1893, the annual general meeting of the shareholders in this Company was held at the Shanghai Club. Mr. J. G. Purdon, the Chairman, presided and there were also present Messrs. H. R. Hearn, 2. J. Algg, A. R Burkill, A, McLeod, tors', H. S." Wilkinson (Legal Adviser), H. BP. Wilkinson, N, Mucleod, M.D., R.
Fittock, J. Buchanan, J. Jaques, P. F. Lavers, J.B. Young, ©. J. Dudgeon, Muchting, J.P. Wake, A Burm Snethluge, J. A. Taylor, (Secretary), representing 4,833 shar The Chairman proposed that Mr. Kinnear should xct an Secretary, and this be agreed to, Mr. Kinnear read the not the Inst annual meeting are on the table and con be road if required. If not we will proceed with the meeting. I think that the Directors of any public company in Shanghai, particularly one of the nature of n Zand Gompany, who can present a favourable report as to the result of the working in a year such as the one through which we Nave just passed have ranson to be satisfied and to hope that the shacelividers will be alav, and in var opinion, that is cur position," The report and statements of accounts for 1892 which have bron in your bands vow fora fortnight, I consider justify the Directors in that opinion. 'Tue Directors have from the first avoided picturing any very rapid advance of the Company, but they stated their belief, which they' have every rea-oon to atill hold, that there would be a steady increase in the earnings, and that the future of the Company was an assured success, The land in Hongkew, where the great portion of the Company's property situated, is appreciating all the time, and it undoubtedly in a stable increase in value, As will be seen from the report, a large amount of buildings for Chinese shops, bungalows, ete., have been carried out on estate No. 2, and these let very readily, applications for them often being made' before they are completed, and the result la very satisfactory. anticipated last year we are now enabled recommend a dividend that will make per cent for the twelve months, or 1 per cent more than before, and this notwithstanding that the Bank's rite of been advanced. Our dividends n steady increase, and from u careful, estimate for 1893 we feel warranted in anticipating xt least 6 per cent and if monetary affairs generally are better we hope for something more than that, but ae Thave before said, we would rather under than over-estimate. Considering the tightness of the money market and the bad times generally here duri the past year, it must be considered sat factory that' we have lind altogeth Tle, 105,000 of the 58 per debentures taken, and with better times, which wwe all hope are at hand, it is not unrea able to expect that che opportunity of i vesting in such unexceptionable securi be largely availed of and the remainder of the issue disposed of at an early date. T think it well to point out that owing to such " large portion of our. build-dingo for Chinese having been erected under the supervision of the Agents, some Tls. 7,000 have been saved in architects' fees.' I may also mention that this Company has surrendered free of cost to the Council for public roads, land which taken at the very reasonable price of Tis..500 per mov, amounts -to Tie. 30,000. We have also Offered a large piece of ground on Chapoo Road between Buone and Qu san Roads to the Council at cost price for public park or garden. I do not know that there is any more that T need say, but I beg to propose "That the Report' and Accounts as presented be accepted and z—I beg to second that. shall be very glad, before I put it to the meeting, to hear avy remarks there may be.
No shareholder rising to speak, The Chairman put the resolution, and it was adopted unanimously, The Chairman—The second resolution is, Phot the Directors be authorised to pay a final dividend for the year 1892 of per cent on the paid-up capital to shareholders on the register at this date."
Mr. A. R. Burkill seconded.
The resolution was carried, Mr. J. Buchanan proposed, and Mr. C. J, Dudgeon seconded, the re-election of Mr. BE. J. Hogg asa Director, which was carried.
Mr, Jaques proposed, and Mr. Young seconded, the re-election of Mr. R. Francis as auditor, which being exrried concluded the business of tie meeting.
Text read from the printed page and cleaned; old type leaves the occasional error.