The annual general meeting of shareholders in this Company was held on Wednesday afternoon at the offices of the agents, Mesers. Morris & Ca., the Chairman, Mf. Colin Buchanan, presiding. The Nils Maller, J. Pr Directors), Jon Mores, Re Branch nnerman, P. V. Grant, F. Gove, Ollerdessen, W. H. Short, W. Dobie, jLamoud, jr. R. E. ©. Fittock, H. D. Patch, H. Symons, G. Galles," and J. Buchanan, representing 612 shares.
The notice calling the meeting -having doen read, The Chairman said:—Gentlemen, the report. and accounts in your possession we will tuke aa rent "if you have no obj tion, A comparison of the accounts those of 1891, the preceding year, shows a falling-off in the earnings of over Tls. 11,000 und-an increase in the expenses of 2,000. The falling-off in the is owing to fewer sailing ships visiting the port, and the increase. in the expenditure to the addition to the flees of the new tug Samson since August Inst. The balance of the Profit and Loss Account, after deducting Tu, 4,217.23 for depreciation of the tugs Fultee, Rocket and Fokelin and the salvage apparatus is 6,171.12 out of which we suggest that idend of Tis, 6 per share be paid, making " total for the year of Ts, Dis, 4 pee share interim di alrendy been paid. It will be seen from the Balance Sheet that we have increased. our fleet by two new tug boats, the Samson and Kuitung at an outlay of Ts, 53,817.94 {and that the total value of our five boats is {Pls 112,817.96. The Samson was taken over from the builders, Messes. Boyd & Ca." Limited, in August last, and has proved herself a valuable acquisition to our fleat. The Kaituns being uttered for sale in December was bought for Tis, 17,750 ens! She is n powerful boat just what ye wanted tu replace the Foklin, now tov small for the bulk of the work, She (he Kuitung) was built by Messi, Boyd & Ca. in 1888 we " cost of Tis, 29,000 and having seen but little service nay be considered almostequaltonew. he Fulleand the Fok-tin require and are getting an overhaul; they have been hard run for the past, two years. The salvage of the Bokhara wreck, which was undertaken in October Inst, has resulted so far in the recovery of treasure about Tls. 65,000 in November, about Tis, 3,000 in Ja~ nunry, and Tia, 97,000 thismonth, xeperteleram received wi the 16th inst from Amoy. Yo received on accent of the salvage of the treasure recovered in November Il 12,000, which was credited to the Salvage Account, OF this amount, after deducting the expenses paid up t the Slat December there remains xt the credit, us shown in the Balance Sheet, Ts. 6,677.17. The diving operations can only be conducted in calm weather and are rendered more difficult by the smashed up state of the wreck, The Gimpany's chief diver, Mr. Morton, came to Shanghai early Iaat month to explain the position and procure further supply of explosives. He stated that the remaining hoxes of treastire were in sight ewered with" mass of wreckage, which required absolute calm weather to remove. He did not anti pate any difficulty inthe removal when the weather was favourable, Owing to the exposed position of the wreck and the advisability of being randy to avail of every slant of fair weather it is necessary to keep " powerful box like the Samson constantly in attendance until the work is finished. In accordance with the Articles of Association, retire from my seat on the Board, and will serve again if re-elected. The Auditor, Mr. Limby, offers himself for re-election. Before putting the resolution for the adoption of the accounts to the meeting, I will he glad, if required,.to give any further information in my power.
Text read from the printed page and cleaned; old type leaves the occasional error.