The third general meeting of shareholders in the China Flour Mill Ca., Ld., was held at the offices of the General Managers, Messrs. W. Scharff & Ca., on Thursday afternoon. Present; Messrs. A. McLeod (Chairman), W. Schirff, H. Snethlage, H. J. Such, Directors; Vinay, J. M. Young, F' Nevill May, G. Gules, J. C. Appay, A. Wacker, Lee Cho-kee, and Da-Ching, representing in all 1,071 shares.
The Chairman:—Gentlemen, asit is now past the hour mamed for the opening of this meeting. I will call upon the secretary to read the notice convening the same.
The notice having been read, the Chairman, in proposing that the report. and accounts as presented be passed, said that the cost of buildings and machinery had exceeded the original estimates chiefly owing to the large increase in the cost of materials, Inbour, ete., and to the fact that larger storage accommodation than was originally planned had been found necessary. They found also that " much more substantial jetty was required, and it had been found desirable to purchase a piece of ground, the foreshore in front of the Company's property, and this, with the cost of filling in the Company's land and the erection of bunding represented the amount standing, at Property Account. The Directors hop to be able to write off Preliminary Expenses" gradually, and this would be done as quickly as circumstances would permit. There had been some little difficulty ex-nonced in valuing stocks on the lst of december, owing to the Company's brands. of flour not being very well known on the market at the time, and they had therefore been valued as near the actual cust of production as possible, but it would doubtless be satisfactory to the shareholders learn that considerably higher prices had since been realised than that valuation. The Capital, as would be seen from the accounts, had now been fully paid up. There was a small balance of Tls. 1,206.24 to credit of Profit and Loss Account, which it was proposed to carry forward to new account. Working Account showed only the results of one month's working, which was almost entirely of an experimental nature. The Directors propose in future to adopt the practice of most of the similar local enterprises and refrain from publishing the Working Account, but this would always be open to the inspection of shareholders at the Company's offices. 'The mill is now making three grades of flour; the first for bakers' requirements, the second for household purposes, and the third is sold to tive dealers, who dispose of it on the same terms as the best quality of native-fe flour. The first and second grades of the flour turned out by the Company's mill equal in appearance to the orage imported brands, while as re:
intrinsic value it is even sup many of the brands sold here and for ment to the outports. A comparative analysis that had been made showed that the Company's four contains a larger quantity of nutritious substances than is found many of the favourite foreign brands. As regards the other- products of the mill, such as sharps, pollard, branjete., the Diz rectors were pleased to say that these had met with an unex, ily good sale. These products had.been valued at an all-round figure as low as native bran, but they were now realising on sharps and pollards 75 per cent and 40 per cent. over the prices of the native products,-while forthe bran a large demand was being experienced at ry satisfactory rates, and the entire production of the mill's bran had: been. sold forward to the 30th of June next. The mill machinery had been thoroughly.tested as to its capacity, and it was very satisfactory to learn that it could easily deal with 310 piculs of. wheat in a working day of 12 hours. The miller, Mr. Dowling, arrived the 31st of December, and after working for a month with Mr. Wray, the engineer sent out to superintend the, erection of the mill, took full charge on the 1st of February, Mr. Wray proceeding home in accordance with his agreement. Mr. Wray bad done his work ina most satisfactory manner, and the mill.and machinery were now in first-class order and the Directors considered themselves justified in congratulating the shareholders on the possession of a very excellent property, from which in course of time they (the Directors) trusted the shareholders would reap very satisfactory returns, Mr. F. Nevill May said he noted with satisfaction that the products of the mill were sold forward to June next, and wished to know if that included the flour turned out, or if it only referred to the bran.
The Chairman in reply suid that it simply referred to the bran, The demand for jour had not been as great as might hava-been expected owing to the large stocks of American flour held on the spot, but as the flour made by the Company was fully equal to that of the best American brands. greater demand might be anticipated in the future. There was now a fairly good demand for shipment to the outports.
Mr. May said he had used the flour made by the Company's mill and found it excel lent, in fact, he preferred it to the imported article.
There being no other questions, it was reposed by the Chairman and seconded by Mir. Snethlage That the report and accounts as presented be approved and passed.
Curried unanimously.
Proposed by Mr. Galles and seconded by Mr. May That Me. H. J. Such be re-elected a Direefor for 1898.
Carried unanimously.
Proposed by Mr. J. M, Young and séconded by Mr. J.C. Appay:—That Mr. Goo. D. Scott be re-elected Auditor for 1898.
Curried unanimously.
This concluded the formal business of the meeting
Text read from the printed page and cleaned; old type leaves the occasional error.