Mr, W.C. C. Anderson proposed and Mr. J. Wilson seconded that the minutes of the previous Meetings held on the 10th June 1897 and 26th February 1898 be taken as read. Carried nem. con.
Mr. J. Stewart proposed that the Reports and Accounts before the Meeting be taken as read. Seconded by Mr. Anderson, and carried nem. con. 2 The Chairman then addressed the Meeting as follows:—This is the First Annual General Meeting of the Company under the Articles of Association.
The Accounts as presented show what your Directors have done with the Capital.
The Constructing Engineer (Mr. do Linde) has written a report of the work done under his direction which has been in your hands.
tenders invited on Engineer's Specifica-'The plant been purchased. by public tions. The cast iron pipes were in some respects not up to specifications and consequently a reduction in the contract price was made.
The buildings have been erected in the most substantial manner.
You will find that the Water Tower, Pumping House, Filers, Settling Tanks, as well ay the Intake Pumping Station on the Bund are nearly completed and that the pipe-laying is progressing at a fair rate.
Due to the heavy fall in exchange last r the Estimate was made, we ye had an increased expenditure of sume 6,000 to Tls. 7,000 on vur sterling and copper cash purchases.
Tls. 51,900 were subscribed—40 shares were given to the promoters as remuneration and 2% were taken by the En, i lieu of Tls. 2,400. The balance of 67 shares may be still issued as required.
By a cOmparative analysis of our proposed expenditure as per our prospectus eond May 1897 and the money actually expended up to the 30th April this year which includes all piping and nearly all our machinery, you will see that the prospects estimate amounted to about 'Tls. 49,000 comprising machinery, pipes, water tower, tanks, and houses against' about Tls. 44,000 as per our Balance Sheet and the Preliminary Expenses which by the prospectus were estimated to be Tls. 1,600 amount to some Tls. 300 less.
All our works have been built of stone and cement and it may confidently be expected that the cost of maintenance will be a minimum.
As stated in our prospectus, all arrangements for further extension have been made, but up to the present no agreements have been concluded with the other concessions. It is rather too early to prognosficate the financial future of the company, Dut shareholders will be pleased to know
Text read from the printed page and cleaned; old type leaves the occasional error.