The annual meeting of shareholders was held on Thursday afternoon (17th) at the Shanghai Club. There were present Messrs, J. G. Purdon (Chairman), R. Francis, E. J. Hogg (Directors), Che. Scheppelmann (Secretaty), H. Edwards (Engineer), a. Cushny, jr, J. R. Haggitt, A. Burman, Brown, R. E. C. Fitt: J. M. Young, J. E. Reding, F. J, Marshall, J. H. Mac-Loren, F. H. Bell, E. A. Probst, Komura, F. B. Haskell, N.'A. Siebs, E. Davis, and C. Dowdall, representing in all 589 votes.
The Chairman stated that there was quorum according to the new deed of settlement.
Mr. Scheppelmaun ha ving been appointed Secretary of the meetin and having read the notice convening it, Phe Chairman said—Before proceeding to the ordinary busi-I should like to make a few remarks upon the loss which the company and all of us personally have sustained in the death of our friend Mr. Wainewright. He hasbeen the legal adviser of this company for very many years, and though we have fortunately not had any lawsuits, atill anyone who has been a Director of a large company knows how often it is one has to get a legal opinion. I have often had to go to Mr. Wainewright and have always been met with the courtesy and readiness which characterised him. When the matter was one which he could answer off hand, which it generally was, he always Iaughed off my suggestion that it should be made a business matter. Only last Saturday I went to his office to ask a question, bout something coming up, this meeting. I was shocked to hear that he was lying unconscious and had been so for hours. [think we. all, in more way than one, will feel his loss. (Hear, hear.)
The minutes of the last annual weeting are on the table, but as they have been printed and circulated among the shareholders, it wilmot be necessary to read them unless some one particularly wishes i The report you no doubt will consider a favourable one, The increase in the consumption of gas, not reckoning the French Settlement, is very gratifying, and proves reducing the price is Company as well as to the It must be acknowledged, 1 rik, that 82 per 1,000 cubic feet fur gas in the Ear East, is extremely moderate, but if the use of it increases as we hope it will, particularly south of the Yang-king-pang where the price used to be about $4, there is " probability that even x lower rate can be established.
We have had only nine months' working of the French Settlement, so no comparisons can be made, but the return on the investment, made as it was from our surplus fands, is very satisfactory, being at the rate of about 13 per annum, against had the amount remained in the n otherwise invested. from re good 80 far as they Dut at present we can only dispose of the tar and coke, Were there manufactories here that could use the ammonincal liquor, &e., and it is not unreasonable to expect that Shanghai may some day have them, the pr.couf yas could probably be reduced one half.
It may be of sume interest to mention that the Thorp and Christiania burners continue to be approved, as 92 dozens of them were sold during the year. I feel sure this quantity would be very much increased if the advantage of using them were more generally known; they cost but little more in the frat place than the old style, as they are furnished at cost, and they give a better light for less money.
the report as being shortly required, is to The new dwelling house mentioned in replace the old une, occupied by the engitteers, on the west side of Defence Creek, and which was built when the Company first started.
As will be seen in the accounts the Directors invested 'I's. 50,000 in the six Favestment Company. er cent. debentures of the Shanghai Land
'A resolution will be submitted to you authorising the Directors to pay to the shareholders Tls. 2.50 per share out of the Tls. 5,000 interest on the Reserved Fund.
This is all that Lhave to say, but before moving the adoption of the report and accounts, I will be pleased to answer any question, Phere being no questions, The Chairman moved, Mr. Francis seconded, and it was carried That the report of the Directors and the accounts for the year 1891 us presented be accepted and passed.
The Chairman moved, Mr, Hugg seconded, and it was carried That the Directors are hereby authorised to declare and pay a dividend for the half year ended 30th June, 1892, and for the half year ended 3ist December, 1892, not exceeding together 12 per cent. for the year.
The Chairman moved, Mr. Francis seconded, and it was carried That the Directors are hereby authorised to distribute the interest on the Tls. 5,000 accrued on the reserve fund for the year ended 31st December, 1991, at the rate of Tls. 2.50 per share to shareholders on record this day.
Mr. Burman moved, Mr. Marshall seconded, and it was carried That the following Directors be re-elected to serve until the next annual meeting Messrs. J. G. Purdon, R. Francis and E.
Text read from the printed page and cleaned; old type leaves the occasional error.