On Wednesday afternoon the annual eneral meeting of the shareholders in the
the Shanghai Club, Mr. Alex. McLeod hanghai Waterworks Company was held at (Chairman) Presiding. Those present were Messrs. H.R. Hearn, C. M. Dyce, R. H, Percival (Directors),. Davis, H. Baxter, J. Buchanan, J.M. Young, J. A: Taylor, Hough, G. Galles, H. Morris, A. PB. Wood (Engineer) and J. M. Ringer (Secretary) Tepresenting 1,127 shares, notice convening the meeting having been read, The Chairman said—Gentlemen, the re-Port and accounts for the past. year have your hands for several days, and with your permission I presume we may take them as read. There is not very much for me to say with regard to the accounts, but taking first the credit side of the Working Account, you will notice that our gross revenue amounts to the sum of Tls. 108,947.40, showing an Previous ass whic I trust you will con-increase of Tls. 11,830.32 on that of the of this increase has boon dened fen the sider satisfactory. The princi ration
supply of water to our' native consumers, and it is a gratifying fact that although the number of Chinese houses and hongs supplied with ittings has increased considerably luring the year, we have also derived a Jarger income from the supply of water to the natives through our street hydrants than we did last year, and itis to these two! salary of our Assistant Engineer, Mr. Morriss proposed, and Mr. Baxter second-Roche, who was sent out by the makers of (45 our new engines to superintend their That the report and Accounts, as ta presented, erection and whose services the Directors, be accepted and passed, the payment of A thought it desirable to retain permanently. dividend to be made at the rate of 3s. 84d. The net result of the year's working shows Per tael-a balance to credit of Tis. way, or an. increase on that of 1891 of Tls. 9,673.04.; carried. base} upon being put to the meeting was After payment of the interim dividend in|. Proposed by the Chairman and seconded July last amounting to Tls. 22,177.50, we by Mr. Dyce it was resolved have now a sum of Tis, 43,904.84 for dis- That a final dividend of 22/6 be declared tribution. Atthe date the report was issued 84 paid. this sum wassuflicient to pay a final dividend Po Upon the motion of Mr. Davis, seconded of 22s, 6d. per share at the exchange of 3s. by Mr. Baxter, Mr, Hearn was re-elected 9d., the rate of the day for demand bank a Director; the appointment of Mr. J. M. drafts, and admit of the sum of Tls.700 being Ringer as Secretary was confirmed upon carried forward to new account, and the the motion of the Chairman, seconded by declaration of this dividend was recommend-Mr. Galles; and Messrs. Andrew Burman ed in the report. The last day or two, how-and Drummond Hay were re-elected ever, a serious decline has taken place in Auditors upon the proposition of Mr. J. exchange, and the amount at our disposal Buchanan, seconded e Mr. J. M. Young. is not quite enough to pav a dividend of 22s, Mr. Davis said he should like to ask the 6d. at the current rate of 3s. 8}d. now ruling.
Directors to consider whether the Company.
Directors will therefore suggest that a could not be brought to China, In the dividend of 22s. per share be declared, carly days it might have been necessary payable at exchange 3s. $}d. per tael to that it should be in London, but he thought: shareholders on the shanghai register, which that the administration could now con-will absorb Tls. 42,955.93 and leave an veniently be in China, which would save amount of Tls. 947.91 to be carried forward some Tls. 3,000 expenses of London to new account. The Directors are pleased agency, and Ts. 1,000 for Income Tax. to be in a position to state that the whole He hoped the Directors would consider of the Company's plant and works are in if this could not be done by next year. first class condition, but in view of the The Chairman, whilst promising to con-constant increase in consumption of water sider the matter, did not hold out hopes they have decided, on the recommendation of the suggestion being adopted. Some of their Engineer-in-Chief to build another 2,200 shares were held in London, and the large filterbedat Yangtzepoo; tendersforthis transfer of the head offices to Hongkong to work have been received and the construction retain the benefits of limited liability would of same will be commenced immediately. entail a good deal of expense. Having There is one more subject that I wish tereter an office in London was of great service to which is not mentioned in the report, and the Company in the execution of indents, that is a claim made against the Company great attention being paid to the onders ab by Mr. J. W. Hart on account of a bonus 0 and remuneration for services rendered to A vote of thanks to the Chairman closed the Company whilst he was in Shanghai, the proceedings. and which he asserts were not included in his agreement. The Directors have declined DIRECTORS' REPORT, to admit any liability for this claim, a final The Directors, in snlmitting to the Share-settlement having been made with Mr. holders the audited Statement of Accounts Hart by the London Directors shortly after and Balance Sheet for the year ending 31st his arrival at home. The Directors have December, 1892, have the satisfaction of instructed their Legal Advisers in London pointing toa steady increase in the business (Messrs. Harwood and Stephenson) to resist of the Company; and they are pleased to be the same and to defend any action Mr. Hart to add that the prospects for rhe current may determine to bring against them, the year give promise of continued improvement. The total Income of the Company for the opinion of our Lawyers being that Mr. year, from all sources, amounts to Tael Hart has no case against us. This matter 108,947.40; and the Working Account sh is still in the hands of our Legal Advisers a balance to credit of Taels 69,804 17, which at home, and the Directors do not think it has been transferred to Profit and Loss Acwould be advisable to state publicly any count. While, however, an increased revenue details regarding this claim. That is all over the previous year of 'Taels 9,073 04 is Thave got to say, but before asking you to thus exhibited, the Directors have to regret adopt the report and accounts, I shall be that, owing to' the lower exchange, un larger happy to answer any questions that any Sterling dividend than that of lust' year cam shareholder may wish to afl. interim Dividend of 194, per share wae Mr. Henry Morriss said he thought it qectarei on the 28th July last, absorbing would he s pity to depart from the printed vols 22,177."3, and there now remains at the report if the Directors could declare the ' credit of the it and Loss Account available dividend of 22/6. He could guarantee the for further distribu n the sum of Taels Directors a rate of 3s. 84d. so he did not see 43,903.84. From. this sum the Directors why they should take the rate at 3s. 8}. recommend a final Dividend for the year of Mr. Ringer said he had been informed 22%. 6d. per share. As regards Shareholders that morning that the rate was 3s. 8}4. on the Shanghai register this will be payable The Chairman said it was simply a mat- in Taels at the current rate for Bank drafts ter for the shareholders. The Directors 0" demand at the date on which the Dividend were informed that the rate of the day was is declared.
3s. 8}4., and some shareholders might object The increase in the number of Chinese to receiving their dividends at a higher rate than that. and satisfactory; and at the same time there houses supplied with fittings has been steady has been no falling off in the revenue derived Mr. Morriss said that the previous day's from natives supplied from the street rate was a panic one on account of the Indian Budget, and it seemed a pity to alter 'The extension of mains, referred to in last the report just on account of a panic which years' Report, hus been completed, and the seemed to have seized everybody in the East. income: therefrom; and it is expected that Company is deriving a steady and satisfactory Mr. Hearn said that the rate named by similar extensions will ere long become neces bank Manger being 3s. 8}d. the directors sary, in order to meet the requirements of considered 225. was as much as they could the increasing foreign Settlements,
Text read from the printed page and cleaned; old type leaves the occasional error.