On Wednesday afternoon the annual general meeting of shareholders in thisCompany was held xt the offices of the agents Messrs, Wheelock and Ca., the Chairman, Mr. E. Davis, presiding. There wore pre= sent Messrs. Tong Mow-chee, H. J. Such (Piveowwrs), B.A; Clarke, J Jaque, f.
Aubert, J McKie. W. 8, Fraser, J. 31 Young, A. Shewan, EP. Wickham, W. Adams Oram, P. A. W. Ottomeier, and Gove, Secretary.
The Chairman explained that Mr. Tung Mow-chee, us Senior Director, should perly take the chair, but had asked him (the Chairman) to take it on his behalf.
Mr. Gove was then appointed Secretary to the meeting and read the notice convening it, The Chairman ssid the report and accounts had been in the hands of the shareholders for several days, and he did not know that there was very much for him to add to them. After a year like 1892, marked as it was by univer pression as far as stocks and share: concerned, he thought it must. be highly gratifying to the shareholders to find that their property lad shown a considerable nerense, having made 15 per cent. for the he was in hopes before long the shares of the Company standing Vhere was an old saying "it's ind that blows nobody yood" and that, been exemplified in their case, as far us the Woosung Bur Ind been concerned. The Bar presented to stexmere and owners of steamers a considerable object of difficulty, but it had proved to be an occasion by which the Cargo Bent Companies had benefited, and the} consequence was that they were able to! come before the shareholders with a! very satisfactory slowing. The result, as; the shareholders would see, of the Working Account of the Company, very nearly double of what it had been in the previous ar, leaving for appropriation a sum of 14,900. As far as the accounts went he did not think there was very much to ell special attention te.
There was one little sum that had previously appeared in thei liabilities of Tls. 105.97 to which he would like to direct attention," It had been standing in the books really as an item of outstanding contributions and it had been Kept there for quite a number of years, and as the parties to whom it was due—it' was made up of various small items,—had never applied for it, according to the Statute of Limitations, the Company were entitled to pass it out of the entries to their debit, and they lad accordingly put it this year to the credit of the Profit and Loss Account. The items for repaire were smaller than last year, but he thought it was only right to tell them that for four or five the bouts had been working almost day "ud night, and the consequence was that there had been considerable wear and tear, and the result of that incossant working was that the boats would have to be put. in order, which would entail some expense. A thing that would perhaps occur to the shareholders was the purchase of the four Inrge boats referred to in the report. The business of the past year, or of the past aix months, had hinged very largely on the lightering of vessels at Woosung, and to do that effectively und, quickly, bouto larger than those they had in their fleet really became a necessity, and therefore, when the occasion pre: sented itself for the purchase of those hont, and as the purchase commended itself in two ways to the Directors, both as 'a necessity amy and also because the boats could be acquired more cheaply than if they hud to be built, they thought it advisable to join with the sister argo Bent Company and effect the purchase. They had one boat themselves and alared with the Shanghai Cargo Boat Ca, in mother. The consequence of thut purchase, of course, entailed the payment, and they had thought it best, seeing an immediate payment of Tls. 5,080 was due at the end of the month, to make x provision for that out of the sum they bud appropriated and the further payments which would be at intervals during the year would have to be ride, But they hoped ti Company's working would remain as satis factory xsi had been, and that there would be no ocexsion to make any further demand n their reserve fund. Ae stated in the Report, the agreement with the other Cur pany terminated in July, but fresh arrange ments had been anode with them for years, The Company had got a little better terms than they had before; and seeing that the Companies had worked together so smoothly and that the arrangement bad been proved so entisfactory in every, way, the new agreement, he true ould commend itself to the shurchold He did not think there wae anything more him to say on those matters, but if any gentleman had any questions to ask ho would be glad to answer them, Mr. Jaques sid he would like to know how many boats the Company owned, The Chirirman replied they had 21 boats, 9 wood and 12 iron, und of those, 3 wooden boats had been practically renovated during the spring. That was the fleet exclusive of the two new boats.
Mr. Juques said there was an item in the Working Account which struck him as being out of order. They had charged a percentage of T per cent. on the ross earnings, instend of the net.
That was to say they returned so much to contributors and they had to pay commission for what was done, Phe Chairman said that was according to the agreement made with the agents, Phere being no further questions the Chairman proposed, Mr. Such seconded, and it was agreed—
That the accounts aa put before the mecting be accepted and passed.
Mr. Jaques proposed— priate the amount now standing at credit of het the Directors be authorised to appro: Profit and Loss Account as follows:—To pay a final dividend of 5 per cent. to shareholders making 73 per cent. for the year; to trans. for Tls. 3.000 to reserve fund; to make first payment due March 3ist, of Tls. 5,000 on account of new boats, and to carry account. forward the balance of is. 1,930.82 to new
Mr, J. M, Young seconded and the motion was adopted.
'The Chairman said the next business before thet meeting was the election of Directors. Mr, Tong Mow-chee their old friend and Senior Director offered himself, and Mr. Such and himself had been invited. to join the Board' on the resignation of Re
Text read from the printed page and cleaned; old type leaves the occasional error.