Report of the directors for presentation at} By Balance the sixth general meeting of the shareholders, "7 Interest. on tis. to be held ut the office of the agents on Tues- Fixed Deposit to 31/12/91 250-00 day at 3 pain.
Interest on Car. accoun'
The directors submit the audited accounts for the year:8¥1, showing net earnings Ils.
Balance Working Account 25,817.04, The sunken tug Fairy was finally abandoned to the harbour authorities to he destroy-wil on the 20th May, 1891, as the cost of attempting to raise her would have been Dr greater than her value, and a contract was entered into with Messrs. Boyd & Ca, tol ry Wrecking Apparatus Assets. Tis. build a new tug-boat somewhat larger than Hulls of B tugs. the file which will probably be ready for 3) Fixed deposits H. work about the end of April next.
Wakainatzu coal. 13 tons.
At the credit of the profit and loss account Hongkong & Shanghai the balance brought forward from last year our, account together with the net earnings and interest aunount to 'Ts, Against this the balance of the value of the Fairy was written off Ts, 15,000, un interim dividend of 4 taels por share' paid (=4,000 taels) on the 12th October, 18H, also the bill of costs—Puller r.
Gutzlaff cuse—-amounting to 1,350 taels. 3,000 taels has been set aside to re-erve, and it is By Shares Accoun Reserve Fund. proposed to pay a final dividend of 3 taels per Profit and Loss share (=3,000 taels), making a total of 7 per the year, leaving a balance of Tis.
7 carried forward.
Superintendent and Superintendin r's reports of the hulls, engines Doilery of the tugs Muhlee, Rocket and Fokelin w H Suonm, bena th March, 1892. ave satisfactory, Nie Moun Directors.
Mr. W. H. Short, in accordance with the and being eligible offers himself for re-election. jerchy certify that I have examiadt all cles of association, retires from the leard, Agents. Sutoxt, the Acconts of the Company, comparing Shanghai, 7th March, 1892, armor. them with tne Vouchers, and have found the same to be all in order. King's Dandelion aul Quinine Liver are a potent remedy; remove all Liver and Pus Stomach Complaints, Biliousness, Headache, gives the. natural tint and peach-like Bloom ckuess, Shoulder Pains, Heartburn, In: perfect Complexion; makes the Skin digestion, Constipation, Made only in everywhere, London, smooth, supple, healthy, comfortable. Sul-8). pholine Soap, 64. Tablets. Everywhere. (4)
878,649.59"
'The payment of this dividend, together with the interim dividend paid in 'July' last, will give the shareholders a return of 12%, and establishes a reserve fund of Tls. 24,000.
Tu accordance with Clause 88 of the Articles of Association the directors rative; but, being eligible, offer themselves for re-election. The auditor, Mr, J. M. Dickinson, again offers his services for the year.
By ender, Fonues, Secretary.
GuxeraL Workixa Accouyt, at Bist December, 1891.
To Expenses incurred in running tow boats. "962,933 65, lighters: v= 49,133.46: Expenses incurred" in running Expenses of bar beat and other special charges 8,192.53
119, 649.64 Note—The above expenses include repairs to. fleet amounting to 348,177.84 Less proportion deemed extraordinary and red to. accounts $14, 000.0 500.00 15,590.00
32,677.84 ire account. 344.89 aims and accidents account 21, 77 general expenses account 20,650.40 Exchange account... 529.71 Balance carried to Profit and Loss Account. 33,780.84
$296,159.25
By Gross earnings of lighters, trips 1,213, piculs 4,600,000 298.51 5 ts from general towage.... 33,266.53.
282,565.04 Profit on stores und dock engine works 9,609.77 Profit on docks account. 1 3} Profit on coal account. 153.55 Scrip and transfer fees 39.50 Interest account 1,589.41 Rents account '926.04
$206,159.25
Prorir axp Loss Accocyt.
lst December, 1891.
Di Depreciation account, being '$81,108.36 Balance... 78,639.59"
Text read from the printed page and cleaned; old type leaves the occasional error.