presented at the Annual Meeting of the Com-Eondon, on the 20ch March.
riy held at the Offices, 3, Billiter Avenue, Balance Sheet and Brot and Loss Account The Directors beg to submit the General
for the year ending Bist December, 1892, duly audited.. 4 'The net profit, including the ba-Tance brought forward from last year, and after providing for the General Expenses of the current year, Directors' Fees, Income Tax, Interest, amounts to o, 24,338 110 An Interim Dividend of 3 per ent, on the Preferenca Shares was paid on th November, 1892, amounting to. 5,020 16 0
Leaving a sum of £19,317 15 0 which it is proposed to apply as follows To "Depreciation, Boiler, and Reserve Fund"...
(thus raised to £104,000) In payment of further Dividend of 3 per cent. on the Preference Shares 5,020 16 0 Balance to be carried to New Account 1,296 19 0
£19,317 15 0 ing shows a substantial improvement on that cannot be considered satisfactory. Rates of freight outwards on deadweight have been unprofitable throughout the year, though on measurement goods fairly remunerative. Homewards, with the exception of the first tea cargoes from Hankow and Foochow, an exceptionally low rate of freight has ruled, and difficulty occasionally experienced in securing cargoes.
After provision has been made for "Reserve and Depreciation," and after payment of the full dividend of 6 per cent on the Preferred Shares, the Directors regret that the balance of profit is insufficient to admit of any dividend on the Ordinary Shares.
The Company's Fleet of high-class steamers, as in former years, has been maintained in thorough efficiency out of current revenue, and the Directors are pleased again to report that no accident of any moment has occurred.
The retiring Auditors, Messrs. John Baker Son and Mr, Jamieson Elles, offer themselves for re-election. so ivdond Preferred Shares for the half year ending It is proposed that the dividend on the Bist December, 1892, shall be paid on the 27th instant to all Shareholders on the London, Shanghai and Hongkong Registers. Jous Porrer, Managing Director.
London, 10th March, 1893.
The Company's Fleet now consists of The s.s, Oopack 2,705 tons gross register.
Chingreo 2,400}, Moyun 2 Oanja 8,034 Pingsuey Kintuck Batasce unex to Sat December, 1592, To Capital—aa 1 6 Preference paid ap 167,300 00
Shares tay 11,210 00 1470 Ona srhioh 2S per Share. have oom raid 7,395 0.0 4,001 Ora which £3 105, been pa en 14008 100 which 21 per Deen paid.
135 00
Text read from the printed page and cleaned; old type leaves the occasional error.