received Tls. 4.30 in July last and will now receive Tls. 7.56, or a total of Tls. 11.86. In 1894 the London shareholders received 30s. and Shanghai shareholders Tls. 10.79. The difference to Shanghai shareholders is simply Ti. 1 and to London shareholders 6s., but that is on account of the very much higher rate of exchange ruling this year as compared with last. The only other item I have to call attention to is the amount we carry forward. In 1894 we carried forward the smal] sum of Tls. 2,585; this year we are enabled to carry forward Tls. 11, and the Directors have thought, in view of the increase in the consumption of water here, and the extra expenses we may have to incur, it was not desirable to divide the income to the very Jast point. The amount carried forward is not large, but still it shows a substantial increase on that of Jast year. I do not think, gentlemen, there is anything more I can say with regard to the accounts, but before sitting down I may remark as I daresay you all have noticed, we are making a very important addition to the capacity of our wore by laying a duplicate 20-inch main from the pumping station at Yangtzepoo to the Water Tower, and it is for the of aetaying the considerable expense attached to this that we have thought it desirabl> to issue the second instalment of our authorised debentures of Tls. 250,000, the second instalment being Tls. 100,000. This amount was successfully floated at the moderate interest of five per cent. The debentures were fully subscribed for—more than fully—and at a slight premium, the applications at par receiving only about 49 per cent. There is only one more matter I should like to mention and I dare say it will be as satisfactory to you to hear as it is for me to announce, that for the first two months of this year the income shows a net increase of $4,732. I think that may be regarded as fairly satisfactory. Before asking you to pass the report and accounts I shall be glad to answer any questions or ive any explanation that may be desired.
plause.)
Mr. T. Brown having asked a question in regard to the contract with the French municipality, which the Chairman answer-
Mr. E, Davis and Mr. Poate referred to the depreciation of plant and machinery.
The Chairman said that they were obliged to keep a depreciation account by the terms of the contract with the Municipal Council, in case, at any time the Jatter should wish to purchase the undertaking. The Engineer reported that the engines and boilers were in the most perfect order, and with regard to the mains nothing had yet been written off them as they had only slightly deter-lorated, but the Directors would consider the desirability of commencing to write off something no Mr. H. Morriss said he should like to call attention to the remuneration of the Directors, which he thought was inadequate for such a flourishing concern. He begged to propose that the remuneration be increased, Mr. T. Brown—I beg to say I consider the propos m out of order as due notice has not been given of it and it cannot apply to this year.
Mr. Morriss—Very well then, we will apply it to next year. I will move a resolution after the' report and accounts are assed.
The Chairman then proposed—
That the Report and Accounts for the year be accepted and passed Mr. H. R. Hearn seconded and the resolution was carried.
Upon the motion of the Chairman, seconded by Mr. E. A. Probst, the dividend as recommended in the report was approved, and at the instance of Mr. H. Morriss, seconded by Mr. E. Davis, Mr. A. McLeod was reelected a Director; Mr. Drummond Hay and Mr. C. W. Wrightson being re-lected auditors upon the proposition of Mr.
Text read from the printed page and cleaned; old type leaves the occasional error.