On Tuesday afternoon the second annual meeting of shareholders in Boyd & Ca., Ld., was held at the Shanghai Club, Mr. J. Prentice, Chairman, presiding.
There wore also present: Messrs. Chas. W. Hay, Jaines Johnston (Directors), J. D. Thorburn, J. G. Purdon, J. Jaques, Win, Dobie, F. Gove, P. Mignard, Drummond Hay and J. Mackenzie (Secretary) representing 6,484 shares, The notice convening the meeting having been read, The Chairman, in moving the adoption of the report, said—Gentlemen, the report of the Directora and the accounts for the year ending the 80th April have now been your hands for some time and with your permission we will consider them as read. We regret that the accounts show a falling off this year as compared with last of, i ross earnings, Shanghai Tis, 60,282.63, the balance to Profit. and Loss account, Tls. 277.33. The falling off has Deen caused by tie general depression of trade and also by the Woosung Bar, the want of water on which has prevented maw large vessels from docking here. the Balance Sheet yow will see that the accounts in course of collection amount to Tis, 113,423.41, Of this amount we have collected Tis.: 71,689.32 and hope to have the balance in a few days. With regard to the appropriation of the balance of fle. 120,027.81 at credit of Profit and Loss account, we, as you will see by the report, propose Ist, to add to the Reserve Fund "Tls. 25,000; 2nd, to pay a dividend of 10 per cent. on the ordinary shares which will absorb Tls. 78,000; 3rd, to place to Maintenance and Depreciation account Tls. 15,000, and to carry forward to new account is. 2,027.81. We hope the appropriation as recommended will meet with your approval; for while we coubhave paid 12 per cent. on the ordinary shares (the same as Inst year) we thought it better for the best interests of the Company to recommend only 10 per cent. dividend, and to add Tls. 25,000 to reserve fund, which will then stand at Tls. 50,000. Before moving the adoption of the report and accounts I shall be glad to answer any questions you may wish to There being no questions asked, the Chairman proposed, Mr. C. W. Hay seconded and it was agreed That the report and accounts now presented to the shareholders be approved and adopted.
On the motion of Mr. J. °G. Purdon seconded by Mr. Jaques, Mr. J, D. Thorburn was re-elected as' Auditor for the present year, and the meeting then terminated with a vote of thanks to the Chairman,
Text read from the printed page and cleaned; old type leaves the occasional error.