holders was held on Tuesday afternoon at he sixth general, meeting, of share: the office of the Agents, Messrs. Morris &Co, There were present Messrs. W. H. Short (Chairman), C. Buchanan, and Nils Meller (Directors), H. Ollerdesse (Secretary), J. Bannerman, W. Dobie, C. A. L. Dunn, R. E. C, Kittock, F. Gove, W. Lamond jo., H. J. Limby, J. A. Pond, J. Prentice and Alexe, Ross, representing in all 722 shares.
The minutes of the last meeting having been confirmed and Mr. Ollerdessen having been appointed Secretary of the meeting, The Chairman said—When we last met here we were suffering from a series of misfortunes capped by the sinking of the tug Fairy, and much dissatisfaction prevailed, Subsequently it was found that the amount required to raise the sunken tug would exceed her value and after due consideration she was aban-dened to the harbour authorities ta be destroyed. Ts. 15,000, the balance of her cost, was written off as a loss, leaving only three boats to carry on the work. We now come before you after a fairly successful your during witch there was a considerable increase of business in sailing vessels. By dint of hard work and economy a sufficient sum had been earned to make our loss of the Fairy good and to place ourselves in the happy position of being again able to pay dividends. The Directors' report and the audited accounts for the past year having been for sume time in your possession we will, if there be no objection, take them as read. Before putting to you the resolution to pass the accounts, I would like to make a few comments, The gross exenings of 1891 are in excess of the preceding year by Ti 10,064.10, caused chiefly by the increase in the number of sailing-ships. The total disbursements are somewhat less than i 1800, being Tls. 30,118.81 against 'TI The portage bills show " redue-4,178.75 owing to there being 3 tugs instend of 4. Mess allowance" was. reduced, but repairs and coal are slightly in excess of the previous yenr, there having been more work, The two items for a junk sunk by the Fokelin, and hire of divers, etc., at the wreck of the Fairy charges outside of our ordinary working expenses, The net earnings transferred to the profit and loss account amount to Tis, 25,817.04, against Tls. 14,458.03 in 1890. This sum enabled us to recoup the loss of Tle, 15,000 by the abandonment of the Fairy and to. pay an interim dividend in October lust of Tls. 4 per share, also to sot side to a reserve fund Tis; 3,000 and now to propose the payment of a final dividend of Tis, 3 per share, making 7 per cout, for the year 1891, After payment of this Gnal dividend there will be a balance of Ts. 1,045.67, out of which a substantial recognition might be made to the working staff for the effective manner in which they have performed their various duties. The Directors entered into a contract with Mossra. Boyd & Ca. in May last to build a new tugboat slightly larger than the Fuhle, to cost is, 35,000. She will be fitted for passenger accommodation somewhat similar to the Gutslaff and Whangpoo tug for attendance to the German and Cauadi Pacific lines of steamers at Wooaung when needed. The contract time for completion has expired and we are promised that she will be ready for work by the end of next month. Mr. Prentice, Messrs. Boyd & Co.'s representative, is here and no doubt will give any explanation if required why the Contract was_not completed according to agreement, We have on fixed deposit at the Hovgkong and Shanghai Banking Corporation Tis, 90,250 and since the account was closed a further sum of is. 3,000 has been similarly deposited to represent the reserve-fund. In accordance with the Articles of Association: I retire from. the Board and as stated upon the report I am eligible for re-election. Later on a propesition will be made to you to elect another candidate for the vacwney. Should any further information be required I will have pleasure in imparting it if in my power to do so.
Me. Ross asked for an explanation of the item of Tls. 250 for interest on fixed deposit seeing that there appeared to be Tls. 30,000 on fixed deposit.
The Chairman said the Tls. 250 was interest on a deposit of Tls. 5,000 which fell due in August last, Tne other deposits were not yet due, Mr. Ross—B it the Hongkong Bank are in the habit of crediting interest at the end of exch year.
The Chairman—Not on deposit notes. As they fall due the interest is credited.
Mr. Ross went on to say it would be advisable for the Directors to state the ure of the recognition they proposed to e to the staff, 'The Chairman replied that they thought of giving half " month's pay to the native and foreign staff, Mr. Ross said that from enquiries he ad made, he believed the staff wereextren ly well paid; and if it came to a question of replacing' them, very able men from home could be obtained tw Bill their posts. Under these circumstances he thought the principle of giving a bonus or cumshaw was wrong, and he strongly objected to it.
The C n said it was left in the hands of the shareholders.
Mr. Schuffenhauer also objected to the proposal, andeaid that after the shareholders had lost so much, the staff were bound to do their best to bring the Company's prosperity up to a certain standard. Iv was chiefly owing to the bad services of tie staff that the Company ever came to the low ebb at which it lad been, and the staff were fully repaid by the Company being in a position to give them good and liberal allowances, He thought any surplus ought to be devoted to fund for insuring the boats, (Hear, hear.)
The Chairman said it was merely a suygestion on the part of the Direcwrs. The staff had had a good deal of heavy work, but if the shareholders did not desire tu give them anything, there was an end of it, The suggestion was made by the Directors when the allowances were cut down $15 " month, and the ides was that if the Year was. good one, some recognition of their services would be made.
Mr. Buchanan said that when the reductions, which were suggested principally by Mr. Miller and himself, were made, he did not understand that there was to be anything in the shape of bonus, but that the allowances which had been cut down might be given back.
The Chairwan then moved, Mr. Buchanav seconded, and it was agreed That the report and accounts as presented be passed.
Mr, Schuffenhauer moved, Mr. Bauner-man seconded, and it was agreed That Mr. John Prentice be elected a Director' to fill the vacancy caused by the retirement of Mr. WY. H. Short.
Mr. Buchanan moved, Mr. Pond seconded, and it was carried That Mr, H. J. Limby be appointed Auditor until the ext annual meeting.
The Chairman stated that dividend war-would be issued on the 24th. There was no further business before the meeting.
Mr. Gove pointed out that: it was usual to pass a resolution providing for the distribution of the dividend.
The Chairman accordingly xnoved, and Mr. Maller seconded, a resolution n providing that a dividend of Tls. 3 per shire be paid.
Votes of thanks to Mr. Shirt for the manner in which he had carried out his arduous duties, and to the Directors for having produced such satisfactory accounts, concluded the meeting.
Text read from the printed page and cleaned; old type leaves the occasional error.