The second annual general meeting of the shareholders in this company was held yesterday afternoon at the offices of the agents, Messrs. Wheelock " Ca., French Bund. Mr. H. J. Such (Chairman) presided and those present were, Messrs. J. F. Seaman (Director), J. M. Young, E. Davis,
Gove, E. P. Wickham and W. 8, Jackson, Huchting, B. J. Have, J. Liddell, F. representing in all 406 shares. Upon the motion of the Chairman, Mr. Gove was; appointed Secretary to the meeting, and read the notice convening it, The Chairman, in moving the adoption of the report and accounts, said—The accounts have been in your hands for some time, and with your permission we will take them as rend. You will, no doubt, have noticed that while the gross earnings fare Tls. 4,367.71 Inger than in. 1894 the coolie hire is Tls. 13,062 more. This is accounted for by the greater number of coolies employed in the 500-ton boats and special stevedoring. In looking over the col Account you will find an item on the debit side which has not appeared before, insurance Tls. 3,122. The amount being so large, a special account was made. Itis made up of the amount paid for the insurance of the boats when employed outside Woosung, and the insurance of the 500-ton boats and steam Munch to Ningpo and back. Supplies and petties: this amount is more than double that of 1894, and arises from all the outlays incidental to the carriage of machinery to Ningpo being debited to that account. Repairs cost Tls. 867.69 more than in 1894, but while Tls. 847.81 less has been spent on cargo boats, Tls. 1,215.79 more has been spent on afoam launch, It will be necessary to spend a considerable sum of money' this Working Account is Tls. 753.79 less than ear on the cargo boats. The profit on the passed ast year, which is accounted for by the sum spent on the repairs to the Hercules. The value of the plant has increased by Tls. 8,937.47, which is the cost of our share of the new steam Iaunch Fin and an 80- ton cargo boat. The Reserre and Maintenance Account is Tls. 14,000 more than
down in the accounts at cost, but I suppose that at the market price of to-day they are worth some Tls. 2,000 more. The exigencies of business made it imperative that we should have an addition to the fleet, and, as the report states, we have made a contract for two steel lighters of 200 tons each. I do not think I have anything more to say about the accounts, but before proposing the resolution I shall be very glad to answer any questions to the best of my ability. (After a pause.) I beg to propose—That the Report and Accounts, as presented, be accepted and passed Mr. J. F. Seaman seconded, and the resolution was carried nem. con.
Proposed by Mr. J. F. Seaman, and seconded by the Chairman, the following Yesolution was carried unanimously—That the Directors be authorised to appro-[priate the amount at their disposal, rs. Ts. 5,477.72 as follows:—A dividend of 9 per cent. Tls. 6,900; to transfer to Reserve and Maintenance Account, Tls. 15,000; and to carry forward Tls. 1,477 Upon the motion of Mr. E. J. Hogg, seconded by Mr. J. M. Young, Messrs. H. J. Such, Tong Mow-chee, and J. F. Seaman were re-elected Directors for the ensuing year.
At the instance of Mr. W. S. Jackson, seconded by Mr. F. Huchting, Mr. Wilmer Harris was re-elected auditor.
The proceedings terminated with the usual complimentary vote to the Chairman.
Text read from the printed page and cleaned; old type leaves the occasional error.