The forty-third ordinary general meeting of the shareholders of this company was held at the Cannon Street Hotel on Wednesday last; under the presidency of Mr. John Howard Gwyther.
The Manager (Mr. Thomas Forrest) having read the notice convening the meeting, "The Chairman said:—We are here once more to give an account of our stewardship. Before formally moving the adoption of the Report, Idesire to make a few observations upon the present condition of affairs in the Kast. Some of my friends in the Press and on the Stock Exchange charged me with undue pessimism in the remarks I ventured to make at the half-yearly meeting in October last. Well, gentlemen, Iam afraid that they will be inclined to repeat their accusation, as I cannot take optimistic views whilst war is raging in the Levant; Hostile tants in America, The Japanese with famine and pestilence in Asia, and
have recently declared for a gold standard, und this action will certainly not tend to enhance the value of silver; the probability of a falling exchange in China will render it more difficult for Lancashire to export increasingly and profitably to that country. Furthermore, the Chinese Government, which has now a considerable gold debt, will find the burden thereof more onerous, and the margin of unappropriated Customs revenue narrower and narrower. You have doubtless followed with painful interest the weekly reports of the famine and plague in India. It must be borne in mind that the same causes which hindered a sufficient harvest of cereals, had also a pernicious effect upon the yield of other crops which are exported to foreign countries, so that the cultivators had to face a twofold evil—no Jocal food and no money to purchase bread elsewhere. The result in former days, he-fore the advent of British rule, would have meant the death of millions, and I consider that we may justly point with national pride to the wise and unstinting labours of the Indian authorities in their successful endeavours to feed the starving multitudes. As you are aware, the Lord Mayor of} London has initiated _a Benevolent Fund supplemental to the efforts of the Gorernment, and already half a million sterling has been collected, irrespective of local subscriptions in Lancashire and Scotland. Lam sure, apart from the money benefit, that this voluntary benefaction will increase the belief in the minds of our Eastern fellow subjects, that British rule is beneficent as well as just and impartial. Imay here mention that the Directors, anticipating your cordial approval, have subscribed £500 towards the" fund. Applause.) Business in Bombay has been well-nigh at a standstill, the shrunken products destined for Europe have been ostracized or looked at askance by the Continent, and imports have found few buyers, as the plague has caused an exodus of the principal native dealers. I think that our European staff at that port deserve special commendations for the plucky way in which they have stuck to their posts, despite their harrowing surroundings. (Hear hear.) If you would like to have some conception of the condition of Bombay during the past few months, I would counsel you to again pursue Harrison Ainsworth's "Old St Paul's" or Defoe's "History of the Plague in London." In Calcutta we have had to face a most stringent money market, not merely costly, but even at the abnormal rates not easily procurable.
Tam glad to be able to report, however, that our customers have found us liberal lenders in a time of difficulty, and that we have also assisted others who came to us in their time of need. We will hope that the fortunate position in which we were placed will redound to our credit, and increase our already valuable connection there. The Balance Sheet requires no special reference; competition has been increasingly severe, trade has shrunken, and still, largely owing to an immunity from bad debts, we are able to recommend the usual dividend, with a substantial addition to the Reserve Fund. Our customers are contented and loyal, but we must ever keep vigilant watch over our connections, and lessen our profits rather than allow our business to pass into the hands of our newer competitors, some of whom, mainly established for financial purposes, have entered upon commercial fields, as their expectations otherwise have proved illusory. Before sitting down I would call your attention to the last paragraph of the Report. It is with great regret that we find ourselves unable to retain the services of our friend Mr. William Vanner, who has for so many years faithfully and intelligently Gilled the office of auditor. But weare fortunate in finding a gentleman of Mr. Magaus Mowat's experience willing to serve the shareholders if they so determine. He is the London partner of the well-known Bombay firm of ritchie Steuart and Ca., he was Chairman of the Chamber of Commerce there, and also President of the Bank of Bombay. It is deemed fitting at the present juncture to propose that the remuneration of each auditor should be increased from £75 to £100, and, if we compare their present work with that which prevailed when the smaller sum was voted, we must acknowlege that they well deserve the small addi-ion to their emoluments. Gentlemen, bavide these few remarks, I will propose, at the Report now presented, together with the Balance Sheet and Profit and Loss Account, be approved and adopted."
Mr. William Paterson seconded the resolution, which was then put and carried unanimously.
The Chairman next moved, "That a dividend at the rate of 9 per cent per annum, free of Income Tax, for the half-year ended 31st December last, be now declared, payable on and after the 28th inst."
Mr. Emile Levita seconded the resolution, which was unanimously agreed to.
The Chairman proposed the re-election of Sir Henry Stewart Cunningham, K.C.LE., as a Director, which was seconded by Mr.
Text read from the printed page and cleaned; old type leaves the occasional error.