On Monduy afternoon the eleventh annual general esting a the shareholders in this company was held at the offices of the agents, Messrs. Wheelock & Ca. French Bund.' Mr. J. G. Purdon presided, and there wore also present Messrs. J. Talloch Gove, Alex. McLeod, T. Pemberton, H, Ollerdessen, J. Huchting, A. Cushny jour., PB. V. Grant, F. B, Aubert, E.
W. Adane Oram, and E. P, Wickham.
The Chairman proposed that Mr. B. P. Wickham be appointed Secretary to the meeting, which was agreed to, and it was also decided to take the Minutes of the previous meeting as read.
The Chairman—I regret that there had to be a postponement of this meeting for the purpose of issuing the accounts in a different form from that in which they were fret distributed, owing to some misunderstanding regarding some of the entries. As now presented they appear as they were first made out and signed by the Auditor, who, I may mention, never agreed toa change that was made. The report and accounts have now been in your hands for some days, and I have no doubt they will be considered very satisfactory, showing as they do. the continued prosperity of the company. - Last, year the Chairman pointed cut-that, the eh f increase in the receipta fur 1891 was in the first six months, whereas in the year just passed the great increase is in the second half, our receipts for that period being Tle. 72,502.65, in the Pool Account, against Tls. 46,539.89 for the corresponding period in 1801, the total While the increase in receipts for the year, not including interest, has been over per cent., the increase in the working expenses, not including bonuses to cuntributers nor agents' commission, has been but about 13 per cent. Ju this company's own recounts the items on the debit working account are practicall as last year, the exception being the sum of Tle, 2,145,50 claim paid for damage to the a.s. Soochow from collision with one of the cargo-boats. Hereafter all such claims are to go to the Pool Account. The item for repairs, considering the nature of the business, is very moderate, but as mentioned in the repor?, the agents have not had suitable opportunities to effect such repairs as they would wish and the fleet will have to undergo a thorough overhauling, which will entail considerable expenditure. The interim dividend paid in August is the same as in the previous year, and if the division now recommended be approved, the dividend for the whole year will be 11 per cent. with Tls. 2,643.16 to be carried to new account, the reserve fund will be increased to Tis, 40,300.65. The Directors having the opportunity of acquiring the four hopper barges formerly belonging to the dredger Anding and having them converted into cargo boats, on what they considered very reasonable terms, and some such boats being absolutely necessary for our hi it was decided to purchase them in conjunction with the Ca-operative Ca., we having two, and halt interest in another. The boats have fully answered expectation. The Pool Agreement with the Ca-operative Cargo Boat Ca. has been renewed for five years from the Ist July next, with a modification ightly in favour of the latter, and it hoped and expected that it will continue to work as satisfactorily as hitherto. T now beg to propose That the Report and Accounts of the Company, ae presented to the meeting be accepted and passed.
Mr. J. Tulloch seconded.
Mr. A. Cushny junt. asked what was the cost. ut the four hopper barges.
The Chairman—Tls. 60,000 for the four.
Bont's lability in respect of chem waa Tis.
Mr. F, Gove said the Ca-operative Cargo
22,500.
The resolution was then carried unanimously.
It was proposed by Mr, A. Cushny junt., seconded by Mr. W. Adams Oram, and agreed That a dividend of 7 por cent, as recommended by the Directors he paid to shares holders, making in all 11% for the year, and that after writing off Tls. 10,000 to reserve fund, the balance of Tls. 2,643.16 at credit of Profit and Loss Account be carried forward to next year.
Proposed by Mr. Grant, seconded by Mr. E. Davis, it was resolved That the appointment of Messrs. J. Tulloch and A. Korff be confirmed as Directors and that the retiring Director Mr. Frank Gove be re-elected for the ensuing year.
Mr. Huchting proposed, Mr. Aubert seconded, and it was resolved That Mr. J. D. Thorburn be re-appointed Auditor for the ensuing year. concluded the business of the Revert oF Te Boarp or Dixecrons.
The Directors, in submitting the Annual Report, together with the Accounts for the eat 1892, have much pleasure in showing the Sharcholers " continued, increase in the Sears This in in great part to be attabuted Company's earnings compared with previous to the large amount of lightering from Woosung, in consequence of the difficulty the large steamers have had this year in getting over the Woosung Bar, The result of the year's working, after paying the usual expenses, ete., and a rather heavy item of is 2145.50, claims for damages caused by one of the cargo boats fouling the 8.8. Soochow, shows balance of Ts. 36,509.49 at the credit Working Account.
This amount added to the is. 3,196.23 brought forward from 1891, makes the total of Profit and Loss Account Ts. 39,732.16, out of which has been paid an Interim Dividend to 50th June last of 4%,~—'Tie, 8,000, leaving balance at credit of that account of 31,732.16, from which must be deducted 5,089.00, being the first payment made account of four Hopper The remai ing sum of Tls. 26,643.16, the Directors propose to appropriate A dividend of 7%, making 1% for Tle.
Ghee YOR cnecsssecscoi anes onte 14,000.00 Amount to be-carried to Reserve Account 10,000.00 Balance to be carried to new account 2,643.16
The, 26,648.16
Text read from the printed page and cleaned; old type leaves the occasional error.