The fifth annual general meeting of the shareholders in this company was held on Wednesday afternoon at the Head Office, 14, Broadway. Mr. G. Galles, (Chairman) Geo. Peebles (Director), J. 8. Knowles osided and there were present, Messrs.
(Secretary), J. M. Young, Pemberton, A. Taurburn, A. Miller, Win. Thomson, W. H. Beatty, Spooner, Cranston, Ferrier, Buchanan, Capt. Young, G.'R. Corner, Thorne, G. W. Noel, H. von Rucker, W. 8. Jackson, Zee Lan-char, Tulloch, and Darbiestein, representing in all i 3,227 shares, The notice convening the meeting having been read, 'The Chairman' in moving the adoption of the report and accounts said—Gentlemen, the report and accounts hive been in your hands for some time and with your Permission we will take them as read. Although, as you will notice, the gross earnings have not quite come up to those of last year, they compare favourably with former years. The Working Account is made up as before and does not require any special explanation. Regarding our bark Drwmeltan, which vessel returned from her second voyage to New York on the 4th inst.. we could only include the profit on the first one, and this year will get the benefit of the second trip. As was suggested at our Inst Annual Meeting, we have mentioned our Old Dock property separately. Our Cosmopolitan Dock property consists now of about 153 more with 2,483 feet water-frontage, the value- of which will rise with the increasing importance of the port. I may mention that the amount of Tls. 29,598.0¢ for the 107 mov, which you will find under our assets, includes about Tls. 4,000, expended on tall fen and rood enclosing the property, Owing to the largely i size of steamers coming here, we have during the last few years unfortunately been compelled to refuse to dock a good many, sume of which were forced to dock in Hongkong or elsewhere. When our new dock is com-leted (dimensions of which will be 557 feet long, over all, by 82 feet wide, at entrance, with 24 feet water on sill), we hope this will not happen again, as the dock will be capable of accommodating the largest vessels which can come to Shanghai. We can 0 certainly con, late the shareholders on the thoroughly sound and strong position, in which our company stands at present. Besides having a well invested reserve fund of Tls. 275,000, we have a Depreciation and Maintenance Fund of Tis. which might be called a second reserve, as owing to the rise in land, coupled with the low rates of exchange our properties have all considerably appreciated. Our buildings, machinery and plant are Kept in first class repair and, as in former years, we have again spent out of earnings a considerable amount for improvements colarging and improving our worksho} and almost rebuilding our Old Dock and Pangkadoo Dock caissons.
There being no questions, The Chairman proposed—
That the Report and Accounts of the Company for year ending the 30th of June, 1897, as printed snd circulated, be adopted and approved, and that the Directors be authorised to pay a dividend at the rate of Tls. 12 per share to the shareholders on the register at this date.
Mr. Peebles seconded, and the resolution was carried nem. con.
Upon the motion of Mr. A. Thurburn, seconded by Mr. J. BIN. Young, Mr. G. Galles was re-elected a Director; and at the instance of Mr, W. S. Jackson, second-Mr. G. R. Corner Anderson were re-elected Mr. G. W. Nol proposed a vote of thanks to the Directors and staff for their services, which was carried by acclamation.
The Chairman briefly acknowledged the compliment.
The proceedings then terminated.
Text read from the printed page and cleaned; old type leaves the occasional error.