The annual meeting of shareholders in the above company was held at the offices
day afternoon. "Mr. H. R. Hearn presided of Messrs. Gibb, Livingston & Ca. peste. and amongst these present were Messrs. H. R. Kinnesr, E. Jenner Hogg, and J. Dudgeon (directors), H. Snethlage, Crawford Kerr, J. M. Young, C. Thorne, R. S. Harvey, P. H. Purcell, W. H. Poate, H. P.' Wilkinson, H.'F. Bell, H. E, Campbell, H. Moosa, L. Moore, E. H. Davis, 'W. Lamond, and McLeod, representing in all 2,303 shares.
The notice convening the meeting having been read, The Chairman said:—The Report and Acovunts have been in your hands for some days and I may be permitted to take it for granted that you will consider them as read. What will of course have first attracted your attention is the fact that, though the dividends for the yent_pald and proposed exceed those of '97 by Tls. 7,000 the ratio for the half year that we propose shall be distributed is but 6% as against 6% last year. It must not be argued, however, that this indicates lessened prosperity to the Company since it must be remembered that more than 4 per cent of the dividend Inst year came out of profits on sale of property. Our anticipations of a return this year in equal ratio to that of last were indeed fully warranted as far as our rentals were concerned the receipts from these having been as is now chown Ts. 29,514 over those of '97. The expenditure incidental to these however has been greatly heavier being Tls. $2,099 as against Tls. 21,247 and this has disturbed our calculations. Of course, I am aware that this increase comes naturally from the greater number of buildings in occupation but there has been higher taxation and increase in Insurance by reason of higher valuations for our buildings. It is in unusual calls for repairs however that the point lies—in repairs to roofs owing to the heavy gales in the spring, in the substitution in many houses in Nos. 1 and 2 Estates of concrete paving for the back yards in lieu of broken tiles (considered necessary for Sanitary reasons) and finally in other heary construction al repairs to fire walls etc., I do not know that I have any thing to add to what is said in the Report touching our several properties except I may mention that during the year Tls. 181,960 has been spent in new buildings, and that under the same head we shall this year require about Tls. 122,000. All our houses are let and the loss by the recent fire in Hongkew was of course fully covered by insurance. The working account does not appear to call for further comment than I have already given to it. Turning to our assets and liabilities, the several estates stand as usual at, their actual cost, which is considerably under their market value. Mortgages are Tls. 130,500 less than they were at this time Inst year, and some portion of these will shortly be paid off. The funds withdrawn are derated to new buildings giving an equally good return but it may be permitted to regret that the funds at our command do not allow of our engaging in this business to a larger extent.
We pro- 3 pose to recruit these by the issue of new debentures whenever the condition of the money market shall allow of our placing them readily. In conclusion I may say that our estimates for 1899 promise a not less favourable return than that of the present year, for unless something untoward occurs during the year we look for rentals considerably exceeding those of 1898.
No questions being asked, The Chairman moved, and Mr. Jenner Hogg seconded the adoption of the accounta as presented. Carried unanimously.
The Chairman proposed the payment of a final dividend at the rate of six per cent to every shareholder paid up to date, Mr. C. J. Dudgeon seconded and the resolution was carried.
Mr. W. H. Poste proposed and Mr. J. MIN. Young seconded the re-election of Mr.
J. Dudgeon asa director of the Com: pany. The proposition was unanimously ment of Mr. G. Be Wingrove as auditor of fr. C. Thorne proposed the re-appoint
the Company for the ensuing year, and Mr. Purcell having seconded, the motion was unanimously agreed to.
The meeting terminated with x hearty vote of thanks to the Chsirman and Directora accorded on the proposition of Mr. C. Thorne,
Text read from the printed page and cleaned; old type leaves the occasional error.