Mackenzie (Secretary), representing in all 6,288 shares.
The Chairman, in moving the adoption of the report, said he thought the shareholders, would admit the result. of the bat that been due to exceptional year's working had been remarkably good, circumstance, such as want of dockage accommodation in Japan—which he was sorry to say was not likely to last as they were constructing a good many docks there and the expansion of local industries, which they hoped would continue. Thenet earnings of the year were Tls. 108,186.81 more than those of last year, showing an increase of 80 per cent. He thought that would be considered very satisfactory. It was due to the great demand which had kept the company working almost night and day. The balance at credit of Profit and Loss Account, after deducting Directors' and Auditor's fees, was Tls. 257,567.24, which it was proposed to appropriate as follows To wid to Reserve Fund..
Place to Maintenance and preciation Account,. 20,000.00 Pay a dividend of 15 percent on ordinary shares. antounting to117,000.00 Pay a dividend to Founders' of Tls. 117 per share, 23,400.00 Carry forward to new account... 37,167.24
The present was the first dividend the founders had got out of the company. They might have had something before, but the Directors thought it better in the interest of and work up, Becerve Fund, The Rethe company to declare a small dividend serve Fund would now stand at Tls. 160,000, part of which was invested in local stocks and. art on fixed deposit in the Hongkong and Shanghai Bank. As to the amount invested in local stocks, its present value was Tls. 27,000 more than the amount stated, in the accounts, so that in five years the company had built up a Reserve Fund of Tls. 187,000 and had paid dividends of 10 per cent the first year, 12 per cent the three following years, and now 15 per cent. Mr... W. Hay, one of the Direc-and Mr. Thorburn, the Auditor retired, but offered themselves for re-election. "He proposed That the report, and statement of accounts as presented be approved and passed.
Mr. C. W. Hay seconded, and the resolution was carried unanimously.
Proposed by Mr. Poate, and seconded by Captain Swain, Mr. C, W. Hay was reelosted 4 Director and, proposed Afr. A. H, Stewart, and seconded by Mr. J. Tulloch, Mr. J. D. Thorburn was re-elected Auditor. The proceedings terminated with a vote of thanks to the Directors, proposed by Mr. C. Thorne, and seconded by Captain
Text read from the printed page and cleaned; old type leaves the occasional error.