a oe i The eighteenth annual meeting of the! proprietors of the above Com, riy was held ay the offices of the Company, 50A, Kiangse Road, on Wednesday afternoon. The Chairman (Mr. A. MeLvod) presided, and there were also present Messrs. E. A R, Hearn, G. A. Matthews (Directors), J, MIN. Young, E. S. Perrott, P. H. Purcell, Pearce, A. P. Wood (Bngineer-in-chief), and J.-M. Ringer (Secretary).
The Secretary having read the notice convening the meeting, 'The Chairnamn said: Gentlemen you have had the report and accounts of the Com-' pany in your hands for several days, and presume you will have no objection Before however asking you to pass them it may be interesting' to make a few remarks with regard to the figures of this year's and last year's accounts. Taking the working account you will see that the expenditure on the Engineer's Department has this year amounted to Tis, 45,622.60 as against 40,0:8.93 in 1896, ' shawl increase of "Tls. 5,593.67 for the year, which is accounted for by the higher cost of cow there has been a somewhat larger quantity consumed—and also by the increased expenditure on salaries and wages, cleaning filter beds, and so on. Expenses under the head of management and general charges amount to Tls. 16,568.82 as against 'Tls. 38,162.88 last year. This account shows a slight decrease' and is accounted for by the fact that we made a special grant last year under this heading for the salary of the secretary whilst absent on leave, and this of course does not appear in this year's account. The London office expenses are almost precisely the sume as last, being Tls. 4,248.81 as against Tis, 3,944.39, the dif. ference of Tls. 304.29 being accounted for by the lower rate of exchange at which the accounts were entered this y This makes a total expenditure for year of Tis, 66,440.24 as against Tls. 62,146.40 for 1896, and gives a difference of Tls. 4,293.84, which considering the li creased cost of materials and wages I think shows but a very slight excess for the! any diminution in our revenue which year. (Hear, hear.) We have now there-! may take place from this cause. fore 'a balance' to transfer to profit wud loss; have further to say this year has com-of Tls. 145,663.23 as against Tls. 117,300.89 menced fairly satisfactorily, and during for 1896, or an increase of Tls. 28,362.34 to the months of January and February our rethe credit of this account. Taking the venue shows an increase of something over other side of the accounts and coming to $4,000 as compared with the same months the Revenue, Iam happy to say it shows of last year. Before sitting down I should a very substantial increase, being Tis. like to express on behalf of the Directors 212,103.47 as against Tls. 179,447.99 Inst iving an increase of no les than Ts At last year's meeting I point ed out that our revenue was then Tls. 24,000 larger than it had even been before, but now you will see we show a farther increase of Tls. 8,000 over that record. The total increase in our revenue for the past two years amounts to Ts. 57,144, which I think proves that the company is progressing in a very satisfactory manner. (Hear, hear.) The dividend we are about to propose will amount forty shillings per share for the whole year, exactly the same as last year, hut owing to the much lower exchai at which money is quoted the amount required to pay the dividend is very! much larger in taels than in 1896, when to pay 40/ per share absorbed Tls. 98,817.27, but this ye" to pay the same jend—an interim dividend of 15; at 2', and a final dividend of equites Tls. 113,105.0: shareholders in Shanghai Tls. 13.71 po share as against Tls. 13.72 for 1896, an increase of two fuels for those receiving dividends in Shanghai. The balance of profit and loss account you will see, after payment of interim' dividend, int terest on debentures, etc depreciation account 'Tls. 10,668.86, is 'Ts: 91,311.68. We propose to deal with this ly' paying a final dividend of 25/ per share which will absorb Tls. 72,605.04, by placing Tls. 10,000 to reserve fund, and carrying forward to new account Tls. 8,706.64. I don't think the Balance Sheet calls for any special comment except that we have expended during the year on Capital robst, H. Account Tis.,622.26, which has pro: vided for the cost of the new filter hed, and the offices and godowns which we now occupy, instead of having to rent a building, and also in the' extension of This is all I have to say with regard to the accounts, and with regard to the general business of the company it is satisisctory to note} that considerable progress has been made {during 1897 over the previous y The total number of foreign houses which are supplied with water through fittings 997 as against 932 last year, or an increase of 65. With regard to native houses there are now 18,263 supplied with water as inst 15,915 in 1896, or an increase of 2,348 houses during the year. The amount of water pumped from our pumping station has of course been considerably Larger than last year, being 1,051 millions of gallons against 803 millions, being an increase of about 174 per cent, or 432.000 gallons daily, throughout the year. As named in the repr we have completed the building of the new filter bed, which has been very ser: vicorble in carrying on the largely increased work we have to do. We have also built, as was proposed, these offices godowns underneath, and our Engineer-in-chief tells us that it facilitates the work of the company very much by having the offices so near the storeroom and water tower and thus centralising the company's premises. You will doubtless have noticed that the French Municipal Council propose to erect waterworks of their own for the supply of water for the French Concession. These naturally when completed will affect our revenue to a certain extent, but we feel somewhat confident that the extensions now being made in every direction in the foreign Settlements will enable us very soon to recoup ourselves for the very great satisfaction they have felt at the manner in which our acting Engineer-in-chief, Mr. H. S. Hart, has carried on the work of the company during the absence on leave of Mr. A. P. Wood, and we wish to express to him and to the entire staff under him our thanks for the very efficient manner in_which they have carried on the work. I don't know that there is anything more I can say, but before asking you to pass the report and accounts i shall be happy to answer any questions that you may wish to put.
No questions being asked, The Chairman moved and Mr. H. R. Hearn seconded: That the report and accounts for 1897 as presented be accepted and passed.
The motion was unanimously agreed to.
The Chairman—The second resolution that I have to submit is that a final dividend of 25/- per share for the year 1897 be declared and paid at the exchange of 2/5} per share to shareholders in China.
Mr. Probst seconded, and the resolution was unanimously agreed to.
Mr, J. M. Young—I beg to move that Mr. G. A. Matthews be re-elected a director of the company.
Mr. E. S. Perrott seconded, and the motion was agreed to.
Mr. E. 8. Perrott moved that the retiring auditors, Mr. Drummond Hay and Mr. C. W, Wrightson, be re-elected.
Mr. J. M. Young seconded, and the resolution was carried, Mr. A. P. Wood—I should like to take this opportunity of thanking Mr. H. 8, Hart and his staff for the excellent way in which they have carried on the work during my absence. I should like to place this expression of thanks on record.
Mr. J. M. Young—I beg to propose a vote of thanks to the Chairman for pre-wat this meeting.
This having been unanimously accorded the proceedings terminated.
The report and accounts areas follows Dinyotors' Reronr to be presented to the Shareholders at the Eighteenth Annual General Meeting on Wod-day, 6th April, 1898, directors have now to submit for the information of Shareholders the audited General Statement of Account and Balance Sheet for the year ending 3ist December, 1897, and in doing so have pleasure in again recording a satisfactory increase in the revenue of the Company.
'The total Income for the year from all sources amounts to Tls. 219,103.47, as against Tls. 179,447.29 in 1896, and the' Balance of the Working Account, transferred to Profit and Loss, to Tls. 145,663.23, as against Tls. 117,300.89 the previous year.
An ad interim dividend of 15s. per share, at exchange 2s. 8d., was declared, payable on tue 26th July last, absorbing "Tle 40,500, After writing off Tls. 10,000 to Depreciation Account, paying Interest on Debentures and sundry small items there remains a Balance of Tls. 91,311.68 at credit of Profit and Loss Account available for distribution, which amount the Directors recommend should be appropriated as follows: to the payment of a final dividend of 25s. per share, at exchange 2s. 59d., equal to Ts. 72,605.04, to be placed to Reserve Fund Tls. 10,000, making this up Tls. 30,000, and carrying forward Tls. $,706.64 to next year's account.
The new Filter Bed, referred to in last Report, has been completed and adds materially to the efficiency of the Works; the hauled and are in first class order. The Pumping Engines have been thoroughly over. whole of the Company's Works, Plant, and Mains have been kept in good repair, and it
Text read from the printed page and cleaned; old type leaves the occasional error.