The third annual general meeting of the Tientsin Gas Ca., Ltd., was held at the Tientsin Club on Friday, 30th of June, 1893, at 10 o'clock a.m.
Present:—Messrs. C. Poulsen, Chairman, Ea. Cousins, R.A. Cousens, W. A. Morling, A. Philippot, Tseng Laisun, G- Ritter, AH. Osborne, J. N. Hatch, M. Lauterstein, and L, Watts Doney, Secretary, representing in all 155 shares.
At the request of the Chairman, the notice convening the meeting was read by the Secretary, as follow:
Notice is hereby given that, the third annual general meeting of the Tientsin Gas Ca., Lui, will be held at the Tientsin Club the 30th June, 1893, at 10 a.m., rectors will submit accounts. duly audited, The transfer books of the Company will be closed from the 2nd June to the Ist July, both days inclusive, By order, L. Warts Doxey, Secretary.
Tientsin, 14th June, 1893, seconded by Mr, J. H. Osborne Te was proposed by Mr. El. Cousins and That the minutes of the previous meetin, held on 30th June, 1892, also the report an accounts then before the meeting, having been duly circulated among the shareholders, be taken as read.
Carried unanimously.
The Chairman then said—Gentlemen—This is the third annual general meeting under the Articles of Association, Your directors on this occasion are able to meet you with a report that admits of the payment of a dividend, provides for depreciation, and carries forward a considerable amount for the ensuing year. I began my speech last year in exactly the same man-wer, and have a right to repeat the introduction, as both years have the same general prosperity in common. The balance at profit loss account is Tls. 5,224.92, This most favourable result has been brought: about by the following can: Cheaper oil. LI. The greater sale to private consumers. ILI. Large installations and conse-Tone profit thereon, IV, No extraor-mary expenses for repairs caused by accidents. V. No interest to the bank, in consequence of our having a credit instead of a debit balance as formerly. I shall now for the information of the shareholders proceed to give a few details, The expense for oil to produce the same quantity of gas has been less than last ear. There are two reasons for this We, during some part of last year, paid more for oil than this year. IT." We have obtained a greater number of cubic feet of gas out of the same quantity of oil. As an illustration I may add, if we last year had paid the same price for oil as this year, our expenses would have been reduced from Tls. 4,602.64 to Ts. 4,253, Kerosine oil costs Tls. 1.16 for the Devoe's to-day in Shanghai, and not much fluctuation vitiier way is expected for some time ito come. The tank business for storing oil will not be started until about November. As regards coal, the proportionate expense is nearly the same as last year. We have used a little more coal for the evaporation of the same quantity of oil, but, then again we obtained more gas out. of the oil, so that the proportionate con-
produced, compares equally with last year. sumption of coal with reference to the gas At the last annual general meeting I told you that the works were in order, and I have much pleasure in repeating the same statement this year.
We are as it were not yet in the state of "double capacity," but carrying out the principle, first the vital organs and then the less essential parts. We have bought a new tank with complete connections, and gas-oven connections, which you will find under machinery account cost Tis,
Text read from the printed page and cleaned; old type leaves the occasional error.