the shareholders of the above company was The annual ordinary pence meeting of held on the 3rd of March at the offices, 3, Billiter Avenue, E.C., Mr. David Reid (the chairman) presiding.
The secretary (Mr. W. H. Bartlett) having read the notice convening the meeting, the Chairman said In rising to move the adoption of the report and accounts (which, I presume, you will take as read), 1 think I shall have Your concurrence when I offer my con-Zratulations to the shareholders generally on the satisfactory results of the past year's working of the Line, and on the complete immunity from accident to any of our ships. You will observe that the balance at credit of profit and loss enables your directors, after placing the substantial sum of £30,000 to depreciation, boiler, and reserve fund, not only to pay the full 6 per cent dividend on the preference shares, but to recommend the payment of a dividend at a similar rate on the amount paid up on the ordinary shares, which is 1 per cent more than was paid. "year ago. "his improved position think you will appreciate the more when remind you that during a great part of the year we had comparatively few sailings, and these necessarily at i rand sometimes inconvenient intervals, With regard to freights, there has been little alteration in rates outward to Eastern ports, and we have nearly always carried full cargoes; but homewards there has been for some time pest steady downward tendency, especially from the Straits, where rates ranged between 16s. and 9s. per ton of 40 cubic feet, On such terms you will quite realise that the carrier has the worst of the bargain, and, indeed, it it difficult to see where the profit comes in. But whilst rates of freight we fallen, the working expenses of the ships have'also been reduced. The high favour in' which the line is held by the underwriters enables us now to cover our steanters at a rate of premium lower than ever before entertained. On the charges for machinery and ships' reits we have effected a considerable reduction. Coals, our heaviest item of expenditure, have been on the average cheaper than in any previous year of the company's history. Gentlemen, it is to the practice of these and other economies in the working of our ships that the directors have largely to look for the wherewithal to pay our dividends. And Tam glad again to have this opportunity of saying that in the administration of the company's affairs we are ably served by our managing director, Mr. Gulland, a man of wide and varied experience," of untiring energy and great practical knowledge, whose thoughts are unceasingly (and I may say, exclusively) devoted to the advaneement of the best interests of the Line. At Shanghai, Mr. Sutherland, for many Galland, has been appointed agent, in the years under the excellent training of Mr.
room of Captain Hogg, whose health unfortunately broke down, Lesage, Harm to resign his charge and return to England. Mr. Sutherland, so far, has shown marked assiduity and ability in the management of the company's important Shanghai agency. I should ike to say further that we are fortunate indeed in the services of our captains and our officers generally, not only on the score of navigation, but for the great note interest which they take in their business. I shall not trouble you more with details of management; but I would wish to remark generally that we have a very efficient and loyal service in all departments, on shore and at sea. We may, however, have ood managers, good agents, and good officers, but unless we had good and suitable ships we could not expect to enjoy and retain the high and influential position which the China Mutual Line holds at this moment in the great carrying trade of the Far East. When I addressed you a year ago I was able to tell you that the disorganization of the service, caused by the sale of several of our steamers in 1893 and 1894, had been partially relieved by the addition to the fleet of the new steamers Chin 1", Ooprck:. and Kaisow—vessels which have, in every respect, proved satisfactory. I also told you that in order to make our line really efficient the directors had made other contracts, and these have now all been completed. Lost autumn we took delivery from Messrs. D. W. Henderson & Ca., of Partick, of the new Momme and Teenkai, hgo carrying, powerful vessels, which promise to do profitable work for the Company; and from the yard of Messrs. Workman. Clark and Ca., of Belfast, we have taken over the new Kintuek, Pak Ling, and Hyson, the latter only delivered a fortnight ago, nearly six months beyond contract date, owing to the protracted and ill-advised strike of the builders' engineers. Our fleet, as you will have seen from the list in the report, now comprises thirteen steamers, with an aggregate of close upon 50,000 tons gross register. And, when I remind you that this is our thirteenth anniversary meeting, I think you will agree with me thata steamer added tothe fleet for each year of the company'sexistence indicates material progress. The old familiar Chinese names have been retained on the new ships, the two atest built bearing names which, perhaps, to some here will recall happy memories of operations in the green tea market before the influence of India and Ceylon began to be felt or appreciated. T have now to say afew words in connection with the Woosung Bar, which, like the poor, is always with us. Complaints ofinsufficiency of water have come to us from our Shanghai agent and from our captains almost every mail and in order to facilitate and reduce the expense of works the, North Chins traffic, so frequently and so serious! Motard, the 'Board! decided to' build'& powerful tugboat at Shanghai, which is Tow actively ab work. hoy' have also arminged for the construction of a few cargo boats, and with these auxiliaries to the service, they anticipate satisfactory and profitable results. This expansion and development of the Company have, however, not been undertaken without the careful and anxious consideration of the Board. When the sale of some of the older vessels took place it became absolutely necessary to restore the fleet to a position of real utility with as little delay as possible, and after full inquiry as to the best and' most suitable type of vessel to build, specifications were prepared, and times' being favourable, contracts were entered into. The Board are now satisfied that they have not only provided a regular and efficient service for the wants of all our shipping friends, but they have materially strengthened the line and raised it to a position second to none in the great carrying trade of the Far East, These important additions to the fleet have necessitated heavier calls on our credit than before, as you will have seen from the larger figures in the balance sheet. On this I would offer a few words of comment. Theshare capital has been increased by £6,054, which exactly represents the amount of call of 30s. per share on 4,036 shares, made in compliance with Stock Exchange requirements, so that the ordinary share capital should all be of one paid-up value—viz., £5 per share. Bills payable shows a large increase on the amount under the same heading in 1894. This was unavoidable in connection with the necessary financing of our new and valuable steamers. We hope to sce a substantial reduction in this figure in our next balance sheet. Depreciation, boiler, and reserve fund will be raised to £04,199 Lis. 3d., by the addition of £30,000 out of last year's profits. Insurance fund" has Deen increased to £12,695 6s., and will, we hope, go on steadily and yearly increasing. "Sundry creditors" is a fluctuating amount and embraces rebates due to shippers, and other sums in suspense. On the credit side you will notice a large increase in the figures standing against "Steamers purchase account." This you will readily understand when you. consider the important and valuable additions which have been made to the fleet during the past year. The other items in the balance-sheet do not call for any special comment. All the figures have been most carefully examined and proved by your auditors. In the profit and loss" account you will observe that the profit realised on the completed voyages amounts to £56,500 13s, 9d., or nearly £4,000 more than in 1804. But, although' our profits have increased, there has also been an increase on our general expenditure and interest accounts. Both the outward-loading expenditure and the Shanghai Agency have, owing to the comparatively few sailings during the year,
Text read from the printed page and cleaned; old type leaves the occasional error.