The annual general meeting of the share-{holders in the above named Company was {held on Wednesday in the offices of Messrs. Raswell & Con Mr. John Sharp presiding 'There were present Messrs. F. H. Bell, F. D. Bush, and E. G. Low (Directors), M. C. Nickels,' G. H. Wheeler, V. d'0. Wintle, Yeend Duer, G. Lewis, C. Cole, 0. Fock (re-resenting also Ph, Lieder), Xt. Francis, J.
Thorburn, H. Sylva, J. Buchanan,' A.
Hunter, H. H. Joseph, J. Purdon, and F, Gove, Secretary, The notice convening the meeting having gentlemen, with your permission we will take the report, Which has been placed before the share-{holders of the Company and the public, as read. Thus far in the current year the business of the Company has been fairly good for the season—the earnings for January being some 900/1,000 Taels more than for the same month of 1887. I regret to say, however we have had a serious mishap lin the sinking at Woosung (off the Lighthouse) of one of our 50-ton iron boats, Jaden with home cargo ex M.M.
Yangtse, which occurred during the heavy blow on the night of 12,13th ult, Under a contract entered into on behalf of the ILM. Ca, with two native divers and at a cost of $300, if successful, the boat and cargo have since been raised and within a day or two brought into the lower limits of the harbour—unfavourable weather having retarded the operations. It is not yet known to what extent repairs upon her will be necessary. All requisite repairs
attended to, and the fleet is in good work-during the past. year have been promptly ing order—the usual spring overhauling however will have to be done and it is found that substantial repairs will be needed to the steam launch Trojan at a cost of 350/400 taels to render her effective for Sor4 years more. 'The addition of a new team Taunch to the Company's fleet has proved of great benefit and much facilitated the prompt despatch of the business for our constituents. The receipts for lighterage for the past' year show a falling off as compared with 1886, but the expenses have been kept down to the lowest workin; point. This appears to be about all that needs special notice, but if any shareholder present wishes to ask any questions I shall be glad to answer. I have now to propose—"That the Report of the Directors, and the Accounts as presented, be accepted and passed."
Mr. Bust seconded the resolution, Mr. Focx-—Mr. Chairman, I want to bring forward a resolution, and don't know if this is the time to do it, as Ihave never moved one at this meeting before.
Mr. Low—Unless it is with reference to the accounts, I think it would be better to wait until the Chairman's resolution is passed, and then let your's come in the Mr. Fock said it had nothing to do with the accounts.
Mr. Fraxcis—How many iron cargo-boats are there, Mr. Chairman?
Text read from the printed page and cleaned; old type leaves the occasional error.