Wrightson (Secretary), representing 676 shates.
The Secretary having read the notice convening the meeting, The Chairman said—The report and accounts fur the past year have been in your hands now for several days, and I presume we may tuke them as read. I have very little to say with regard to these accounts, asthe report refers to them somewhat fully, but you will notice that there has been " very considerable increase in the value of our stock-in-trade. We are assured by our General Manager that hitherto we have not kept a sufficient stock to meet the requitements of the business, and it has therefore been considerably increased. It is owing to this fact—this lock-up of our funds—that we were not able to pa: the ordinary half-yearly interim dividend, but we trust that as the stock is realised year be uble to muke the usual pay The business, however, has been, you will see from the accounts, quite as much as lust yenr, but owing to the fact that our stuck is ay large the Directors have thought it only desirable to re 7 per cent dividend as provided for in these accounts. There is another subject I might mention, and that is the rather considerable sum atated in the accounts as book debts. Tt has been the constant endeavour of the manager to collect all outstandings, little delay as possible, but here agai ensures us that as credit is given by all our competitors, it is absolutely necessary that we should do so tuo, We are assured, however, that these debts may be cuusidered us quite good, and in course of time the; will no doubt be all collected. You wi lay observe there has been a new account opened under the heading of "Exchange Adjustment Account." It has been thought necessary to do it owing tu the very violent fluctuations in exchange which have recently occurred, and which amy occur again, Our stock is valued on 31st December at London sterling price current, and it is converted into currency at the rate of the day. You can therefore easily understand that avy great rise in exchange between one year and another might reduce the value of this stock, and we therefore thought it would be a desirable thing to open an exchange account and you will laced $5,000 to that account, which the stock was valued on 3ist December Inst was 2s. 9d. for the dollar. That of course may vary and be a very different thing at the end of next year. There is one subject I should like to mention, and that is the great regret your Directors feel _nt the very sudden death of our colleague Mr. Rice, "He was a constant attendant at all our meetings and T am sure tonk a very great interest in the company's business. His sudden death was a great loss to the company. Before asking you to pass the first resolution 1 shall be happy to answer any questions any shareholder may wish to ask.
Replying to some questions from Mr.
The Chairman said the Directors were perfectly alive to the fact that it was very desirable to keep the stock as small as possible, but he might mention that the Jargest increase was in the aerated water plant and materials, Last year they ran short of bottles and corks and other things of that sort, and it was thought desirable that that should not happen again. Theyalso added to the efficiency of the soda-water last one received, the change will be satis: machine. The "Suspense Account" wns factory. principally, if not entirely, the amount due The Committee have much pleasure in to their General Manager, with regard acknowledging -with thanks th" services of commi m on the business, which at Messrs. Read and Wallace in auditing the present was in dispute. 'Thie amount was accounts, the Shanghai Race Club for their undoubtedly due, and there was xls com kindness' in lending chairs, tables, ete., on frequent occasions, the several gentlemen who mission for this present year, but the assisted at the Club's annual smoking concert, General Manager refused "tu accept the amount in settlement, and it had been placed to Suspense Account in the meantime. He proposed That the Report and Accounts for the year ended 3ist December 1892, as printed wud presented, be approved and passed.
Dr. Macleod seconded, and the resolution was carried. seconded by Me. R. Francis Proposed by Mr. Drummond Hay, and That the appointment of Mr. F. W. Such as a Director of the Company be hereby. confirmed. and the many members who assisted them in carrying on the work of the past year.
J. West, Acting Hon. Sec.
Text read from the printed page and cleaned; old type leaves the occasional error.