The annual meeting of shareholders was held on Wednesday, 23rd March, 1892, ut the office of the Secretaries, Messrs. Drysdale, Ringer and Ca, There were present Messrs, 4. McLeod (Chairman), H.R. Hear, F. Rivkel, T. Wood (Directors), T. Brown, F. A. de St. Croix, J. M. Young. A. Cushy, jr. B. Dai L. Roustan, Douglas Jones, J. Beattie an A. P. Wood (Engineer) representing in all 1,251 shares.
The notice convening the meeting having been read, The Chairman sxid—The report and accounts for the past year have been in your hands for several days and I presume that, as usual, we may take them ay read. They have been put before you in the usual way and Ido not think there is very much for me to say with regard to them, You will seem the Working Account that our expenses for the past year have been sume is. 2,000 Inrger than in the previous year, but that is accounted for by the very much increased work the Company has had to do, Against this we have a very satisfactory incre: the revenue of something like Tls. 6,600, and this is derived principally from the increased supply of water taken by native consumers. We calculate that at the present time we are supplying something less than one-half of the native houses Shanghai, and we have therefore " cun-siderable' field for an increasing revenue from this source, In fact, at the present moment, although we have extended auc mains very considerably during the past year, especially in the new districts that are being developed in Hongkew, we have still. several large contracts for' the supply of further properties, and this, we calculate, will bring in an increased revenue during the present year, The result of the year's working shows that we have a balance at credit of Profit and Loss Account of Tls. 60,130, as against Tis, 55,600 last year. This will enable us ts pay a somowlat larger dividend than we did last year, and it will be proposed later on that a final dividend of 22s, 6d., equal to 6§ per cent., be declared and paid. The increase so large a percentage as we should have liked tu mak but the very low rate of exchange at wi the final dividend will be declared will give shareholders in China a larger number of taels per share than they would have received on a 25s, dividend had exchange kept at the. same figure as Jast year. The working of the Company has been carried in a satisfactory way as regards' the ume! We have had no accident kind and the supply has been kept up in an uninterrupted manner. As I said before, we have extended our mains in new districts, and this will continue during the present year, The works throughout are in excellent order, and we do not think there will be any increase required in the umping power we have at present at angtsepov. Before asking you to pass the report I shall be happy to answer any questions which shareholders may put, to the best of my ability; but before sitting down T would like to' express the deep regret which the Bourd feel at the loss of their late colleague, Mr. Robert Mackenzie, who has been associated with the Company ever since its formation and who has always taken very keen interest in the Company's affairs. About the middle of the your, at the request of several influential shareholders, Mr. Rinkel waa invited to take a seat on the Board, and with the present number of Directors we have nut thought it necessary to propose any gentleman to take Mr. Mackenzie's place; but if the shareholders wish to increase the number of Directors they can of course do so later on.
'Mr. Brown said the net earnings amount. ed to Tls. 60,130, and from that' they, bad
Text read from the printed page and cleaned; old type leaves the occasional error.